COVID-19 > PPP Loan Program > Application Process

PPP Loan Application Process

We are now accepting applications for PPP Loans. Please be sure to review the information below and select which application option is applicable to your business.

Start Application Here
First Draw Portal User Guide            Second Draw Portal User Guide

Funding Process

 

Calculating your Loan Amount & Required Documentation

To view a PDF of the applications for reference, click the appropriate link below. There is no need to fill out an application, as that will be completed in our online customer portal.

First Draw Application ›         Second Draw Application ›

Most Business Applicants

The following calculation methodology and required documents will be applicable for most businesses. If you are a Sole Proprietor, Partnership, or LLC, follow the guidance on the other tabs.

 

Calculating Your Loan Amount

How do I calculate the maximum amount I can borrow?

First Draw Loans: See SBA’s Guidance on Calculating Max Loan Amounts. View PDF

Second Draw Loans: See SBA’s Guidance and FAQs. View PDF

 

Required Documentation
  • Payroll statement as of 2/15/2020
  • 2019 or 2020 payroll statement (whichever was used for calculating your loan amount)
  • IRS Form 941 or 944 from each quarter of 2019 or 2020
  • 2019 or 2020 health insurance premium expense (if group health costs were included in your payroll calculations)
  • 2019 or 2020 retirement plan expenses (if retirement plans were included in your payroll calculations
  • 2019 or 2020 State quarterly Wage Reporting, for all quarters of the year
  • Second Draw Loans: In addition to this documentation, you must also provide documentation proving your 25% or more decline in gross receipts between comparable quarters in 2019 and 2020. SBA has released helpful FAQs to address many questions on Second Draw Loan calculations. IMPORTANT NOTES: 1) Please sign and date financial statements where required. 2)  Although evidence for 25% reduction is not required for loan applications <$150,000, we are requesting that you provide since it is required for loan forgiveness. View PDF

In addition to the information provided above, if you are not an existing Choice Bank customer, please be prepared to provide the following:

  • Confirmation of EIN and NAICS Code (front page of tax return)
  • Beneficial Ownership Form
  • Copy of Driver’s Licenses for any persons with 20% or more ownership in the applicant business entity.
  • Corporate Documents (i.e. Articles of Incorporation/Organization, Operating Agreement, Partnership Agreement, or Board Resolution of authorized signers)

Sole Proprietors and 1099 Contractors

This section includes Farmers and Ranchers.

Calculating Your Loan Amount

How do I calculate the maximum amount I can borrow?

First Draw Loans: See SBA’s Guidance on Calculating Max Loan Amounts. View PDF

Second Draw Loans: See SBA’s Guidance and FAQs. View PDF

Required Documentation
No Employees
  • Payroll statement as of 2/15/2020
  • 2019 or 2020 payroll statement (whichever was used for calculating your loan amount)
  • Schedule C or F of 2019 or 2020 tax returns (whichever was used for calculating your loan amount); If using 2020, the tax returns are required regardless if they have been filed.
  • A copy of your 1099
  • A bank statement or invoice to show you were in operation on or around February 15, 2020
  • Second Draw Loans: In addition to this documentation, you must also provide documentation proving your 25% or more decline in gross receipts between comparable quarters in 2019 and 2020. SBA has released helpful FAQs to address many questions on Second Draw Loan calculations. IMPORTANT NOTES: 1) Please sign and date financial statements where required. 2)  Although evidence for 25% reduction is not required for loan applications <$150,000, we are requesting that you provide since it is required for loan forgiveness. View PDF

In addition to the information provided above, if you are not an existing Choice Bank customer, please be prepared to provide the following

  • Confirmation of EIN and NAICS Code (front page of tax return)
  • Beneficial Ownership Form
  • Copy of Driver’s Licenses for any persons with 20% or more ownership in the applicant business entity.
  • Corporate Documents (i.e. Articles of Incorporation/Organization, Operating Agreement, Partnership Agreement, or Board Resolution of authorized signers)
With Employees
  • Payroll statement as of 2/15/2020
  • 2019 or 2020 payroll statement (whichever was used for calculating your loan amount)
  • Schedule C or F of 2019 or 2020 tax returns (whichever was used for calculating your loan amount); If using 2020, the tax returns are required regardless if they have been filed.
  • A copy of your 1099
  • A bank statement or invoice to show you were in operation on or around February 15, 2020
  • IRS Form 941 or IRS Form 944 from each quarter of 2019 or 2020
  • 2019 or 2020 health insurance premium expense (if group health costs were included in your payroll calculations)
  • 2019 or 2020 retirement plan expenses (if retirement plans were included in your payroll calculations
  • 2019 or 2020 State quarterly Wage Reporting, for all quarters of the year
  • Second Draw Loans: In addition to this documentation, you must also provide documentation proving your 25% or more decline in gross receipts between comparable quarters in 2019 and 2020. SBA has released helpful FAQs to address many questions on Second Draw Loan calculations. IMPORTANT NOTES: 1) Please sign and date financial statements where required. 2)  Although evidence for 25% reduction is not required for loan applications <$150,000, we are requesting that you provide since it is required for loan forgiveness. View PDF

In addition to the information provided above, if you are not an existing Choice Bank customer, please be prepared to provide the following:

  • Confirmation of EIN and NAICS Code (front page of tax return)
  • Beneficial Ownership Form
  • Copy of Driver’s Licenses for any persons with 20% or more ownership in the applicant business entity.
  • Corporate Documents (i.e. Articles of Incorporation/Organization, Operating Agreement, Partnership Agreement, or Board Resolution of authorized signers)

Partnerships

 

Calculating Your Loan Amount

How do I calculate the maximum amount I can borrow?

First Draw Loans: See SBA’s Guidance on Calculating Max Loan Amounts. View PDF

Second Draw Loans: See SBA’s Guidance and FAQs. View PDF

Required Documentation
No Employees
  • Payroll statement as of 2/15/2020
  • 2019 or 2020 payroll statement (whichever was used for calculating your loan amount)
  • 2019 or 2020 tax returns + Schedule K1s (filed or unfiled)
  • Second Draw Loans: In addition to this documentation, you must also provide documentation proving your 25% or more decline in gross receipts between comparable quarters in 2019 and 2020. SBA has released helpful FAQs to address many questions on Second Draw Loan calculations. IMPORTANT NOTES: 1) Please sign and date financial statements where required. 2)  Although evidence for 25% reduction is not required for loan applications <$150,000, we are requesting that you provide since it is required for loan forgiveness. View PDF

In addition to the information provided above, if you are not an existing Choice Bank customer, please be prepared to provide the following:

  • Confirmation of EIN and NAICS Code (front page of tax return)
  • Beneficial Ownership Form
  • Copy of Driver’s Licenses for any persons with 20% or more ownership in the applicant business entity.
  • Corporate Documents (i.e. Articles of Incorporation/Organization, Operating Agreement, Partnership Agreement, or Board Resolution of authorized
With Employees
  • Payroll statement as of 2/15/2020
  • 2019 or 2020 payroll statement (whichever was used for calculating your loan amount)
  • 2019 or 2020 tax returns + Schedule K1s (filed or unfiled)
  • 2019 or 2020 health insurance premium expense (if group health costs were included in your payroll calculations)
  • 2019 or 2020 retirement plan expenses (if retirement plans were included in your payroll calculations
  • IRS Form 941 or 944 from each quarter of 2019 or 2020
  • 2019 or 2020 State quarterly Wage Reporting, for all quarters of the year
  • Second Draw Loans: In addition to this documentation, you must also provide documentation proving your 25% or more decline in gross receipts between comparable quarters in 2019 and 2020. SBA has released helpful FAQs to address many questions on Second Draw Loan calculations. IMPORTANT NOTES: 1) Please sign and date financial statements where required. 2)  Although evidence for 25% reduction is not required for loan applications <$150,000, we are requesting that you provide since it is required for loan forgiveness. View PDF

In addition to the information provided above, if you are not an existing Choice Bank customer, please be prepared to provide the following:

  • Confirmation of EIN and NAICS Code (front page of tax return)
  • Beneficial Ownership Form
  • Copy of Driver’s Licenses for any persons with 20% or more ownership in the applicant business entity.
  • Corporate Documents (i.e. Articles of Incorporation/Organization, Operating Agreement, Partnership Agreement, or Board Resolution of authorized

LLCs

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.

 

 

 

PPP Application

We are only accepting applications for First and Second draw loans with this process below. Please select the option applicable to your business.

If you’d like to request an increase on your existing First Draw loan, please click here. Scroll down to the section labeled “PPP First Draw Increases” and follow the instructions for submitting a request.

Please note: Due to recent legislation passed, a 14-day window from Wednesday, February 24 – Tuesday, March 9, has been reserved for applications for borrowers with less than 20 employees. If your business has 20 or more employees, we will still accept and prepare your application, however we will be unable to submit to the SBA for approval until Wednesday, March 10, 2021.

Borrowers that DO have an existing PPP loan with Choice Bank

As an existing PPP customer of Choice Bank, you already have access to this portal, as it is the same platform being used for the forgiveness process on your first PPP loan. You may login using the link below, and the same credentials you used to login and submit your Forgiveness application.

Before you begin, you may want to to review the “Calculating Your Loan Amount and Required Documentation” resource on this page. Scroll up or click here

PPP Portal Login

 

What if I Forgot My Password?

If you are unable to remember your password, you may use the Forgot password link on the portal login screen, to request a password reset. If you are still unsuccessful in your login attempt, please contact us at pppquestions@bankwithchoice.com. Allow up to 24 hours for a response.

 

How Do I Use the Portal?

To make the process easier, we have created a Customer Portal User Guide that will guide you through the application process.

Second Draw Portal User Guide

 

Please note, once you login for the first time, we are encouraging all customers to complete their application and upload all supporting documentation within 5 business days, to avoid delays in processing your application. As a result, we encourage you to wait to access the portal until you are prepared with all necessary information.

Borrowers that DO NOT have an existing PPP loan with Choice Bank

Start the application process by providing your contact information below. You will receive an email confirmation with instructions on accessing the PPP Application Online Portal.

You can also prepare by reviewing the “Calculating Your Loan Amount and Required Documentation” section on this page. Scroll up or click here

Application Portal User Guides

First Draw User Guide            Second Draw User Guide

Contact

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:

pppquestions@bankwithchoice.com              763.398.3060