CARES ACT

Coronavirus Relief for Businesses: Paycheck Protection Program

Recently enacted legislation has extended the Paycheck Protection Program (PPP), and 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 until 5:00 p.m. CT Friday, July 24, 2020, as the last day for the SBA to authorize funds under PPP legislation is August 8, 2020. We are accepting these applications only in our branches by appointment or through Relationship Managers.

At Regions, we are committed to helping your business navigate an uncertain economic environment during the COVID-19 crisis. We understand how important the PPP is for you and your business.

Recently enacted PPP legislation has extended the program, and 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 until 5:00 p.m. CT Friday, July 24, 2020, as the last day for the Small Business Administration (SBA) to authorize funds under PPP legislation is August 8, 2020.
  • We are accepting applications only in our branches by appointment or through your Relationship Manager.
  • You will need to submit all supporting documents at the time you submit your application 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 SBA for authorization.

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.

If you have already initiated or completed a PPP application, it is important for you to review the information regarding loan use and forgiveness. You can also check the current status of your loan application.

PPP 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 continue to watch for updates regarding the PPP and its guidelines throughout the loan process, including how you may use the proceeds, which expenses may be paid using the proceeds, and any additional guidance that may be issued on loan forgiveness. You can find detailed information on the SBA and U.S. Treasury websites.

There are important guidelines outlined by the SBA for 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.

PPP Flexibility Act (PPPFA) & Loan Forgiveness

The recently enacted Paycheck Protection Program Flexibility Act (PPPFA) changes some of the guidelines related to forgiveness of PPP loans. We recommend that you study the PPPFA carefully. Consult an attorney, accountant, or other professional advisor regarding how it may specifically impact your particular situation.

Regions is currently developing a digital tool to make it easier for you to complete and submit your forgiveness application and upload the required supporting documents. The date we make the tool available to you will depend on the PPPFA and resulting regulations as well as final instructions from the SBA on how to submit forgiveness applications for review and approval. We will continue to update this page as new information is available.

Given the uncertainty around the forgiveness process instructions and the potential that rules for the use of PPP funds may continue to change, Regions will wait to accept forgiveness applications from customers until the launch of the Regions digital tool.

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.

Check Your Loan Status

What You Need to Know about Supporting Documents

You'll need to provide IRS forms and other important tax documents as part of your PPP loan application.

Sole proprietors, independent contractors, self-employed individuals, other 1099 applicants:

  • 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:

  • 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.)

For updates on our COVID-19 response, visit our main information page.