SBA Paycheck Protection Program
CoBank has been officially designated as a participating lender under the Small Business Administration’s Paycheck Protection Program, a key part of the federal government’s economic relief response to the COVID-19 pandemic. The bank is accepting and loan applications for eligible borrowers that want to participate in the program, through which federal funds have been allocated to cover companies’ payroll costs and other qualifying expenses. The bank has established a dedicated team to process these loans as quickly and efficiently as possible.
How to Apply for a Loan
- Confirm your eligibility on SBA.gov.
- Download a copy of the PPP borrower application form.
- Complete an indication of interest form, which will begin the process of getting you access to upload your application and supporting documentation.
How to Apply for Loan Forgiveness
- Download a the EZ Forgiveness Application or the Full Forgiveness Application form.
- If you haven't already done so, complete an indication of interest form, which will begin the process of getting you access to upload your loan forgiveness application and supporting documentation.
Contact your relationship manager or CoBank customer service at 800-542-8072 for more information.
Loan Application Process
Several documents must be submitted along with the completed PPP borrower application form, which must be signed by an authorized company representative as per the incumbency document on file with CoBank. The authorized company representative should be the individual who will sign the promissory note. Digital signatures and initials are acceptable. Contact your relationship manager with any questions.
- Copy of the authorized company representative’s driver’s license or other valid form of identification (front and back)
- Quarterly Federal Tax Form 941s (or annual Form 940) for 2019
- First quarter Federal Tax Form 941 for 2020, if available
- Payroll roster for the period including February 15, 2020, along with support in the form of internal payroll register or documentation from a third-party payroll vendor such as ADP or Paychex
- Copy of the calculation for Average Monthly Payroll entered on the application form
- Primary contact name, email address and direct phone number
Check Before Sending
- Copies of both sides of the authorized company representative's driver’s license are included.
- All boxes are completed or checked.
- Questions 5 and 6 are checked and initialed in the space provided below the questions.
- All certifications on page 2 are initialed.
- The application is signed by the authorized company representative and dated.