Capital Building Washington DC

Paycheck Protection Program Information

LAST UPDATED: 4/10/2020

“CARES” ACT- PAYCHECK PROTECTION PROGRAM

YOU CAN NOW APPLY FOR THE PAYCHECK PROTECTION PROGRAM USING OUR NEW WEB PORTAL AT https://ppp.victorystatebank.com
IF YOU HAVE ANY QUESTIONS PLEASE EMAIL US AT pppsupport@victorystatebank.com OR CALL US AT 718-889-3920

Victory State Bank is making every effort to assist our business customers in this uncertain environment.

Although not a certified SBA Lender, Victory has received authority from the SBA for participation in the Paycheck Protection Program.

Victory State Bank business customers can begin the process by compiling the following information which are required for the PPP loan:

  • Driver’s License – Front and Back
  • All 2019 IRS Quarterly Form 940, 941, or 944 payroll tax reports
  • Payroll reports for the 12-month period ending on your most recent payroll date which indicates the following information:
    • Gross wages for each employee, including officer(s) if paid W-2 wages.
    • Paid time off for each employee
    • Vacation pay for each employee
    • Family medical leave pay for each employee
    • State and local taxes assessed on each employee’s compensation
  • 1099s for independent contractors for 2019 (only for independent contractors or sole proprietors that are applying directly for a PPP loan)
  • Documentation showing total of all health insurance premiums paid by the company owner(s) under a group health plan (include all employees and the company owners)
  • Document the sum of all retirement plan funding that was paid by the company (owner(s) (do not include funding that came from employees out of their paycheck deferrals).
  • Include all employees and the company owners. Include 401k plans, Simple IRA, SEP IRAs.
  • A list of all employees whose annual payroll cost is $100,000 or more (SSN and Name can be redacted)

For more information please review this fact sheet (link)

Please monitor this page for updates.