CARES ACT
Coronavirus Relief for Businesses: Paycheck Protection Program
NOTICE: We are accepting NEW applications for PPP loans from Regions customers who established a business banking relationship on or prior to March 1, 2020. We are accepting these applications only in our branches by appointment or through Relationship Managers at this time.
At Regions, we are committed to helping your business navigate an uncertain economic environment during the COVID-19 crisis. We understand how important it is for you and your business to access the Paycheck Protection Program (PPP). We have substantially increased staffing and resources dedicated to processing applications and providing guidance to help you navigate the process.
We are accepting new applications for PPP loans from Regions customers who established a business banking relationship on or prior to March 1, 2020, and we are accepting these applications only in our branches or through Relationship Managers at this time. You can schedule an appointment at your local branch or call your Relationship Manager to discuss the PPP loan application requirements. All supporting documents will need to be submitted at the time you submit your application to the branch banker or your Relationship Manager in order for Regions to move the application forward in the process. Once we have your completed application and all supporting documentation and have an opportunity to review, we will submit the application to the Small Business Administration (SBA) for authorization.
Requests for PPP funds may soon exceed the funds remaining in the PPP. The tremendous volume of applications means that application processing times, application authorization, and availability of funds are not guaranteed and are dependent on SBA systems availability, processing, and guidelines as well as PPP funding availability.
Loan Details and Forgiveness
The U.S. Treasury and the SBA have continually modified the PPP guidelines since the program started. We recommend that you review the SBA and U.S. Treasury websites to stay up to date on PPP guidelines for how you use your PPP funds throughout the loan process.
There are important guidelines outlined by the SBA on how you spend PPP funds and your eligibility for loan forgiveness. All or some portion of the loan principal and accrued interest can be forgiven if you use the loan funds for purposes that fully meet the forgiveness requirements issued by the SBA.
The amount of your loan that is forgiven may be reduced if you do not completely follow the requirements. The actual amount of the forgiveness will depend, in part, on your use of all of the loan funds for forgivable purposes and whether you maintain employee and compensation levels during the required periods.
At this time, the SBA has not provided final guidelines for the forgiveness provisions of PPP loans. Since these rules have not been finalized, please continue to look for updates at the SBA website.
Check Your PPP Loan Status
- To check the status of your loan, you will need your Paycheck Protection Program Application ID provided upon completing your loan application and the corresponding business email address you entered.
- Log in anytime to check the status of your loan and get updates on next steps.
Upload Your Supporting PPP Documents
If you have already submitted an application through the CARES application portal but you have not yet uploaded your required supporting documents for your loan request: You will need your Regions Online Banking login credentials to access the portal. You can log out and log back in again – we’ll save your progress as you add IRS forms and other important tax documents.
If you are submitting a new loan application through a branch or your Relationship Manager, you will not need to upload your supporting documents through the portal. Your branch contact or Relationship Manager will work with you to submit your supporting PPP documents.
Sole proprietors, independent contractors, self-employed individuals, other 1099 applicants:
- Your Regions Online Banking login credentials
- Most recent tax return for 2019 or 2018, or CPA-prepared financial statements
- Business start date
- Copy of photo ID (front and back)
- Monthly payroll report (Note: many payroll providers already have a report setting available for PPP loans, so please check with your provider)
- Bank account and routing number
- SBA Form 2483
- 2019 IRS Form 1099-MISC for independent contractors or Form 1040-C for sole proprietorships
- (If applicable) Medical Insurance payment verification, documentation confirming retirement benefits and any Economic Injury Disaster Loan (EIDL) statement
Other businesses:
- Your Regions Online Banking login credentials
- 2019 Payroll Cost and YTD Payroll Cost through February 15, 2020
- Number of employees as of December 31, 2019
- Number of employees as of February 15, 2020
- Industry or business classification (NAICS Code which can be found on tax return)
- IRS Form 940 Employers Annual Federal Unemployment Tax Return (FUTA)
- IRS Form 941 Employer’s Quarterly Federal Tax Return
- Payroll Summary Report 2019 with corresponding bank statements
- W2 Summary
- List of employees earning more than $100,000 in compensation (salary, wages, commission and tips)
- 1099 Summary
- Breakdown of payroll benefits (vacation, allowance for dismissal, group healthcare benefits, retirement benefits, etc.)