Paycheck Protection Program

Helping our community’s small businesses during COVID-19.

While we continue to monitor the COVID-19 situation closely, we want to assure you of our commitment to protect the safety of our clients, our employees, and our communities. Although the times are changing, our dedication to putting our community’s banking needs remain unchanged.

What is the Paycheck Protection Program (PPP)?

The SBA Paycheck Protection Program through the U.S. Small Business Administration passed into legislation on March 27, 2020 as part of the CARES Act to help businesses that have been impacted by COVID-19.

As an SBA Preferred Lander Partner, we are now accepting applications for the Paycheck Protection Program, which is designed to help businesses meet payroll costs, employee salaries, certain debt obligations, utilities, leases, rent and mortgage interest. During the first batch of PPP loans, we had the pleasure of processing and approving over 414 PPP loans and $30 million in support-and our experts will help guide you every step of the way.

How to apply:

Step 1: For First-time Applicants Only

Complete the SBA PPP First-time application form

First Time Application

Gather the following materials:

  • Verify payroll information
  • Support the payroll costs with one of the following:
    • IRS Forms 941 for 3/31/19, 6/30/19, 9/30/19, and 12/31/19
    • IRS form 940 for 2019
    • Payroll forms:
      • Summary report for the 12 months ending 2019 (gross wages prior to Section 125 or Deductions)
      • Report detailing each employee and their gross pay for the 12 months ending 2019 (totals should agree with summary report)
      • Report detailing vacation, severance pay, group health benefits, retirement benefits etc.
    • IRS Forms W-2, W-3 for 2019 (REQUIRED)
    • Support of the following:
      • Supporting documentation for health, dental, and retirement benefits paid for calendar 2019
        • A schedule summarizing each category of these costs
      • Copies of state unemployment tax filings for 2019
    • Financials:
      • 2019 financials including balance sheet and income statement (can’t be company prepared or tax return)
    • Date Company Established:
      • Articles of Organizations OR
      • Articles of Incorporation
      • LLC/Tradename Filing 

Step 1: For Second-time Applicants Only

Complete the SBA PPP Second-time application form

Second Time Application

Gather the following materials:

  • Financial documents to reflect a 25% drop in revenues between 2019-2020

Step 2:

Email completed application and above-stated supporting materials to sbappp@fmsbank.com , or submit to an FMS Bank loan officer or at an FMS Bank drive through.

Step 3:

An FMS Bank representative will confirm within hours and begin processing. 

Step 4:

Call an FMS bank loan officer with any further questions about your application 

Greeley 970-673-4501 

Fort Morgan 970-867-3319 

Fort Collins 970-232-3112 

To Qualify for the Second Round:

Available to companies with 300 or less employees and that saw a drop in revenues of at least 25% for any 1 quarter in 2020 as compared to the same quarter in 2019

Features: 

  • Loan amounts up to 2.5x average covered monthly payroll and selected overhead expenses, not to exceed $2 Million (the same as the first round) 
  • If your business is in accommodations (like hotels) or if your business serves food or drinks (like a restaurant), your loan amount calculation is now 3.5 times monthly payroll instead of the 2.5 in the first round 
  • No fees, loans are eligible for forgiveness just like the first round and that forgiveness does not have an impact on income taxes (similar to the first round now that modifications have been made) 
  • If your business was not in operation for all of 2019, you will use the following comparisons: 
  • If the business was not in operation during the 1st and 2nd quarter of 2019, then the business will compare the 4 quarters of 2020 to either the 3rd or 4th quarter of 2019 to show the 25% drop in revenue

  • If the business was not in operation during the 1st, 2nd, or 3rd quarter of 2019, then the business will compare the 4 quarters of 2020 to either the 4th quarter of 2019 to show the 25% drop in revenue

  • If the business was not in operation during the 1st, 2nd, 3rd or 4th quarter of 2019, then the business will compare the 2nd, 3rd, or 4th quarter of 2020 to either the 1st quarter of 2020 to show the 25% drop in revenue 
  • Gross revenue includes all funds received by the company (whether on cash or accrual basis) with the main exclusions being capital gains or losses recorded for the company and first round forgiveness (i.e. if you had $100,000 in sales and received $10,000 in first round forgiveness, you only need to consider the $100,000).  

For full details including eligibility requirements and loan information, please visit the Small Business Administration directly at www.sba.gov or contact a representation at your local FMS Bank branch.