COVID-19 Business Assistance
There are many financial options to help our business members through this difficult time. We are here for you! Belco understands the hardships our business members may be facing You are not alone, and there are resources available to help.
Paycheck Protection Program Loan (PPP)
The PPP application period for small businesses and sole proprietorships opens this Friday, April 3. Independent contractors and self-employed individuals can apply starting Friday, April 10. Through discussions with banks in our marketplace, some are accepting applications, but they will not be submitted to the SBA until the dates referenced above.
Due to expected demand for the Paycheck Protection Program Loan, Belco will be utilizing one of our long-term trusted business partners, Newtek, to assist business members through this process.
What should I be doing now?
Please use this time to prepare the necessary documentation to support your application, which will likely include:
- 2019 IRS Quarterly 940, 941 or 944 payroll tax reports
- Monthly Payroll Reports for 2019
- Payroll report must show the following for the time period above: gross wages for each employee (including the officer(s) if paid W-2 wages); paid time off for each employee; vacation pay for each employee; family medical leave pay for each employee; and state and local taxes assessed on the employee’s compensation for each employee
- 1099s for 2019 for independent contractors that would otherwise be an employee of your business (do NOT include 1099s for services)
- Documentation showing total of all health insurance premiums paid by the Company Owner under a group health plan (include all employees and the company owners)
- Document the sum of all retirement plan funding that was paid by the Company Owner (do not include funding that came from the employees out of their paycheck deferrals) – include all employees, including company owners, 401K plans, Simple IRA, SEP IRAs.
- Business entity documentation (e.g. Operating Agreement, Certificate of Organization, Bylaws, Articles of Incorporation)
- 2017, 2018 and 2019 Business Tax Returns if applicable and 2019 internal financial statements if 2019 tax return is not filed.
- 2020 interim financial statements (balance sheet, income statement, accounts receivable aging and accounts payable aging)
- Debt schedule for operating business
- List of owners of the business if not included in tax return
- Copy of Driver’s License for signers of business (this is likely for 20%+ owners)
Small Business Administration (SBA) Disaster Recovery Loan
The U.S. Small Business Administration has administratively declared the state of Pennsylvania as an economic disaster. The SBA offers disaster assistance in the form of low-interest loans to businesses, renters, and homeowners located in regions affected by declared disasters.
More information can be found at https://disasterloan.sba.gov/ela/.
Chambers of Commerce
Your local Chamber of Commerce is also a great resource for information and different assistance options. Links to local chambers within our footprint are provided below:
Harrisburg – http://www.harrisburgregionalchamber.org/coronavirus/
West Shore – https://wschamber.org/a-letter-from-the-president-covid-19-resources/
Lancaster – https://www.lancasterchamber.com/Apps/Pages/coronavirusnews
Carlisle – https://www.carlislechamber.org/
Lebanon Valley – https://lvchamber.org/
Gettysburg and Adams – http://www.gettysburg-chamber.org/
Hanover – https://www.hanoverchamber.com/blog/covid19-update
If you need any financial relief during this time, please contact a local branch or our Member Service Center at 800.642.4482 for more details on the options available. We are proud to support our business members and community.
Thank you for Believing in Belco!