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Paycheck Protection Program FAQs

SBA Paycheck Protection Program (PPP) Loans Borrower Application Form FAQs as of April 15, 2020

Please complete and submit your application as soon as possible. We don’t know when the program funding will be depleted. The window of opportunity could close any day now.

 

What areas of the form do I need to complete?

We’ve provided you with a sample completed form package and a blank form package. You can use the sample form as a guide. We’ve pre-filled a number of the fields on the blank form to expedite its completion. You will have to complete the following:

  • Business Legal Name (use the business name listed on your form 941)
  • Business Address
  • Business TIN (EIN) – this is included on the form 941
  • Business Phone
  • Primary Contact (Pastor/Administrator)
  • Email Address (Pastor/Administrator)
  • Average Monthly Payroll (see instructions for running PrimePay PPP and BAS/MyEnroll reports and emailed letter attachment from the Benefits Office. Insert the average monthly payroll and average employer share of health care cost in the “Total Loan Requested Calc. Sheet”. Enter the total from line 9 on the sheet on the form).
  • Total after multiplying Average Monthly Payroll x 2.5 (utilize the “Total Loan Requested” Calc. Sheet. Enter line 13 from the sheet on the form.)
  • Number of Employees (see Email Letter Attachment from the Benefits Office)
  • Applicant Ownership Section (bank requirement)
    • Owner Name – Enter the Pastor/Administrator Name
    • Title – Enter Pastor or Administrator
    • Ownership % – Enter “NA”
    • TIN (EIN, SSN) – Enter the Pastor/Administrator Social Security Number (no hyphens)
    • Address – parish or school address
  • Question 5 – Pastor/Administrator initials
  • Question 6 – Pastor/Administrator initials
  • Certifications
    • Pastor/Administrator initials the 8 line items
  • Pastor/Administrator signs, dates and includes printed name and title

Can I print and handwrite the form or do I need to use the fillable form and sign it electronically?

You can use either method. However, it might be best to consult with the bank that you’re planning to utilize. If you don’t use the electronic version, the bank will need the application with the original signature of the Pastor/Administrator.

Does the Pastor/Administrator sign all applications?

Yes. The Pastor/Administrator must sign the form for their respective parish(es) and, if applicable, parish school.

Is a separate application completed for each parish in a collaborative?

Not necessarily. If one parish prepares and books the payroll and allocates the expense to the others, only that parish would submit an application. If all parishes prepare and book payroll, then all parishes in the collaborative would complete an application. A helpful test… You must submit the 2019 quarterly forms 941 with the application. If PrimePay doesn’t prepare forms 941 for a parish, that parish can’t submit an application.

Is a separate application required for a parish school?

Since parish schools maintain separate payrolls, yes. The Pastor/Administrator signs that application also.

What documents do I include in the package that I submit to the bank?

You should include:

  • Completed forms package with the original Pastor/Administrator signature. The package includes Addendum A, the IRS Group Ruling and Official Catholic Directories pages.
  • “Total Loan Requested” calculation sheet.
  • PrimePay CARES SBA-PPP average monthly payroll cost report
  • Email letter attachment provided by the Benefits office that includes the average monthly employer share of the health care cost and equivalent full-time employees
  • 2019 quarterly forms 941 (4 forms)

***Please be sure to consult with your bank prior to completing the package to ensure that they don’t have any other required documents beyond those listed above.

If I don’t have a banking relationship or my bank isn’t accepting applications, can you recommend a bank?

Yes. Century Bank is accepting applications. Please send applications to Brad Buckley’s attention via mail or email:

Bradford J. Buckley
Senior Vice President
Century Bank
400 Mystic Avenue
Medford, MA 02155-6316
Email: bbuckley@centurybank.com

If you have questions regarding the Century application submission, please send those to
SBA@rcab.org.

Should we make the Archdiocese aware if we submit a loan application?

Yes, please do. Please send a copy of your submitted loan application to SBA@rcab.org and a copy to your Parish Services Consultant. Please be sure to let us know the bank you’ve applied to as well. Also, please alert us when your loan has been approved and provide the approved amount. Also, please send us any approval documents that you receive and whether or not you expect to accept the funding.

When the loan proceeds are disbursed, should they be transferred to our local operating account?

No, the proceeds should be transferred to the Revolving Loan Fund (RLF). A new account will be opened under your parish or school to receive the proceeds. Allowable payroll and utility costs will be disbursed from the account in order to comply with the SBA program requirements. This will also assist in the reporting necessary for the forgiveness calculation. We’ve attached a copy of the RLF banking information sheet. Please supply that to your lender, so that they may transfer the funds to RLF on your behalf. Please ask that they include your parish or school name and city/town in the memo section of the transfer. Also, please send an email to the SBA@RCAB.org mailbox when you’ve been informed of the transfer by your lender. Please include the lender name and the amount of the transfer. If your lender requires that the proceeds remain in an account maintained by them, please alert your Parish Services Consultant and copy SBA@RCAB.org. We will work with you to ensure that the SBA program requirements are met.

Is a separate RLF account still required if the parish or school has already received the loan proceeds?

Yes. You must transfer the proceeds to the Revolving Loan Fund. Please see above.

Will you provide accounting guidance for the loan transaction?

Yes. Guidance will be provided in a separate communication.

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