First National Bank of Illinois / Wintrust is a 7A SBA lender and will be participating in the program to assist current small business clients at this time. As you can imagine; our lenders have had many calls regarding this program as there are many unknown elements and the updates coming in continually throughout each day.
Any Village of Lynwood business who is a current First National Bank of IL/ Old Plank Trail / Wintrust client should reach out to their First National Bank/ Old Plank Trail relationship manager if they have any questions on how to navigate the process. SBA awarded funds will be deposited from the SBA into the business’ general / operating account held with the bank.
Other Village of Lynwood business owners should reach out to their current bank for assistance as they will be applying from their bank and awarded funds will be deposited into their operating / general account from the SBA.
What people should know and do NOW: (this is for every business owner!)
The SBA has started to define the application process. Begin to familiarize yourself with the application before the SBA opens our online application portal on April 3, 2020.
Starting April 3, 2020 small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses.
Starting April 10, 2020 independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses.
Identify and compile records for those expenses that can be covered by the program.
If you’ve already had to reduce your workforce due to COVID-19, determine if you would like to rehire them. They will be covered.
Begin collecting the documentation we know you will need 2019 payroll information including: IRS Form 941 for all four quarters of your 2019 payroll; Health insurance premium information for 2019; State & Local Taxes for 2019; Retirement Plan contributions made in 2019; Copies of business property lease and/or mortgage statements; Current Organizational documents including: 2019 Utility bill statements; Information required for the SBA Paycheck Protection Program Application Form.
Additionally, you may need: General Liability Insurance Certificate; Business Financial Statements including tax returns;
COVID 19 impact statement ;8-week forecast of payroll, rent or mortgage interest and utilities.
Site to apply at is: https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf for anyone.
One important element that has been stressed over and over about the SBA loans is that ALL steps and information requested must be submitted to the SBA at original submission. If anything is missing the application will be removed. Cannot send a document later; it is a one-time submission process, so please ensure that the owner has all elements to have his/her processing go through at a good pace with the SBA.
Hope this information is helpful!
Mayor Williams & Board of Trustees