Small Business Administration (SBA) Paycheck Protection Program (PPP)

Download SBA Application Start an application

 

We continue to accept applications as long as funding is available for the SBA PPP program.  However, there is no guarantee that funding will be available to all applicants.  All businesses are invited to apply, but we will continue to prioritize assisting our existing clients.


As you are likely aware, on Friday, March 27, the President signed the Coronavirus Aid, Relief and Economic Security Act (CARES Act) that created a new program within the Small Business Administration (SBA) under 7(a) Loan Program called the Paycheck Protection Program (PPP). Under the PPP, the SBA will provide covered loans to small businesses that are experiencing economic hardships as a result of the COVID-19 pandemic. The legislation authorizes $349 billion with a coverage period for borrowers from February 15, 2020 until June 30, 2020.  This first round of funding has been exhausted.

CARES will offer payroll protection to businesses with fewer than 500 employees that are impacted by COVID-19. The SBA will cover certain payroll and other operating costs described by the SBA that are used to calculate the loan amount as long as you keep your business open and maintain your payroll during this emergency. Your loan may be fully forgiven if you do not have any employee layoffs for 4 months or rehire any employees previously laid off. The program works retroactively to February 15, 2020, to help bring employees back to the workforce who may have already been laid off. 

For a description of the terms and conditions governing loans under the program, including the loan’s interest rate, maturity, and conditions for forgiveness, visit the SBA program page.

Note: Atlantic Union Bank will not pay Agents for assistance they may provide an applicant in obtaining a PPP loan.

I'M READY.  NOW WHAT?

STEP 1:  Before getting started, confirm you are an existing business client or ready to open a business deposit account with Atlantic Union Bank. 

Please note that we can only accept applications from businesses with a business address in Virginia, Maryland, or North Carolina.  At this time we are not opening new accounts for Money Service Businesses (MSBs) or MSB Agents.

STEP 2:  Gather the Necessary Documents

Please gather and prepare to upload one or more of the following documents to provide confirmation of your payroll and calculation of the loan amount.  Failure to provide required documentation will inhibit our ability to process your application.
  • Calculation identifying average 12-month payroll
  • 2019 payroll cost and year-to-date payroll cost through February 15, 2020
  • Number of employees as of December 31, 2019 and February 15, 2020
  • Payroll tax filings OR Form 1099-MISC
  • Income and expenses for sole proprietorship
  • Bank records demonstrating qualifying payroll amount
  • List of employees/independent contractors/sole proprietors – earning more than $100,000 in compensation
  • Certification of Beneficial Owners (please click to download and complete)
  • Independent contractors and self-employed individuals will need to provide one of the following; 2019 IRS 1040 Schedule C, 1099 Payroll (IRS Form 1096), or IRS Form 1099 MISC. If not available, please provide evidence of January and February 2020 earnings
Files must be less than 20 MB each (with a maximum of 200 MB across all documents) or they will not upload and your application will not proceed.  To reduce file size, consider:
  • Saving file to a PDF
  • Saving documents as a Zip file
    • Go to the folder where you’ve saved the file you want to compress
    • Select the specific file you want to zip and right click on it
    • Select "Send To" from the pop up menu that appears
    • Select "Compressed (zipped) folder" from the sub-menu

STEP 3:  Complete the SBA Application

  • Download and complete the official SBA application using the green button below, and save it to your hard drive. 

STEP 4:  Start your Application

  • Start your application using the blue button below by completing the additional information required and uploading the SBA application and additional documentation. 
  • You will need Google Chrome in order to do this.
  • Note that failure to provide all the necessary documentation will prevent your application from proceeding. 

Step 5:  Loan Processing Steps & Status

After submitting your application, you can expect the following:
  • Email confirming the receipt of your application, including an Application ID number
  • Email notifying you of loan decision, either approved or declined.  (Volume is high, so processing times are long.)
  • DocuSign message to securely capture loan signatures and authorizations

STEP 6:  Funds Disbursement

  • Upon approval, funds will be disbursed into a required Atlantic Union Bank business deposit account. 

Minimum Account Identification Requirements

  • To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
  • What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We will also ask to see your driver's license or other identifying documents.
Have questions? Need help?
Please call us at 833-363-7979
Monday - Friday  7 a.m. – 8 p.m.
Saturday  7 a.m. – 5 p.m.

Do you have a general question?  Please note, since email is an unsecure channel, we cannot discuss customer information such as loan status, PIN numbers, or other confidential information specific to your loan, and please do not send attachments or applications through this method.  If we can answer your general needs, please send your questions to SBAQuestions@
AtlanticUnionBank.com
for assistance. 


For additional questions on the PPP program, please visit the SBA's PPP FAQ document..  

We’re honored that we’ve been able to help so many businesses get the financial support they need through the Paycheck Protection Program (PPP).  While these times are challenging for all, we truly believe we are stronger together.

Once your loan has been approved by the Small Business Administration (SBA), you’ll receive an email from Atlantic Union Bank referencing the SBA loan number and approved amount.  We’ll then move to creating your loan closing document package which will be emailed to you for electronic signature. It is important that you respond with the documents and eSignature by the deadline (2 business days) or your loan may be removed. Please note, due to significant application volume, we don’t know yet your specific closing date.  The prompt return of your documents, however, will help with the efficiency of preparing for your closing.

When the executed documents are returned, the funds for your loan will be deposited into the Atlantic Union Bank account designated by you when you applied for the loan or that was set up for you as a new client. We encourage you to register for online or mobile banking so you can monitor your deposit account and verify the receipt of your funds.
 
We expect you’ll have questions as your application is processed and you move through the closing steps. To assist with that, we have provided some questions and answers below. As always, your Relationship Manager is available to help you with any specific questions.
 

FAQs:  Receiving and Repaying Funds


How long will it take to get my loan proceeds?
We are processing and approving applications as quickly as possible.  The timeframe varies as we work through volumes and approval timelines in coordination with the SBA. Upon final SBA approval, funds will be disbursed into your required, designated Atlantic Union Bank account as quickly as possible. 
 
How can PPP loans be used?
According to the SBA guidance as of May 13th, 2020 the proceeds of a PPP loan may be used for the following:

  • payroll costs;
  • costs related to the continuation of group health care benefits during periods of paid sick, medical, or family leave, and insurance premiums;
  • mortgage interest payments (but not mortgage prepayments or principal payments);
  • rent payments;
  • utility payments;
  • interest payments on any other debt obligations that were incurred before February 15, 2020, and / or
  • refinancing an SBA EIDL loan made between January 31, 2020 and April 3, 2020.
Please check the SBA PPP website for the latest guidance: https://www.sba.gov/document/support--faq-lenders-borrowers. It is also recommended that you discuss the best use your PPP funds with your financial advisor, accountant, auditor, or legal counsel. 

When will I have to begin paying principal and interest on my PPP loan?
You will not have to make any payments for six months after the disbursement date of the loan.  However, interest will continue to accrue on PPP loans during this six-month deferment.
 
Are there any fee waivers?
  • There will be no up-front guarantee fees payable to SBA by the Borrower;
  • There will be no lender’s annual service fees (“on-going guaranty fee”) payable to SBA;
  • There will be no subsidy recoupment fees; and
  • There will be no fee payable to SBA for any guarantee sold into the secondary market.
As you are aware, as part of the Small Business Administration (SBA) Paycheck Protection Program (PPP), some or all of your approved PPP loan may be forgiven by the SBA. 

We have a few Questions and Answers we thought would be helpful:
 

How can I apply for forgiveness?

You will receive an email communication from us when you are eligible, based on your PPP Loan disbursement date, and our PPP Forgiveness portal is available to take applications.  We are preparing our portal for launch under current rules for PPP forgiveness as we monitor updates from Congress or the SBA on potential changes. We will continue to provide updates to you.
 

What is included on the application?

The application has the following components: (1) PPP Loan Forgiveness Calculation Form; (2) PPP Schedule A; (3) the PPP Schedule A Worksheet; and (4) the (optional) PPP Borrower Demographic Information Form. 
 

How do I submit my request?

We will provide you with access to our PPP Forgiveness portal, where you will complete an online application. As part of this online application, we will have the following fields prefilled for you:
 
  • SBA PPP Loan Number
  • Lender PPP Loan Number
  • PPP Loan Amount
  • PPP Loan Disbursement Date
Please note, this submission will be required to be online and we will not be accepting paper or emailed applications.
 

Where do I find instructions on how to complete the application?

The SBA’s initial application instructions are contained on Form 3508 here.  The application form also contains various applicable definitions including definitions of eligible payroll and nonpayroll costs, the covered period, and an alternative payroll covered period.  It also includes application table instructions, and descriptions of certain standards relevant to determining loan forgiveness including standards for calculating FTEs, reducing forgiveness based on reduction in FTEs, FTE reduction exceptions, and a FTE reduction safe harbor. The SBA may issue further rules and guidance relevant to PPP forgiveness applications, so any instructions included on Form 3508 should be assessed in light of any additional information made available by the SBA.

As you access your application through our systems, you may be provided certain instructions about how to access and use our online portal. We will not, however, provide legal, financial, tax, or similar advice in connection with your forgiveness application. If you have questions about forgiveness requirements please consult with your attorney, accountant, financial advisor, or other relevant advisors for assistance.
 

What qualifies for forgiveness?

Eligible loans may be forgiven if the funds are used for eligible payroll costs, interest on business mortgages, business rent or leases, and business utility payments in accordance with the PPP’s requirements.  In addition to other requirements, at least 75% of the forgiven amount must have been used for eligible payroll costs.  
 

How many times can I submit for forgiveness?

A business entity can only apply to the SBA for PPP loan forgiveness once, so please be sure to take the time to understand the forgiveness application, including consulting with relevant advisors, such as your attorney, accountant, and financial advisor, as you prepare for this next step in the PPP process so they can help with any questions or concerns.


Will Atlantic Union Bank provide any information required on the SBA forgiveness application?

You will receive log in instructions to complete an electronic version of the SBA PPP Loan Forgiveness Application.  In that application, we will pre-fill the following fields of the application: SBA PPP Loan Number, Lender PPP Loan Number, PPP Loan Amount and PPP Loan Disbursement Date.


What should I do to prepare as I wait for the online/digital application from Atlantic Union Bank?

In preparation for the PPP forgiveness process, please download the PPP Forgiveness Application Form 3508 and application instructions via this link and start working on Schedule A. Save the file as a pdf for easy reference for later.
 

What needs to be prepared so that I am ready to submit for forgiveness of my SBA PPP loan?

When it is time and you are ready to submit for forgiveness, you will need to have ready to provide 1) the PPP Loan Forgiveness Calculation Form; 2) PPP Schedule A, and 3) any applicable documentation as outlined in Form 3508.
 

How long will it take for me to get a decision on my Forgiveness Application?

After receiving your completed application and all required supporting documentation Atlantic Union Bank will review its contents. We may follow up with you if any part of your application is incomplete or requires clarification. Within 60 days of receipt of a completed application, we will issue an initial decision to the SBA regarding loan forgiveness. Subject to any further review of the loan or application, the SBA has 90 days from receipt of our initial decision to review the application and remit the appropriate forgiveness amount to Atlantic Union Bank.

You can continue to check the SBA dedicated PPP website https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program (including, but not limited to, the “Frequently Asked Questions for Lenders and Borrowers” available at https://www.sba.gov/document/support--faq-lenders-borrowers) and the page dedicated to PPP on our website (https://www.atlanticunionbank.com/sba-ppp) for the latest updates.
 
Thank you again for letting us service your business needs.
 

Other SBA Resources:

 
For help with SBA's Disaster Loan Assistance website, please contact the disaster assistance customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) or by e-mail at disastercustomerservice@sba.gov.
 
Clients can also contact their local SBA office for advice. https://www.sba.gov/local-assistance/find/?q=Virginia&pageNumber=1.

 
Have questions? Need help?
Please call us at 833-363-7979
Monday - Friday  7 a.m. – 8 p.m.
Saturday  7 a.m. – 5 p.m.

Do you have a general question?  Please note, since email is an unsecure channel, we cannot discuss customer information such as loan status, PIN numbers, or other confidential information specific to your loan, and please do not send attachments or applications through this method.  If we can answer your general needs, please send your questions to SBAQuestions@
AtlanticUnionBank.com
for assistance. 


For additional questions on the PPP program, please visit the SBA's PPP FAQ document..  

We have been working diligently to process and approve as many applications for loans as possible.  We are not doing this because we have to.  We view this as our patriotic duty and a moral responsibility we must accept. The more small businesses we can help, the more Americans we keep employed and the stronger the recovery we can expect once this is all over.  This is not just about our business clients. It is about their employees and ensuring they can continue to earn a paycheck. It is about their families that count on them for the income that pays their mortgage, puts food on the table, and pays their utilities.  Thank you to our clients for trusting us with your banking relationship.
This loan was very important to our firm and employees and your efforts will always be remembered. We appreciate all of the exceptional work that you did on this.
You and your team are some of the many unknown heroes during this crisis because if it weren't for you many small businesses may not have been able to weather the storm. 

 


For a description of the terms and conditions governing loans under the program, including the loan’s interest rate, maturity, and conditions for forgiveness, visit the SBA program page.


Other helpful resources


Some other items that you may find helpful in navigating these SBA relief options:
 
Click here for Frequently Asked Questions

For additional questions on the PPP program, please visit the SBA PPP FAQ document.  https://www.sba.gov/document/support--faq-lenders-borrowers.  

The SBA is also offering the Economic Injury Disaster Loan (EIDL) to small business owners.  This is a low-interest, federal disaster loan that you can apply for directly through the SBA.  Click here for a side-by-side comparison of these two programs. 

SBA page for the Economic Injury Disaster Loan (EIDL):  https://covid19relief.sba.gov/#/

US Chamber of Commerce PDF Guidebook:  https://www.uschamber.com/sites/default/files/023595_comm_corona_virus_smallbiz_loan_final.pdf

Disclosures:
*Only businesses who have a business address in Virginia, Maryland, or North Carolina will be accepted.  At this time we are not opening new accounts for Money Service Businesses (MSBs) or MSB Agents.