Paycheck Protection Program Loans Now Available
Paycheck Protection Program (PPP) Loans for Round 2 are now available. Whether this is your first or second PPP Loan, Atlantic is ready to assist our Business Members with resources and guidance to complete the PPP application. Below you will find a detailed list of requirements and instructions to complete an application.
When your package is ready to submit, please email [email protected] to request a secure email link. An Atlantic loan officer will follow up with a secure link to submit your application. We will be processing complete application packages in the order they are received.
PPP First Time Loan
- To be eligible
- You must be an Atlantic Business Member.
- Please provide Business Member Number.
- To apply
- Complete Atlantic PPP Application.
- Complete SBA Form 2483 – First Draw Borrower Application (Updated 1/8/21)
- Provide documentation that your business was operational as of February 15, 2020 (invoice, bank statement, etc.).
- Provide payroll information for 2019/2020 (IRS Form 941,3rd party payroll reports,1099-MISC, 1040 Schedule C/F, bank statements,or equivalent payroll processor records).
- When your package is ready to submit, please email [email protected] to request a secure email link.
PPP Second Time Loan
- To be eligible
- You must be an Atlantic Business Member.
- Please provide Business Member Number.
- Please provide existing SBA PPP Loan Number.
- All first round PPP loan funds must be used on eligible expenses before the disbursement of the second PPP loan. Documentation will be required.
- To apply
- Complete Atlantic PPP Application.
- Complete SBA Form 2483-SD – Second Draw Borrower Application (Released 1/8/21).
- Provide evidence of a 25% or more reduction in Gross Receipts from 2019 to 2020 (Tax Return or Income Statement for both years). Do not include any 1st Draw PPP loan funds as income.
- If you are electing to use 2020 financial information to calculate your second PPP loan, please provide IRS Form 941, 3rd party payroll reports, 1099-MISC, 1040 Schedule C/F, bank statements, or equivalent payroll processor records.
- When your package is ready to submit, please email [email protected] to request a secure email link.
PPP Additional Resources
The CARES Act Provides Assistance to Small Businesses | U.S. Department of the Treasury
Paycheck Protection Program (sba.gov)
Paycheck Protection Program Loan Forgiveness Application
The U.S. Small Business Administration, in consultation with the Treasury Department, released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $150,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars.
SBA is issuing an alternative Loan Forgiveness Application, SBA Form 3508S, for use by PPP borrowers applying for loan forgiveness on PPP loans with a total loan amount of $150,000 or less, except for those borrowers that together with their affiliates received loans totaling $2 million or greater.
PPP forgiveness forms are now available.
- Borrower Forgiveness Information Guide
- Frequently Asked Questions
- PPP Application - Form 3508S (For loans less than $150,000)
- PPP Application - Short Form 3508EZ
- PPP Application - Long Form 3508
If you have any further questions, please don’t hesitate to reach us at [email protected]