Paycheck Protection Program
The Murray Bank is ready to continue helping small business in our community and we have started accepting PPP applications. Once the portal opens for The Murray Bank, we will begin obtaining SBA approval on these applications.
What you need to know to complete the Paycheck Protection Program Application
Other than the usual information such as the business name, address and Tax Identification Number, you will need the following:
- Provide documentation that proves at least a 25% reduction in revenue from any quarter of 2020 compared to the same quarter of 2019.
- Most recent W2's for all employees
- Most recent W3 payroll summary report
- 941 report
- YTD Payroll report from payroll software itemizing all employees
- Exclude excess over $100,000 for employees who are paid over $100,000.
- 12 month average Monthly Rent Expense
- 12 month average monthly mortgage interest expense
For more information about the SBA Paycheck Protection Program, please visit the following:
If you have questions or want to speak to your loan officer, feel free to reach out to them directly.