Relief Loans for Businesses > Federal Programs

Coronavirus Aid, Relief, and Economic Security (CARES) Act

Paycheck Protection Program (PPP)

As an organization focused on putting #PeopleFirst and remaining true to our commitment to serving our local businesses and communities, Choice Bank will continue to process complete application packages on a first come first served basis.

Choice Bank will continue to accept COMPLETE PPP Loan Application Packages until funds are once again exhausted. Please note that submitting a complete application package does not guaranty our ability to secure funding for your business before appropriations are exhausted.  

Begin Application     LOAN FORGIVENESS INFO ›

Requirements for Complete PPP Application Package


View Requirements



Program Fact Sheet

Full program details were recently released and can be found on the Treasury’s website here

For the Interim Final Rule, with Q&A on Forgiveness requirements, click here. Forgiveness information can be found on page 13

Frequently Asked Questions published by the US Treasury and SBA (Small Business Administration) published on April 24 can be found here


PPP Highlights

  • 100% guaranteed SBA 7a loans
  • Delivered by SBA 7a preferred lenders such as Choice Bank
  • 1% maximum interest rate
  • Payments will be deferred for 6 – 12 months
  • Loans may be made until June 30, 2020
  • A portion of the loan may be forgiven by SBA if used for eligible expenses
  • The forgiven portion will be paid to the lender to reduce the loan
  • The remaining loan amount after loan forgiveness will be repaid by the business over 2 years
Who May Apply?
  • Any business with 500 or fewer employees or those that meet SBA’s current size standards
  • Self-employed Individuals
  • Some non-profits 501(c)(3) and 501(c)(19) veteran organizations and tribal business with 500 or fewer employees
  • Applicants in NAICS code 72 (Accommodation and Food Service) may apply if they have 500 or few employees per physical location
  • Franchises that are assigned a franchise identifier code by SBA. More Info Here
  • A borrower may have both an EIDL loan and a PPP loan if each was used for different purposes
  • See side by side comparison of the programs to help you decide which program(s) are right for you
Loan Amount and Uses
  • Up to $10 million to a borrower and affiliates
  • Maximum loan size to a borrower is 2.5 times the average monthly payroll
  • Loans to cover eligible payroll costs, interest on mortgage payments, rent obligations, and utilities
  • Economic Injury Disaster Loan (EIDL) may be rolled into the PPP loan
Eligibility and Terms
  • The borrower must have been in business on 2/15/2020
  • The borrower must certify:
    • The loan is needed to support ongoing operations
    • Funds will be used to retain workers, pay payroll expenses and pay overhead expenses
    • They have not applied for or received an SBA 7a loan for similar purposes or duplicative amounts
    • Any other certifications that may be required by SBA
  • Forgiveness:
    • Loans may be forgiven based on the borrower continuing to employ employees
    • Forgiven amount will be reduced for laid-off employees and/or reduced compensation
    • Forgiveness reduction can be avoided if borrower rehires employees or increases salary by June 30, 2020
    • Borrowers will apply for debt forgiveness after an 8-week period following loan note date
    • Will be required to turn in payroll reports and receipts to show funds were used for eligible purposes
    • Other documentation may be required by SBA
    • Funds not forgiven will be repaid over a 2-year term
  • Eligible Expenses: Overhead expenses and payroll expenses for employees making < $100,000 during the 8-week period after note date
  • We are awaiting other eligibility requirements from SBA
Collateral and Personal Guaranty Requirements
  • No Collateral
  • No Personal Guarantees
What is the process and when will I get funds?
  • Bank/borrower will be in control of when funds are delivered based on how quickly they can provide the required information
  • As a SBA Preferred Lender (PLP) Choice Bank has the capacity to turn loans quickly
    • Be aware of deceitful lenders. The Federal Trade Commission has shared information regarding this practice and how you can check your lender here
How to Apply
  • Businesses interested in applying for a PPP loan may begin the process of completing our form here.
Begin Application

CARES Program Benefits for Existing SBA Loans

  • In addition to the PPP, the CARES program authorized the SBA to make six months of payments on existing SBA loans
  • For borrowers that have already been granted a deferment on an existing SBA loan, the six months of payment will begin after the deferment period
  • New SBA loans made in the next 6 months will also have six months of payments deferred by SBA
  • We do not have information yet as to how the payments will be administered
  • Payments will not be made by SBA on PPP loans which will have a 6 or 12 month deferment period

Emergency Grant

  • Additionally, from January 31 to December 31, 2020: qualifying entities may request that the SBA provide an emergency grant (capped at $10,000.00) either from funds already received or an advance on their EIDL application
  • An applicant shall not be required to repay any amounts of any such advance or grant, even if the applicant is subsequently denied on a pending EIDL loan

More Information Here

If your question is not addressed here, please contact our SBA Team. We will continue to add to this, as we receive questions and updates from the SBA.

Can Choice Bank make EIDL Loans?  

No. These are direct loans made by the SBA. We are here to help – if you have questions or need assistance completing your application, contact us.

May a borrower request more than one EIDL Loan?  

No. A borrower may have more than one disaster loan but only one loan per declared disaster.

Borrowers that have applied for and received disaster funds in the past for other disasters may still apply for an EIDL.

What if I request a $25,000 loan and later realize that I need more?  

You may request an INCREASE to your existing loan. You may not apply for a 2nd EIDL

What type of businesses are ineligible for EIDLs?

The following Businesses are ineligible for this loan program:

  • Agriculture *
  • Religious
  • Charitable Organizations
  • Ag industry
  • Casinos
  • Racetracks
  • Gambling Organizations**

*Businesses that provide services to the Agriculture industry are eligible

**If gambling is more than 1/3 of gross revenue

I am a Delaware corporation – should I request my loan in Delaware?

No. You apply in the state and county your business is physically located

I have more than one restaurant.   Should I request a different loan for each?

Yes. Each entity should apply. The maximum loan to all affiliated businesses is $2 million.

Must I use the available credit on my line of credit before requesting an EIDL?

No.  You do not need to advance your available credit before requesting the EIDL.

If I can borrow from a bank, am I still eligible for SBA assistance?

Private credit sources must be used as much as possible to overcome economic injury. Obtaining credit via SBA may be difficult for many industries impacted during the COVID-19 crisis.

What happens if I can’t access my tax returns and bank financials? 

Work with your SBA loan officer and share the challenges. They may issue the loan without this information in some cases.






The Treasury Department just released initial information and resources regarding the Payment Protection Program, including application forms.  While we are still awaiting guidance from the SBA for application submission, businesses interested in applying for a PPP loan may begin the process of completing this form.

PPP Application Form       PPP Overview       Borrower Information Fact Sheet


SBA Product Comparison

Should you apply for one or both?

Economic Injury Disaster Loan (EIDL)Paycheck Protection Program (PPP)
A direct loan made by SBAPreferred SBA lenders (PLP), such as Choice Bank, make the loans
A maximum interest rate of 3.25%A maximum interest rate of 1%
For working capital, fixed debt obligations, pay bridge loans, credit cards if for COVID-19 purposesFor eligible working capital and payroll expenses
No set maximum loan sizeAllowed to roll in outstanding balances on EIDL loans
No forgivenessMaximum loan size is 2.5 times your average monthly payroll
30-year termFunds may be forgiven after 8 weeks by showing funds were used for eligible expenses
Collateral and Personal Guarantees requiredBalances not forgiven will be repaid over a 2-year term
No collateral and no personal guarantees required



What is PPP Loan Forgiveness?

Details of the forgiveness program are still being finalized, and we expect more guidance from the SBA soon. The information presented here is based on what we know today.

Up to 100% of your Paycheck Protection Program loan is eligible for forgiveness, if you meet requirements set by the Small Business Administration (SBA), you. The amount of forgiveness you are eligible for is based on the amount of loan proceeds used to cover payroll costs, utilities, rent and mortgage interest obligations over the 8-week period after the loan is made.

For your loan to be forgivable, you must use at least 75% of the proceeds for payroll costs. The remaining 25% can be used on utilities, rent and mortgage interest obligations that were in effect before February 15, 2020. The total amount forgiven may be reduced if your full-time employee headcount declines or if the salaries and wages that you pay your employees decrease.

The exact calculation method will be dictated by the SBA and is not yet available.


What types of expenditures are eligible for forgiveness?

The following are considered eligible under the Paycheck Protection Program:

  • Salary, wage, commissions or similar compensations
  • Payment of cash tips or equivalent
  • Payment for sick, vacation, parental, family or medical leave
  • Dismissal or separation allowance
  • Payments for group health care benefits, including insurance premiums
  • Payments for retirement benefits
  • Payments of state or local tax on employee compensation
  • Mortgage interest payments, not principal payments, made during the 8-week period after you received loan proceeds. Mortgage or lease agreements must have been in effect prior to February 15, 2020
  • Utility payments for services such as electricity, gas, water, transportation, telephone or internet access. The services must have been in place before February 15, 2020.


What documentation will I need to provide to be approved for forgiveness?

Similar to the PPP application process, your forgiveness application must be accompanied by supporting documentation for the eligible expenditures outlined above. The specific documentation needed, has not yet been finalized by the SBA, however the following is an example of some items that may be required:

  • Documentation verifying BOTH the number of FTE employ­ees on payroll and the pay rates for the 8 week period be­ginning on the date of origination of the PPP loan, including:
    • Payroll tax filings reported to the IRS (Form 941); and
    • State income, payroll and unemployment insurance filings.
  • Documentation verifying payments on covered mortgage obligations, payments on covered lease (or rent) obligations, and covered utility payments, including:
    • Cancelled checks;
    • Transcripts of accounts;
    • Payment receipts;
    • Other documents
  • A certification from an individual authorized to act on behalf of the borrower that:
    • The documentation presented is true and correct; and
    • The amount for which forgiveness is requested was used to retain employees, make interest payments on a covered mortgage obligation, make payments on a covered rent obligation, or make covered utility payments;
  • Any other documentation deemed necessary.

Once the SBA has provided final guidance on the forgiveness process we will reach out to you with additional details.


When and how can I apply for forgiveness?

You are eligible to apply for loan forgiveness beginning 8 weeks following your loan disbursement. You will provide supporting documentation to Choice Bank and we will submit it to the SBA on your behalf.


What if my loan is not completely forgiven?

If your loan is not completely forgiven, the remaining balance, including interest, will be repaid in 18 installments. All PPP loans have a 24-month term; interest begins accruing from the first date of disbursement but is deferred for the first 6 months.  Following the 6-month deferral, any portion of the loan that is not forgiven, including interest, will be repaid in 18 installments. Monthly payments will be made to Choice Bank as you would with a traditional loan.



Begin the PPP Application Process Here

Simply complete the form below to get the process started with our Choice Bank Team. Upon completion, a confirmation will be sent to your email with information on next steps.

General questions regarding the Payment Protection Program can also be directed to




How long will funding last and how will businesses know if Choice Bank will be able to process their loan?
We anticipate that the next round of funding will go quickly.  As a result, we will update our website daily each day, sharing how many applications have been processed and how many are still in our queue. We hope that this provides additional transparency to those that are deciding how to proceed with a new application.  We ask that you utilize this information on our website to help track the likelihood of funding.

Choice Bank will continue to accept and process COMPLETE PPP Loan Application Packages until funds are once again exhausted. Please note however that submitting a complete application does not guaranty our ability to secure funding for your business before appropriations are exhausted.


Required Documentation for a Complete Application Package
You can review a list of all documentation required, here.


What happens once a complete application is submitted? How will a business know if funds have been reserved for them?
Once a completed application is received and verified by Choice Bank, it will be sent to our loan underwriting team. Businesses will be notified via email as soon as we have reserved funds for their loan. The email will also include details regarding the process. All loan documents will be sent through DocuSign.

We understand that the time-sensitivity of this program creates a desire for real-time updates. It is our desire to process as many applications as possible each day, and appreciate your understanding and patience as we work through the high volume of requests we are receiving.


What if a business submitted a PPP Application Package with Choice Bank and is no longer interested?
Businesses no longer interested in pursuing a PPP loan with Choice Bank may contact us at to cancel their application.


We are here to help! If you have questions regarding the Paycheck Protection Program or other SBA Programs that might be available to you, contact us at:              763.398.3060