CARES Act Paycheck Protection Program – Information for clients

NOTE: Due to overwhelming demand, we are no longer accepting any new applications for the PPP.

Thank you for your interest in the Small Business Administration (SBA) Payroll Protection Program (PPP).

Due to high demand of the aforementioned program that will potentially become available on Friday morning for submittal by the bank to the SBA, and in anticipation of receipt and review of guidance from the SBA, we will begin reviewing applications for submittal Thursday, April 2nd, at 2:00pm. Funds are limited. We will try to help as many clients as we can. We appreciate what we are asking of you for turnaround time and ask for your patience and understanding.

To be considered a complete application, please email the following to

  • Complete SBA Form 2483 (PPP Application).
  • Complete Summit Bank PPP Application
  • Compile last calendar year of full payroll details – and January-March 2020.
  • Photocopy of front and back of driver’s license for all individuals with 20 percent or more ownership
  • Compile organization documents.
    • Articles of Incorporation and Bylaws (Corporation).
    • Articles of Organization and Operating Agreement (LLC)
    • Partnership Agreement

The following was released March 31, 2020 by the U.S. Treasury. Links below:

This page will be updated regularly as information becomes available.


Q: So, what is the PPP? 

A: The Paycheck Protection Plan (PPP) is a 100 percent federally guaranteed loan program to help small businesses and other applicable entities (see below) maintain their payroll during the COVID-19 crisis. 

Q: Who is eligible to apply? 

A:  Businesses and entities that were in operation on February 15, 2020. 

  • All businesses (including nonprofits, veterans organizations, Tribal businesses, sole proprietors, independent contractors, and self-employed individuals) with fewer than 500 employees. 
  • OR, applicable businesses with an NAICS code beginning in ‘72’ (as of February 15, 2020) and fewer than 500 employees per location. 

*Note: the term employee refers to ANY employee that is full-time, part-time, or any other basis. 

Q: What can I use the loan for? 

A: Eligible uses include: 

  • Payroll costs (see below for more on what constitutes ‘payroll’).
  • Payments of interest on mortgage obligations (this does NOT include prepayment of or payment of principal on mortgage obligations).
  • Rent, including rent under lease agreements – must have been in force before February 15, 2020. 
  • Utilities – must have been in force from February 15, 2020. 
  • Interest on other debt obligations that were incurred before February 15, 2020. 

Q: What is a ‘payroll cost’?

A: Costs associated with, 

  • Salary, wages, commissions, tips or equivalent – does not include costs associated with employees earning more than $100,000 on an annualized basis. 
  • Employee Benefits, including,
    • Paid time off for vacation, parental, family, medical or sick leave 
    • Allowance for separation or dismissal 
    • Associated costs for the provisions of group health care benefits, including insurance premiums
    • Retirement benefits.
  • State and local taxes assessed by employee compensation.

For sole proprietor or independent contractors: wages, commissions, income, or net earnings from self-employment, capped at $100,000 annualized income per employee. 

Q: Are PPP loans eligible for forgiveness? 

A: Yes; however, forgiveness will be reduced if you, 

  • Use funds for anything other than authorized uses, as stated above. 
  • Reduce salaries or wages by more than 25 percent for employees who made less than $100,000 in 2019.* 
  • Reduce or do not re-hire staff reduced between February 15, 2020 and April 26, 2020.*

*Loan applicants have until June 30, 2020 to restore salaries/wages and staff headcount. 

Q: How will forgiveness be granted? 

A: You will need to submit a request for forgiveness to Summit Bank. Forgiveness amount will be determined by documentation demonstrating costs incurred during the eligible loan period, known as 8-weeks after origination. This request must be submitted no later than 2 weeks after the eligible period is over. Summit Bank must deliver forgiveness decision within 60 days. 

Q: What is the loan term, interest rate, and applicable fees? 

A: The maximum maturity for any balance after the forgiveness decision is made, will be two (2) years from the date on which the borrower applies for forgiveness. All loan payments will be deferred for six (6) months, during which time interest will accrue. 

    • 1 percent (1%) fixed interest rate.
    • There are no fees. 
    • There is no expectation of collateral. 
    • There is no prepayment penalty.

Q: I am not a Summit Bank client, can obtain the PPP from them? 

A: At this time, we are not accepting applications for non-Summit Bank clients. 

NOTE: This is not a complete representation of the PPP Loan Program and is meant only to address frequently asked questions. Please see the full list of available resources for interested borrowers at: