Paycheck Protection Program

Updated: May 22, 2020 at 11 a.m.

The Small Business Association (SBA) recently released the Paycheck Protection Program (PPP) Loan Forgiveness Application for borrowers to complete (see links below). Per the rules of the program, the bank that originated your loan is not able to assist you in application completion. Application completion must be done independently by you. Our role will be to receive the PPP Loan Forgiveness Application, confirm its completion and receipt of supporting documentation, and then submit those materials to the SBA.

You can submit the completed application and supporting documentation to Bankers Trust after the seventh week of your eight-week loan period.


Paycheck Protection Program (PPP) Loans

If you would like to apply for a PPP loan, Bankers Trust encourages you to do so using the directions below. Please be advised, priority will be given to existing Bankers Trust customers, followed by local nonprofits in the markets we serve. For those who are not currently customers of Bankers Trust, we strongly encourage you to visit with your current financial institution regarding your application.

For complete program details and eligibility, please review all versions of the Interim Final Rule:


The Paycheck Protection Program (PPP) is part of the CARES Act, passed in response to the economic impacts of the coronavirus pandemic. The PPP is implemented by the U.S. Small Business Administration (SBA) with support from the Department of the Treasury (Treasury) and provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent and utilities.

Details on how to complete and submit your application for a PPP loan can be found below.

  • How to Apply – For Small Businesses with 500* or Fewer Employees
  • How to Apply – For Sole Proprietors, Independent Contractors or Self-Employed Individuals

Once your application is complete, please sign it, scan it and submit it directly to your Bankers Trust banker. Contact your banker if you need assistance.

Please be advised, priority will be given to existing Bankers Trust customers, followed by local nonprofits in the markets we serve. For those who are not currently customers of Bankers Trust, we strongly encourage you to visit with your current financial institution regarding your application. If you are a customer of Bankers Trust and would like more information, please email us.


How to Apply – For Small Businesses with 500 or Fewer Employees*

To apply for a PPP loan, please gather and submit all the items listed below directly to your Bankers Trust banker:

  • The last five consecutive quarters of IRS Form 941 covering all four quarters of 2019 and Q1 2020. If you have not yet filed Form 941 for Q1 2020, you will need to supply other information that demonstrates that, on or around February 15, 2020 your business had employees for whom it paid salaries and payroll taxes. If you file Form 944 instead of Form 941, please submit it for 2019. Form 944 filers will also need to supply other information that demonstrates that, on or around February 15, 2020, your business had employees for whom it paid salaries and payroll taxes.
  • If you use a payroll service to file IRS Forms 941, 944, or 940, then please provide equivalent reporting showing the desired IRS Form line item data.
  • Your respective state’s unemployment insurance (SUTA) form. In Iowa, the form is called the Employer’s Contribution & Payroll Report.
  • Confirmation from your provider of all 2019 employer-paid payments required for the provision of group health care coverage, including insurance premiums.
  • Confirmation from your provider of 2019 employer-paid payments for the provision of employee benefits related to retirement.
  • Completed PPP Loan Calculation and Attestation form.
  • Completed Customer Verification and Electronic Loan Funding form.
  • Completed PPP application found on the SBA or Treasury websites.
  • Completed Borrower Resolution form.
  • Verification from your banker that all Bank Secrecy Act Requirements have been met for this loan application.

*Businesses with more than 500 employees are eligible in certain industries.

Please be advised, priority will be given to existing Bankers Trust customers, followed by local nonprofits in the markets we serve. For those who are not currently customers of Bankers Trust, we strongly encourage you to visit with your current financial institution regarding your application.

Key Elements of the PPP

 

How to Apply – For Sole Proprietors, Independent Contractors or Self-Employed Individuals

To apply for a PPP loan, please gather and submit all the items listed below directly to your Bankers Trust banker. If you do not know who your banker is, contact us.

Sole Proprietor, Independent Contractor or Self-Employed Individual WITH EMPLOYEES
  • 2019 IRS Form 1040, Schedule C “Profit or Loss From Business (Sole Proprietorship).” This is the only type of profit or loss statement SBA PPP program guidelines permit. No other type of profit or loss statement can be submitted in its place.
  • IRS Form 941 covering all four quarters of 2019. If you use a payroll service to file IRS Forms 941, please provide equivalent reporting showing the desired IRS Form line item data.
  • Your respective state’s unemployment insurance (SUTA) form(s) documenting all 2019 activity. In Iowa, the form is called the Employer’s Contribution & Payroll Report.
  • If applicable, confirmation of 2019 employer-paid payments required for the provision of group health care coverage, including insurance premiums.
  • If applicable, confirmation of 2019 employer-paid payments for the provision of employee benefits related to retirement.
  • An employee payroll statement that covered February 15, 2020.
  • Completed PPP Loan Calculation and Attestation form.
  • Completed Customer Verification and Electronic Loan Funding form.
  • Completed PPP application found on the SBA or Treasury websites.
  • Verification from your banker that all Bank Secrecy Act Requirements have been met for this loan application.

Sole Proprietor, Independent Contractor or Self-Employed Individual WITHOUT EMPLOYEES

  • 2019 IRS Form 1040, Schedule C “Profit or Loss From Business (Sole Proprietorship).” This is the only type of profit or loss statement SBA PPP program guidelines permit. No other type of profit or loss statement can be submitted in its place.
  • Proof of 2019 Self-Employment. Examples include a 2019 IRS Form 1099-MISC, invoice, bank statement or book of record.
  • Proof you were in business on or around February 15, 2020. Examples include a 2020 invoice, bank statement or book of record.
  • Completed PPP Loan Calculation and Attestation form.
  • Completed Customer Verification and Electronic Loan Funding form.
  • Completed PPP application found on the SBA or Treasury websites.
  • Verification from your banker that all Bank Secrecy Act Requirements have been met for this loan application.

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If you have questions, please reach out to your banker. If you don’t know who your banker is, please email us.

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