CVEP is one of the founding partners of the Coachella Valley Economic Recovery Team (CVERT). But before our Valley can recover, CVERT members are assisting businesses with the more immediate task of staying afloat. Each founding partner seeks to help in unique ways. One of the actions CVEP is currently taking is assisting businesses with the application process for Paycheck Protection Program (PPP) loans.

You have likely heard or read that the best place to start for a Paycheck Protection Program loan is with your own bank. This is true! Some of what we have learned about the PPP loan, we learned because we applied for one. As recommended, we approached our own bank. We were fortunate that our bank is participating in the program.

Even if your bank is one of the few taking applications from non-customers, you will likely get processing preference if you are an existing customer. There are very few banks that are taking applications from new customers, but if your bank isn’t participating and you need to find one, we’re maintaining a list and updating it as often as new information becomes available.

According to our sources, local banks are quicker to respond than the big national banks right now.

What does it take?

We were able to put our package together in about 4 hours. The process may take longer for those whose records are not well organized. Here’s what we were asked to provide:

  • Drivers license copy for each person with over 20% ownership
  • Certificate of Beneficial Ownership (this is a form our bank provided to be filled out)
  • Signed application for PPP SBA Form 2483
  • Current corporate documents (Articles of Incorporation, Bylaws, List of Officers, Directors, Shareholders.  If LLC: Articles, Operating Agreement, List of Members and Managers)
  • Details of affiliates
  • Details of any Disaster Loan received between 1/31/2020 and 4/3/2020, with use of funds
  • Payroll backup. W2 forms for 2019, or an itemized payroll register

The federal government first rolled out the PPP on April 3. As of April 10, sole proprietors, independent contractors, and eligible self-employed individuals are also eligible to apply. The Borrower Application Form is available online and is the way to get started. But remember, you’ll still need to submit the completed form to a lender.

If you need help, please contact us.