Farm Credit Services of North Dakota is pleased to announce it is an approved lender for the newly
launched SBA Paycheck Protection Program (PPP).
As we work with customers financially impacted by COVID-19, Farm Credit Services of ND is ready to accept applications and
support our members who qualify for the SBA PPP.
President Trump signed into law "The CARES Act" on March 27, 2020. The PPP is included in the Act, and authorizes up to $349 billion
towards job retention and other business expenses. Here are some guidelines on what you need to know and how to apply.
What you need to know:
- Businesses and sole proprietor employers can apply anytime.
- Eligible business applicants must have less than 500 employees.
- Loan amount is determined based primarily on documented payroll-related costs, not to exceed $10 million.
- 2-year term, 1.0% fixed interest rate.
- Interest only payment due 1st year, loan due in full upon maturity.
- Applicant must be authorized to borrow on behalf of the business.
- Go to https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp for more detailed information.
- If workforce and payroll is maintained, SBA will forgive the portion of the loan proceeds used to cover the first 8 weeks
of payroll and certain other expenses following loan origination.
- Other restrictions may apply.
Steps for Farm Credit Services of North Dakota customers to apply for the SBA PPP:
Step 1: Collect documents: With the application, borrowers will need to submit supporting documents.
We encourage you to work with your tax accountant to gather this information to submit with your application.
- Required documents: You will attach these documents as part of the application process.
- Employee W-2's
- Employer W-3 (summary of all W-2's)
Step 2: Apply Now: https://www.sba.gov/sites/default/files/2020-04/PPP%20Borrower%20Application%20Form.pdf
- Using the above link, print the application and complete.
Step 3: Submit the application to your loan officer.