Victory State Bank
Paycheck Protection Program (PPP) Application Information
VICTORY STATE BANK AND NORTHFIELD BANK ARE NOW ACCEPTING NEW PAYCHECK PROTECTION PROGRAM (PPP) APPLICATIONS FROM CURRENT NORTHFIELD AND VICTORY CUSTOMERS, WHOSE BUSINESS DEPOSIT OR LOAN RELATIONSHIP EXISTED ON OR BEFORE FEBRUARY 15, 2020.
With the legislation signed by the President of the United States on July 4, 2020 to extend the PPP deadline to August 8, 2020, we are now accepting PPP applications from current Victory and Northfield business customers whose business deposit or loan relationship existed on or before February 15, 2020. We anticipate that we will only be able to accept a limited number of PPP applications to allow us to timely process applications received.
The Small Business Administration (SBA) will no longer approve PPP applications after August 8, 2020. In order to allow for time to process applications, we will not accept any new PPP applications and supporting documentation after July 31, 2020. Submitting applications up to July 31, 2020 does not guarantee that it will be approved by the SBA by their August 8, 2020 deadline.
Applications will only be provided to eligible customers and we can provide no assurance that we will be able to honor your Request for a PPP application. In addition, we can provide no assurances that if we accept your PPP application that we will be able to process it, or obtain SBA approval.
Upon receipt of the Request and verification of your customer status, we will email a link to our PPP online application. We will only be able to provide an email link to a limited number of eligible customers, in the order that we received the Request. This will help to ensure that we can timely process PPP applications received.
PPP applications will only be accepted online through the link provided to eligible customers and will not be accepted at any Northfield or Victory location.
Your current Northfield or Victory business account (loan or deposit) must reflect the same information as the PPP application you are requesting. The proceeds from any approved PPP application will be deposited into your current Northfield or Victory business deposit account reflecting the same title as the approved loan.
Our online PPP application will require you to calculate your average monthly payroll and securely upload supporting documentation of your calculation. It is important that you follow the SBA’s instructions for calculating average monthly payroll, and provide supporting documentation of your calculations.
What payroll documents should you prepare?
For Businesses with Employees:
- 2019 IRS Quarterly 940, 941 or 944 payroll tax reports
- Payroll documents for the year ended December 31, 2019
- Support for exclusion of individual salaries over $100,000 for each employee
- Support of health insurance premiums paid by the applicant under a group health plan
- Support for retirement plan funding that was paid by the applicant
For Independent Contractors and Self-Employed Individuals:
- 1099s for 2019 for independent contractors
- 2019 1040 Schedule C, line 31 (net profit amount) and is capped at $100,000 annually
- Employee salaries: These include all gross wages paid to your employees shown on Form 941, line 5c
- Health insurance: Employer paid health insurance contributions as shown on Schedule C, line 14
- Retirement: Retirement contributions as shown on Schedule C, line 19 (This does not include the owner’s portion of retirement contributions which are shown elsewhere on the tax return)
- Taxes: State and local taxes assessed on employees compensation (Primarily SUTA).
Please reference the Small Business Administration (SBA) PPP Application Form 2483 for further guidance.