Preparing to Apply for the Paycheck Protection Program

APPLY NOW FOR THE PAYCHECK PROTECTION PROGRAM

Following approval of an additional $310 Billion in funding for the SBA Paycheck Protection Program (PPP), American AgCredit is accepting applications from customers and we are here to support you through your application process.

Please note: Due to the recent SBA rule change on Partnership Income and Seasonal Employers, PPP loan recipients may be eligible for an increased loan amount. If you previously applied for a PPP loan through American AgCredit and think this may apply to you, please contact your Relationship Manager. Your Relationship Manager will provide the information you need in order to amend your application. Please note that the deadline for completing this entire process, including signing documentation, is May 29, 2020.

APPLY AS SOON AS POSSIBLE BEFORE FUNDING RUNS OUT

Getting your application in now will enable us to work together to ensure it is accurate and complete, increasing your chances of securing funds before they are depleted.

To start an application now, please contact your Relationship Manager. Your Relationship Manager will be in touch with guidance for the application. We have compiled the following resources and detailed information about the process to help you prepare.

CALCULATE YOUR LOAN AMOUNT (REQUIRED)

To assist you in making your calculations, please download and fill out this Excel Spreadsheet. A completed spreadsheet will be required as part of your application.

Customers with seasonal workers: please reference this document to help in your calculations.
If you are submitting an application for a partnership or LLC: please reference this document to help in your calculations.
If your business is a sole proprietorship: please reference this document to help in your calculations.

WHERE TO FIND REQUIRED INFORMATION

At a minimum, you will need the following information to complete the application.

  • 2019 IRS tax returns or 2019 profit and loss statement
  • The last 4 quarters of payroll tax forms (either Form 941 or Form 943)
  • Verification of the number of employees and payroll expense over the most recent 12-month period
  • A copy of your unexpired government-issued ID or passport and social security number
  • Verification, and proof of identity, from owners with 20% or more of the equity of the Applicant. These other owners will also have to submit their social security number and ID documents.
  • Account details of the bank account where you would like to receive the funds, including a voided check

Click the link below to see examples of these and other documents, showing you where to find the necessary information to complete your application.

SBA-PPP Application Documentation Guide

 

** The information provided in these resources is based upon the best and most current information provided by the SBA. It should not be relied upon as a substitute for legal or accounting advice from applicant’s own advisors. Please note that providing an accurate calculation and documentation of total payroll costs (e.g. paid salary/wages, allowable paid benefits, allowable paid taxes) is the responsibility of the applicant, which will be attested to as part of the application. Therefore, applicant must ensure that the payroll costs utilized to calculate the loan amount are fully aligned with the most recent parameters required by SBA, as described in the SBA Interim Final Rule, SBA PPP Quick Reference Guide, and SBA/Treasury Department PPP FAQs. If applicant has questions on the allowable inclusion of certain payroll costs, it is recommended that they consult their own accounting or legal counsel. Nothing provided herein is to be construed as a promise or guarantee about the approval or forgiveness of an applicant’s loan.**

Top