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SBA Paycheck Protection Program Information


*** METRO CITY BANK IS NO LONGER ACCEPTING PPP LOAN APPLICATIONS ***



First AND SECOND PPP LOAN FORGIVENESS APPLICATION

***WARNING: PPP Forgiveness applications uses a different email box. Please send the Forgiveness Application(s) to mcbpppforgiveness@metrocitybank.com***

 

  1. Form 3508S (Click Here) - This form is for loan amount $150,000 or less. Completed 3508S form is the only document required for the PPP Forgiveness.
  2. Click to look up NAICS code Here
  3. SECOND PPP LOANS UNDER $150,000 REQUIREMENT – If you supplied the sales reduction document(s) at the time of the second PPP Loan application submission, you are not required to submit the sales reduction documents to apply for the forgiveness.
    1. If you applied the second PPP loan and did not provide the sales reduction document(s) at the time of origination, you must submit the sales reductions document(s) at the time of forgiveness application submission as required by SBA. Sales reduction calculation must be done under one of the following conditions.
PPP Sales Reduction Calculation Reference
Business Operation Description Reference Sales 2020 Sales
Operation began in Q1 of 2019 or before
Annual or any Q of 2019
Equivalent Period
Operation began in Q2 of 2019 Q2, Q3, or Q4 of 2019 Equivalent Period
Operation began in Q3 of 2019 Q3 or Q4 of 2019 Q1, Q2, Q3 or Q4
Operation began in Q4 of 2019 Q4 of 2019 Q1, Q2, Q3 or Q4
Operation began in Q1 of 2020 on or before 2/15 Q1 of 2020 Q2, Q3, or Q4

          2. Acceptable Sales Reduction Documents
                   1.  Annual - CPA/Accountant reviewed and certified profit & loss statement or tax return of 2019 and 2020 (Schedule C filers provide 2019 and 2020                                IRS Form 1040
                   2.  Quarter - CPA/Accountant reviewed and certified profit & loss statement or monthly/quarterly sales tax reports(s) of 2019 and 2020 (Schedule C                                  filers may submit 1099 forms of 2019 and 2020 that show monthly compensation. 
                   3.  Our bank will not accept bank statements as it may include non-business-related deposit.  Internal company financial statements will not be                                        accepted as well

4. Form 3508EZ (Click Here)  - This form is for loan amount over $150,000 with salaries & wages reductions less than 25% or no employee number reduction
    1. Payroll Documents
      1. Third Party Payroll Report of the covered period or
      2. IRS Form 941 and Quarterly State Wage Report of covered period
    2. Non-Payroll Documents
      1. Rent Expenses
        1. Copy of the Lease Agreement
        2. Copy of the cancelled rent checks or bank statement
      2. Utilities
        1. Copy of the Utility Bill(s)
        2. Copy of the cancelled rent check or bank statement
5. Form 3508 (Click Here) - This form is for loan amount over $150,000 with salaries & wages reduction over 25% or any employee reduction
    1. Payroll Documents
      1. Third Party Payroll Report of the covered period or IRS Form 941 and Quarterly State Wage Report of covered period
      2. Payroll report covering period 1/1/2020 ~ 3/1/2020
      3. Payroll report covering period 2/15/2020 ~ 4/26/2020
      4. Payroll report covering period 2020 Year-to-Date
    2. Hourly Wage Information
      1. Covered Period
        1. Average number of hours worked per week
        2. Average hourly wage rate
      2. Period between 1/1/2020 ~ 3/1/2020
        1. Average number of hours worked per week
        2. Average hourly wage rate
      3. Period between 2/15/2020 ~ 4/26/2020
        1. Average number of hours worked per week
        2. Average hourly wage rate
      4. Period before 12/31/2020
        1. Average number of hours worked per week
        2. Average hourly wage rate
    3. Payroll Evidence Documents – Employer Portion Only
      1. Copy of Group Health Insurance payment during the reference covered period
      2. Copy of 401K payment during the reference covered period
      3. Copy of State and/or Local taxes assessed on employee compensation during the reference covered period
    4. Non-Payroll Documents
      1. Rent Expenses
        1. Copy of the Lease Agreement
        2. Copy of the canceled rent checks or bank statement showing ACH
      2. Utilities 
        1. Copy of the Utility Bill(s)
        2. Copy of the canceled rent checks or bank statement showing ACH
      3. Mortgage Interest – Mortgage interest payments paid by SBA under the debt relief program are not eligible
        1. Copy of the Note
        2. Copy of the canceled payment check(s) or bank statement showing ACH