Paycheck Protection Program (PPP) & Coronavirus Aid, Relief, and Economic Security (CARES) ACT
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed to provide emergency economic relief for businesses negatively impacted by COVID-19.
For detailed information on the CARES Act provided by The U.S Chamber of Commerce, click here.
The Small Business Administration is offering additional funding through the Paycheck Protection Program (PPP) to help small businesses fulfill their payroll and certain other expenses.
Per SBA guidelines, lenders may begin processing applications starting April 27, 2020.
- View the application here.
- To submit your application, contact a Mifflinburg Bank loan officer by calling 888-966-MBTC (6282).
Documentation needed for application:
- 2019 IRS Quarterly 940, 941 or 944 payroll tax reports.
- Last 12 months of Payroll Reports beginning with your last payroll date and going backwards 12 months.
- Payroll report must show the following for the time period above:
- Gross wages for each employee, including the officer(s) if paid W-2 wages.
- Paid time off for each employee.
- Vacation pay for each employee.
- Family medical leave pay for each employee.
- State and Local taxes assessed on the employee’s compensation for each employee.
- 1099s for 2019 for independent contractors that would otherwise be an employee of your business.
- Do NOT include 1099s for services.
- Documentation showing total of all health insurance premiums paid by the Company Owner under a group health plan.
- Include all employees and the company owners.
- Document the sum of all retirement plan funding that was paid by the Company Owner (do not include funding that came from the employee’s out of their paycheck deferrals).
- Include all employees, including company owners.
- 401K plans, Simple IRA, SEP IRAs.
Updates will be added to this page as more information becomes available. Please check back frequently.