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SBA Paycheck Protection Program

ALERT 1-19-2021: SBA Opens PPP Funding

WesBanco will begin processing and submitting applications for “first draw” and “second draw” PPP loans beginning on Tuesday 1/19/2021 via our self-service portal. Please read below for more details.

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1/19/2021 WesBanco Update:

We value your business at WesBanco and thank you for choosing us to deliver your SBA Paycheck Protection Program (“PPP”) Loan. The Paycheck Protection Program now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan. For borrowers that did not previously receive a PPP Loan, you may apply for a First Draw PPP Loan. If you are interested and qualify, you may apply for a PPP Loan and submit all supporting documentation using our PPP Loan Application site.

Current WesBanco customers seeking to apply for a First Draw or Second Draw PPP loan, simply click the link below.

PPP Loan Application

To log in, you will need to enter the following credentials:
• Business TIN
• Authorized Representative’s Email Address
• Authorized Representative’s Personal Social Security Number

If you have difficulty gaining access to the system, please contact your account officer.
If you are not currently a customer and wish to apply with WesBanco, please contact your local banking center.

Please Note: Although we will gladly accept your information for processing and submit the same to the SBA, WesBanco cannot guarantee that your PPP Loan will be approved or that the new round of PPP monies will be available at the time your application is submitted. WesBanco cannot guarantee your participation in the PPP Program.

Please be advised that you must currently have or open an account (same TIN as the borrower) prior to applying.

Once you have entered your application through the WesBanco PPP Loan Application site, please upload all required documents based on your loan request and organizational type as outlined below.
As a reminder, we ask that you remove all password protection from your supporting documentation.

Required Documentation

Sole Proprietor – No Employees
• Schedule C for 2019 or 2020, line 31 Net Profit will be used subject to a $100,000 limit

Sole Proprietor – No Employees With 1099 income
• Schedule C for 2019 or 2020, line 31 Net Profit will be used subject to a $100,000 limit
• Copy of 1099(s)

Sole Proprietor – With Employees
• Schedule C for 2019 or 2020, line 31 Net Profit will be used subject to a $100,000 limit
• Four quarterly IRS 941 tax forms or annual IRS Form W-3 summary for 2019 or 2020, and state quarterly wage unemployment insurance tax reporting forms for each quarter of 2019 or 2020, or equivalent third party payroll processor records.
• Statements or invoices supporting company paid health insurance and/or retirement benefits, if used in loan calculation.

Partnership – No Employees
• K-1 for 2019 or 2020, must have income in Box 14A to qualify subject to a $100,000 limit

Partnership – With Employees
• K-1 for 2019 or 2020, must have income in Box 14A minus, subject to a $100,000 limit
• Four quarterly IRS 941 tax forms or annual IRS Form W-3 summary for 2019 or 2020, and state quarterly wage unemployment insurance tax reporting forms for each quarter in 2019 or 2020 (whichever year you use to calculate payroll), or equivalent third party payroll processor records.
• Statements or invoices supporting company paid health insurance and/or retirement benefits, if used in loan calculation

Corporation
• Four quarterly IRS 941 tax forms or annual IRS Form W-3 summary for 2019 or 2020, and state quarterly wage unemployment insurance tax reporting forms for each quarter in 2019 or 2020 (whichever year you use to calculate payroll,) or equivalent third party payroll processor records.
• Statements or invoices supporting company paid health insurance and/or retirement benefits, if used in loan calculation.

Non-Profit
• Same as above based on organization type, generally a corporation

Loss of Revenue Documentation (Second Draw Loans Only)
• Tax returns or financial statements (i.e. QuickBooks, other) indicating a decline in revenue of 25% or more based on a like quarter comparison (i.e. 1Q 2019 compared to 1Q 2020) or annual basis – when quarterly data is not available

We appreciate the opportunity to help you through the PPP Loan process. If you have any questions concerning the use of this Link, your Loan application, or the required supporting documentation, please contact your account officer.

Additional PPP Information

  • Additional PPP Funding – Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Updated 1/8/2021)

    Congress recently passed, and the President has signed into law, the “Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act)” which provides additional relief measures, funding, and changes to the SBA Paycheck Protection Program (PPP). The Act is extensive, and the SBA has yet to issue the final guidelines. However, below are a few summary items for your consideration:

    Paycheck Protection Program re-opening for “first draw” loans, forgiveness and “second draw” loans:

    • The Act provides for $284.6 billion in additional funding and re-opening of the PPP loan program that expired originally in August 2020.
    • This reopening allows borrowers who have not yet had a PPP “first draw” to apply for a loan.
    • The Act provides for additional funding and will allow some of the hardest-hit small businesses to apply for a second loan (called a “Second Draw Loan”). Eligibility for Second Draw Loans will be subject to SBA guidance that is to be announced. However, the Act does state the Second Draw Loans are limited to small businesses with fewer than 300 employees if they can show a 25% reduction in gross receipts in any quarter of 2020 when compared to the same quarter of 2019, subject to a maximum loan amount of $2 million. A business must use or have used the full amount of their first PPP loan.
    • The Act also simplifies the PPP forgiveness process for loans below $150,000 and gives businesses more flexibility on how they use the funds.
    • The Act provides for a one-page simplified forgiveness process for PPP loans under $150,000. The SBA must establish this simplified form of forgiveness within 24 days of the date of enactment of the Act, so the form is not yet available. This simplified one-page forgiveness process applies to the PPP loans made before, on, or after the date of the Act. Thus, if you have already received a PPP loan under $150,000 and have not yet applied for forgiveness, then you will have the option to utilize this one-page forgiveness form when it is available from the SBA.
    • The US Small Business Administration (SBA) will continue to administer the program and will provide additional guidance and information in the coming days as to additional program guidelines, applications, information required and eligibility.
    • The SBA has announced program guidelines and are available for review at:

    *** The above is simply an overview of several of the key items of the Act and may be subject to change once the SBA issues official guidance.

    WesBanco will be participating in the continuation of the PPP Program and will begin processing and submitting “first draw” applications on Tuesday 1/19/2021. (Application date updated 1/16/2021)

    The SBA has announced that they will begin accepting applications for “second draw” loans on Tuesday 1/19/2021. (Application date updated 1/16/2021)

    However, our intended date of acceptance of applications will be contingent on the pending SBA guidance so it may be subject to change. WesBanco will use an online process , the access to which will be provided by your local WesBanco account officer. WesBanco will not accept paper or email applications. Those customers with legitimate accessibility and/or electronic access issues should contact their WesBanco account officer for assistance.

    A deposit account relationship registered using the same EIN number as the applicant borrower is required at WesBanco prior to submission of your PPP application in order to properly process and fund these loans. WesBanco reserves the right to restrict applicants to the bank’s market area. WesBanco will not be responsible for payment to agents for preparation, consultation, or referrals of PPP loans unless the agent is directly engaged by WesBanco in advance.

    Application documentation requirements are based upon the amount of the loan and are subject to SBA Guidelines; all loans requests submitted to WesBanco are subject to a completed application, WesBanco acceptance, SBA approval, provision of funds and loan closing. Applying is not a guarantee of funding as program funds are limited. The PPP program is open until March 31, 2021 or until all the funds are expended, whichever occurs first.

  • Forgiveness Application (Updated 12-3-2020)

    Dear WesBanco Customer,

    We value your business and are thankful you chose WesBanco to deliver your SBA Paycheck Protection Program (“PPP”) Loan. If you have not already started a forgiveness application, you can now apply for forgiveness of your SBA PPP Loan with WesBanco through the following link to our PPP Loan Forgiveness Application Portal. You can apply and submit all supporting documentation through this portal for forgiveness determination by the SBA. As a reminder, please do not submit supporting documentation that is password protected.

    SBA PPP Loan Forgiveness Application

    At this time, the US Small Business Administration (SBA) has not released any guidance on streamlining loan forgiveness of loans under $150,000. We recommend that you continue to check the SBA website for updates.

    Please take note of the following timelines: WesBanco has up to 60 days to submit your application to the SBA for final forgiveness determination. Once your application is submitted to the SBA, it may take up to 90 days for the SBA to verify and process.

    To further assist you in the process, please refer to the SBA website’s FAQ page. This page includes commonly asked questions. This FAQ is updated regularly and should be checked during your forgiveness process. The site also includes a complete list of required documents and instructions for the 3508, 3508EZ and 3508S.

    We value and appreciate your business. If you need assistance or have questions during the process, please contact your account officer.

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