Paycheck Protection Program
We are here to help our existing clients apply for the Paycheck Protection Program.
Due to the extremely high volume of potential applications, applicants must be a current Woodsboro Bank Business Client.
If you are a non-Woodsboro Bank client, we recommend you contact your existing bank, your local Small Business Development Center or the Small Business Administration (SBA).
Who can apply?
• Businesses and entities must have been in operation on or before February 15, 2020
• Small business concerns, as well as any business concern, a 501(c)(3) nonprofit organization, a 501(c)(19) veterans organization, or Tribal business concern that has fewer than 500 employees.
• Individuals who operate a sole proprietorship or as an independent contractor and eligible self-employed individuals.
• Any business concern that employs not more than 500 employees per physical location of the business concern.
Businesses with more than 500 employees in certain industries may also be eligible to apply.
When can eligible businesses apply?
Starting April 6, 2020: Small businesses and sole proprietorships may apply.
Starting April 10, 2020: Independent contractors and self-employed individuals may apply.
What you need to apply?
We recommend that business owners begin to gather the following information and documents:
1. 2019 IRS quarterly 940, 941 or 944 payroll tax reports
2. Last 12 months of Payroll Reports (e.g. gross wages for each employee, paid time off for each employee, vacation pay for each employee)
3. 2019 1099s for independent contractors that would otherwise be an employee of your business
4. Documentation showing total health insurance premiums paid by the Company Owner under a group health plan
5. Document the sum of all retirement plan funding paid by the Company Owner (do not include funding that came from employee's paycheck deferrals)
For more information or to get started, you can contact our Commercial Banking team by call 301-898-4781.
If you would like one of our colleagues to contact you? Fill in the form below.