SBA Loans

Paycheck Protection Program

Frequently Asked Questions

How do I cancel my PPP application?

To cancel your PPP application with Radius Bank please visit: https://go.radiusbank.com/cancel-ppp-application/   

How do I find out the status of my Paycheck Protection Program Loan?

You should have received an email that your loan application was submitted and under review. As your application moves throughout the process you will receive an email every step of the way to update you on your progress. Our loan processing division will be in touch with you directly should they require additional documentation. Please do not contact our customer service department for an update on your application.

How do I apply for a Paycheck Protection Program loan?

Complete the online form by following any “Get Started” link on the Paycheck Protection Program page

What costs are eligible for payroll?

  • Compensation (salary, wage, commission, or similar compensation, payment of cash tip or equivalent)
  • Employer’s payment for vacation, parental, family, medical, or sick leave
  • Allowance for dismissal or separation
  • Payment required for the provisions of group health care benefits, including insurance premiums
  • Payment of any retirement benefit
  • Payment of State or Local tax assessed on the compensation of employees

What are the allowable uses of loan proceeds?

Allowable uses of the loan include eligible payroll support (eligible employee salaries which excludes compensation above $100,000 in wages, paid sick or medical leave, insurance premiums), interest paid on a mortgage (excludes any prepayment of or payment of principal) or rent, and utility payments.

May I defer payment on the loan?

Yes. The program allows a deferment from 6 months to up to a year.

Do I have to personally guarantee the loan? What other conditions will be applied?

No, personal guarantee will be required. No collateral is required. SBAs “credit elsewhere” rule is waived.

Certification

Borrowers are required to make a good faith certification that:

  • the loan is necessary due to the uncertainty of current economic conditions caused by COVID-19
  • they will use the funds to retain workers and maintain payroll, lease, and utility payments
  • and are not receiving duplicative funds for the same uses from another SBA program.

How does loan forgiveness work?

The borrower is eligible for loan forgiveness equal to the amount spent by the borrower during an 8-week period after the origination date of the loan. Borrowers will work with lenders to verify covered expenses and the proper amount of forgiveness.

How can I use the money such that the loan will be forgiven?

The amount of principal that may be forgiven is equal to the sum of expenses for payroll, and existing interest payments on mortgages, rent payments, leases, and utility service agreements. Payroll costs include employee salaries (up to an annual rate of pay of $100,000), hourly wages and cash tips, paid sick or medical leave, and group health insurance premiums. Borrowers may use the Paycheck Protection Program for other business-related expenses, like inventory, you can, but that portion of the loan will not be forgiven.

When is the loan forgiven?

The loan is forgiven at the end of the 8-week period after you take out the loan.

How much of my loan will be forgiven?

The purpose of the Paycheck Protection Program is to help you retain your employees, at their current base pay. If you keep all of your employees, the entirety of the loan will be forgiven. If you still lay off employees, the forgiveness will be reduced by the percent decrease in the number of employees. If your total payroll expenses on workers making less than $100,000 annually decreases by more than 25 percent, loan forgiveness will be reduced by the same amount. If you have already laid off some employees, you can still be forgiven for the full amount of your payroll cost if you rehire your employees by June 30, 2020.

What is the covered period of the loan?

The covered period during which expenses can be forgiven extends from February 15, 2020 to June 30, 2020. Borrowers can choose which 8 weeks they want to count towards the covered period, which can start as early as February 15, 2020

Am I responsible for interest on the forgiven loan amount?

No,
if the full principal of the PPP loan is forgiven, the borrower is not
responsible for the interest accrued in the 8-week covered period. The
remainder of the loan that is not forgiven will operate according to the loan
terms agreed upon by you and the lender.

  • Forgiven debt resulting will not be included in the borrower’s taxable income.
  • Any loan amounts not forgiven at the end of one year are carried forward as an ongoing loan with terms of a max of 2 years at .50% interest.

How much can I borrow?

The Program allows you to borrow an amount equal to 2.5 time your average eligible monthly payroll costs wages (average is based on prior 12 months), excluding compensation above $100,000 in multiplied by 2.5 or $10 million whichever is less.

Who is eligible for the Paycheck Protection Program?

  • The Business must be operational as of February 15, 2020 and had employees it paid salaries and payroll taxes, or a paid independent contractor. Sole-proprietors, independent contractors, and other self-employed individuals are eligible for loans.
  • Businesses with no more than 500 employees are eligible Small businesses, or the applicable size standard for the industry as provided by SBA, if higher.
  • 501(c)(3) nonprofit, a 501(c)(19) veteran’s organization, or Tribal business concern described in section 31(b)(2)(C) of the Small Business Act with not more than 500 employees are also eligible.
  • Businesses with more than one physical location qualify so long as total combined employees are below 500 employees (unless the businesses operated under NAICS code beginning with 72) or otherwise meet the SBA’s size standard based on NAICS code.
  • Affiliation Rules: The program waives affiliation rules for businesses in the hospitality and restaurant industries, franchises that are approved on the SBA’s Franchise Directory, and small businesses that receive financing through the Small Business Investment Company (SBIC) program. SBA current affiliation rules applies eligible nonprofits.

What is the interest rate and loan term?

The interest rate is .50%.  Loan terms are 2 years, and there is no prepayment penalty. 

What documents do I need to upload?

  • Download & complete the official SBA Loan Application
  • Payroll Information
    • 2019 financial statements or tax returns
    • IRS form 941s for every quarter in 2019
    • IRS Form 940 for year end 12/31/19
  • Either your Articles of Incorporation, Articles of Organization, Partnership Agreement, or Trust Agreement
  • Corporate Bylaws/LLC Operating Agreement
  • Copy of Drivers License for all owners owning more than 20% of the company (at least ONE is required on every entity, even if there is not a 20% owner (i.e. – non for profit)
  • Please prepare a document that answers the following questions:
    • NAICS Code for your organization:
    • Date Entity established
    • Have you previously applied for an SBA loan? Yes/no
    • If yes, is loan current?
    • Is applicant a franchise? If so please name the franchise

I do not have my 2019 tax return. What do I do?

In lieu of your 2019 tax return, please provide your 2019 financial statements. This can include management financials (P&L, Balance Sheet, Cash flow).

My organization does not have IRS form 940 or IRS 941. What do I do?

In lieu of IRS form 940 and IRS form 941, please submit equivalent employment tax documentation.

None of our shareholders hold more than 20% ownership of the organization, whose license do I upload? Can I use another form of identification?

In the case that none of your shareholders hold more than 20% ownership of the organization you can submit the drivers license for the primary shareholder or company representative.

You may also use signor/primary person State Issued ID, Passport, or Resident Alien Card

Do I have to be a Radius Customer to apply for the Paycheck Protection Program?

No, you do not need to be a Radius Customer to apply. We do recommend that you apply for a Tailored Checking Account to receive your funds faster should your loan be approved. You can apply today here.

I did not included an account number in the application. How do you know where to send the funds if my loan is approved?

If your loan is approved by the SBA you will receive an ACH form to complete to advise Radius on which account the funds will be deposited into.

Do I need to be a US Citizen to apply for the Paycheck Protection Program?

No, you do not need to be a US Citizen or Resident Alien to apply for your US based business.

Does average monthly payroll on an official SBA Paycheck Protection Program application, which derived from line 9 of form 1065 divided by 12, include bonuses and 401K distributions?

The SBA Paycheck Protection Program application does not reference any specific payroll documents. You will have to go through your payroll expenses from 2019 and make sure you are only including allowable payments (paid by the applicant business): individual employee compensation up to $100K per year ($8,333 per month), paid leave, severance, retirement benefits, health benefits (including premiums), and state and local payroll taxes. Everything else should be excluded from your calculation.

The SBA Paycheck Protection Program application says to check more than one (payroll/rent) but does not ask anything about rent costs just payroll, where do I input my rent?

The loan may be used for things in addition to payroll, including debt service and other reasons, as long as at least 75% of the loan money goes to payroll. The calculation for the maximum loan amount, however, is based solely on payroll costs thus there is not a field to include your rent.

In regards to group health insurance, do I include the amount that my employees pay and the amount that my organization pays?

The calculation for your loan amount is based on payroll costs “paid by the applicant” – so you should exclude any amounts that are paid by the employee for any of the payroll cost items.

Are employer matching 401K funds included in payroll costs?

Retirement benefits paid by the applicant/employer may be included.

Is the requested loan amount based on average monthly gross payroll expenses or net payroll expenses?

Gross payroll expenses.

If the owner of a business also has a more than 20% ownership interests in another company, are they precluded from applying for the Paycheck Protection Program?

No. But you must list with your application any owners with 20% or more ownership and you must list all other businesses under common ownership or control with your business. And remember the affiliation rules, unless you have an exception.

Is the Paycheck Protection Program only available for businesses that are closed due to COVID-19 or or can essential business that are open with employees working apply as well?

The loans are available for any eligible business regardless of their current operating status as long as they were in business before February 15, 2020, and you can make a good-faith certification that you need the loan dollars to continue operations.

When will you stop accepting applications?

The program expires on June 30, 2020 and we will no longer accept applications after that date. Should the SBA run out of funds for this program, we may stop accepting applications sooner than June 30, 2020.

What taxes are included in ‘payroll costs’?

The only taxes paid by the employer that are included under the definition of “payroll costs” are state and local payroll taxes.

If employees have been laid off or furlough prior to receiving a Paycheck Protection Program loan are we still able to have the loan forgiven?

Loan forgiveness amounts are calculated by comparing the number of full-time equivalent employees you have during the first 8 weeks of the loan compared to either:
– The number of full-time equivalent employees you had between February 15, 2019 and June 30, 2019; OR
– The number of full-time equivalent employees you had between January 1, 2020 and February 29, 2020.
You choose which of those time periods to use. Employees laid off before the initiation of the loan would not count in your totals for the first 8 weeks of the loan.

For payroll calculations currently I am using total earnings for 2019 and adding employer paid portion of benefits. What do we do with employer portion of FUTA, FICA, MEDI: add or not?

You should only include employer-paid portions of HEALTH and RETIREMENT benefits (not disability, life, etc.) and the only employer-paid taxes you should include are state and local payroll taxes (no federal taxes).

Can we add hazard pay to current pay rates and have that qualify?

Your loan amount will be based on average payroll you already paid. Any changes to pay now will not be included in your loan amount. Permissible compensation under “payroll costs” for how you may spend your loan includes: salary, wages, commissions, tips, other cash payments, or “similar compensation.”

Where do we find out what our NAICS code is?

You can find the industries NAICS codes here: https://www.census.gov/eos/www/naics/

For the purpose of forgiveness of the loan, will they consider payroll for full time employees only or part-time employees are also included?

All payroll for full or part time will be included.

Is there a prepayment penalty on the loan?

No

Is it correct that you do not take the payroll tax credit if you plan on applying for the Paycheck Protection Program?

Yes, if you receive a loan through the Paycheck Protection Program, you are ineligible for the employee retention tax credit under the CARES Act.

What is the interest rate and loan term?

The interest rate is .50%.  Loan terms are 2 years, and there is no prepayment penalty. 

Is Radius offering 3rd parties a commission to refer clients to the Radius Online Paycheck Protection Program application?

No, we are not paying a commission fee to agents who are referring people to our page, or completing an application on behalf of their clients.

Is there a fee to apply for the Paycheck Protection Program?

There is no fee to apply for the Paycheck Protection Program. You should not pay anyone a fee to obtain this loan.

What information documents are needed for Independent Contractors and the Self-Employed?

  • Completed SBA PPP applications
  • 1099s and proof of other income
  • Payroll Documents from your payroll provider – If no provider is used payment disbursement records (bank statements)
  • Certificate of insurance
  • Most recent tax return, if 2019 is unavailable and internal P&L statement
  • Copy of your ID

How to Calculate Your Maximum Loan Amount

What other documentation can be provided for the purpose of substantiating the applied-for PPP loan amount?

IRS Form W-2s and IRS Form W-3 or payroll processor reports, including quarterly and annual tax reports, can be used in place of IRS Form 941. Additionally, very small businesses that file an annual IRS Form 944 instead of quarterly IRS Form 941 should rely on and provide IRS Form 944. Similarly, records from a retirement administrator can be used to document employer retirement contributions while records from a health insurance company or third-party administrator for a self-insured plan can document employer health insurance contributions.

I am an LLC owner. Which set of instructions apply to me?

LLCs should follow the instructions that apply to their tax filing situation, for example, whether they file as a sole proprietor, a partnership, or a corporation.

How is the maximum PPP loan amount calculated for eligible nonprofit religious institutions, veterans organizations, and tribal businesses (up to $10 million)? (Note that PPP loan forgiveness amounts will depend, in part, on the total amount spent during the eight-week period following the first disbursement of the PPP loan.)

The following methodology should be used to calculate the maximum amount that can be borrowed for eligible nonprofit religious institutions, veterans organizations and tribal businesses:
• Step 1: Compute 2019 payroll costs by adding the following:
2019 gross wages and tips paid to your employees whose principal place of residence is in the United States, which can be computed using 2019 IRS Form 941 Taxable Medicare wages & tips (line 5c-column 1) from each quarter plus any pre-tax employee contributions for health insurance or other fringe benefits excluded from Taxable Medicare wages & tips, subtracting any amounts paid to any individual employee in excess of $100,000 and any amounts paid to any employee whose principal place of residence is outside the U.S;
2019 employer health insurance contributions;
2019 employer retirement contributions and
2019 employer state and local taxes assessed on employee compensation, primarily state unemployment insurance tax (from state quarterly wage reporting forms).
• Step 2: Calculate the average monthly payroll costs (divide the amount from Step 1 by 12).
• Step 3: Multiply the average monthly payroll costs from Step 2 by 2.5.
• Step 4: Add any outstanding amount of any EIDLmade between January 31, 2020 and April 3, 2020 that you seek to refinance, less the amount of any advance under an EIDL COVID-19 loan (because it does not have to be repaid).

How is the maximum PPP loan amount calculated for eligible nonprofit organizations (up to $10 million)? (Note that PPP loan forgiveness amounts will depend, in part, on the total amount spent during the eight-week period following the first disbursement of the PPP loan.)

The following methodology should be used to calculate the maximum amount that can be borrowed for eligible nonprofit organizations (eligible nonprofit religious institutions, see the next question):
• Step 1: Compute 2019 payroll costs by adding the following:
2019 gross wages and tips paid to your employees whose principal place of residence is in the United States, which can be computed using 2019 IRS Form 941 Taxable Medicare wages & tips (line 5c-column 1) from each quarter plus any pre-tax employee contributions for health insurance or other fringe benefits excluded from Taxable Medicare wages & tips, subtracting any amounts paid to any individual employee in excess of $100,000 and any amounts paid to any employee whose principal place of residence is outside the U.S;
2019 employer health insurance contributions (portion of IRS Form 990 Part IX line 9 attributable to health insurance);
2019 employer retirement contributions (IRS Form 990 Part IX line 8); and
2019 employer state and local taxes assessed on employee compensation, primarily state unemployment insurance tax (from state quarterly wage reporting forms).
• Step 2: Calculate the average monthly payroll costs (divide the amount from Step 1 by 12).
• Step 3: Multiply the average monthly payroll costs from Step 2 by 2.5.
• Step 4: Add the outstanding amount of any EIDL made between January 31, 2020 and April 3, 2020 that you seek to refinance, less the amount of any advance under an EIDL COVID-19 loan (because it does not have to be repaid).

How is the maximum PPP loan amount calculated for S corporations and C corporations (up to $10 million)? (Note that PPP loan forgiveness amounts will depend, in part, on the total amount spent during the eight-week period following the first disbursement of the PPP loan.)

The following methodology should be used to calculate the maximum amount that can be borrowed for corporations, including S and C corporations:
• Step 1: Compute 2019 payroll costs by adding the following:
2019 gross wages and tips paid to your employees whose principal place of residence is in the United States, which can be computed using 2019 IRS Form 941 Taxable Medicare wages & tips (line 5c-column 1) from each quarter plus any pre-tax employee contributions for health insurance or other fringe benefits excluded from Taxable Medicare wages & tips, subtracting any amounts paid to any individual employee in excess of $100,000 and any amounts paid to any employee whose principal place of residence is outside the U.S;
2019 employer health insurance contributions (portion of IRS Form 1120 line 24 or IRS Form 1120-S line 18 attributable to health insurance);
2019 employer retirement contributions (IRS Form 1120 line 23 or IRS Form 1120-S line 17); and
2019 employer state and local taxes assessed on employee compensation, primarily state unemployment insurance tax (from state quarterly wage reporting forms).
• Step 2: Calculate the average monthly payroll costs(divide the amount from Step 1 by 12).
• Step 3: Multiply the average monthly payroll costs from Step 2 by 2.5.
• Step 4: Add the outstanding amount of any EIDLmade between January 31, 2020 and April 3, 2020 that you seek to refinance, less the amount of any advance under an EIDL COVID-19 loan (because it does not have to be repaid).

I am self-employed and have employees, how do I calculate my maximum PPP loan amount (up to $10 million)? (Note that PPP loan forgiveness amounts will depend, in part, on the total amount spent during the eight-week period following the first disbursement of the PPP loan.)

The following methodology should be used to calculate the maximum amount that can be borrowed if you are self-employed with employees, including if you are an independent contractor or operate a sole proprietorship (but not if you are a partner in a partnership):
• Step 1: Compute your 2019 payroll costs by adding the following:
2019 IRS Form 1040 Schedule C line 31 net profit amount (if you have not yet filed a 2019 return, fill it out and compute the value); if this amount is over $100,000, reduce it to $100,000; and if this amount is less than zero, set this amount at zero; 2019 gross wages and tips paid to your employees whose principal place of residence is in the United States, which can be computed using 2019 IRS Form 941 Taxable Medicare wages & tips (line 5c-column 1) from each quarter plus any pre-tax employee contributions for health insurance or other fringe benefits excluded from Taxable Medicare wages & tips, subtracting any amount paid to any individual employee in excess of $100,000 and any amounts paid to any employee whose principal place of residence is outside the U.S;
2019 employer contributions for employee health insurance (portion of IRS Form 1040 Schedule C line 14 attributable to health insurance);
2019 employer contributions to employee retirement plans (IRS Form 1040 Schedule C line 19); and
2019 employer state and local taxes assessed on employee compensation, primarily state unemployment insurance tax (from state quarterly wage reporting forms).
• Step 2: Calculate the average monthly payroll costs amount (divide the amount from Step 1 by 12).
• Step 3: Multiply the average monthly payroll costs amount from Step 2 by 2.5.
• Step 4: Add the outstanding amount of any EIDL made between January 31, 2020 and April 3, 2020 that you seek to refinance, less the amount of any advance under an EIDL COVID-19 loan (because it does not have to be repaid).

I am self-employed and have no employees, how do I calculate my maximum PPP loan amount? (Note that PPP loan forgiveness amounts will depend, in part, on the total amount spent during the eight-week period following the first disbursement of the PPP loan.)

The following methodology should be used to calculate the maximum amount that can be borrowed if you are self-employed and have no employees, and your principal place of residence is in the United States, including if you are an independent contractor or operate a sole proprietorship (but not if you are a partner in a partnership):
• Step 1: Find your 2019 IRS Form 1040 Schedule C line 31 net profit amount (if you have not yet filed a 2019 return, fill it out and compute the value). If this amount is over $100,000, reduce it to $100,000. If this amount is zero or less, you are not eligible for a PPP loan.
• Step 2: Calculate the average monthly net profit amount (divide the amount from Step 1 by 12).
• Step 3: Multiply the average monthly net profit amount from Step 2 by 2.5.
Step 4: Add the outstanding amount of any Economic Injury Disaster Loan (EIDL) made between January 31, 2020 and April 3, 2020 that you seek to refinance, less the amount of any advance under an EIDL COVID-19 loan (because it does not have to be repaid).
Your 2019 IRS Form 1040 Schedule C must be provided to substantiate the applied-for PPP loan amount. You must also provide a 2019 IRS Form 1099-MISC detailing nonemployee compensation received (box 7), invoice, bank statement, or book of record establishing you were self-employed in 2019 and a 2020 invoice, bank statement, or book of record establishing you were in operation on February 15, 2020.

I am a self-employed individual who reports my income on IRS Form 1040 Schedule F. What documentation must I provide in place of Schedule C and how should my maximum loan amount be determined (up to $10 million)?

Self-employed farmers (i.e., those who report their net farm profit on IRS Form 1040 Schedule 1 and Schedule F) should use IRS Form 1040 Schedule F in lieu of Schedule C, and Schedule F line 34 net farm profit should be used to determine their loan amount in place of Schedule C line 31 net profit. The calculation is otherwise the same as for Schedule C filers above. The 2019 IRS Form 1040 Schedule 1 and Schedule F must be included with the loan application.

How do partnerships apply for PPP loans and how is the maximum PPP loan amount calculated for partnerships (up to $10 million)?

The following methodology should be used to calculate the maximum amount that can be borrowed for partnerships (partners’ self-employment income should be included on the partnership’s PPP loan application, individual partners may not apply for separate PPP loans):
• Step 1: Compute 2019 payroll costs by adding the following:
2019 Schedule K-1 (IRS Form 1065) Net earnings from self-employment of individual U.S. based general partners that are subject to self-employment tax, computed from box 14a (reduced by any section 179 expense deduction claimed, unreimbursed partnership expenses claimed, and depletion claimed on oil and gas properties) multiplied by 0.9235,2 up to $100,000 per partner (if 2019 schedules have not been filed, fill them out);
2019 gross wages and tips paid to your employees whose principal place of residence is in the United States, if any, which can be computed using 2019 IRS Form 941 Taxable Medicare wages & tips (line 5c-column 1) from each quarter plus any pre-tax employee contributions for health insurance or other fringe benefits excluded from Taxable Medicare wages & tips, subtracting any amounts paid to any individual employee in excess of $100,000 and any amounts paid to any employee whose principal place of residence is outside the U.S;
2019 employer contributions for employee health insurance, if any (portion of IRS Form 1065 line 19 attributable to health insurance);
2019 employer contributions to employee retirement plans, if any (IRS Form 1065 line 18); and 2019 employer state and local taxes assessed on employee compensation, primarily state unemployment insurance tax (from state quarterly wage reporting forms), if any.
Step 2: Calculate the average monthly payroll costs (divide the amount from Step 1 by 12).
• Step 3: Multiply the average monthly payroll costs from Step 2 by 2.5.
• Step 4: Add any outstanding amount of any EIDL made between January 31, 2020 and April 3, 2020 that you seek to refinance, less the amount of any advance under an EIDL COVID-19 loan (because it does not have to be repaid).

Should partners’ self-employment income be included on the business entity level PPP loan application or on separate PPP loan applications for each partner? (Note that PPP loan forgiveness amounts will depend, in part, on the total amount spent during the eight-week period following the first disbursement of the PPP loan.)

The partnership’s 2019 IRS Form 1065 (including K-1s) and other relevant supporting documentation if the partnership has employees, including the 2019 IRS Form 941 and state quarterly wage unemployment insurance tax reporting form from each quarter (or equivalent payroll processor records or IRS Wage and Tax Statements) along with records of any retirement or health insurance contributions, must be provided to substantiate the applied-for PPP loan amount. If the partnership has employees, a payroll statement or similar documentation from the pay period that covered February 15, 2020 must be provided to establish the partnership was in operation and had employees on that date. If the partnership has no employees, an invoice, bank statement, or book of record establishing the partnership was in operation on February 15, 2020 must instead be provided.

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