The Hudson Valley needs its small businesses, including yours. As a Small Business Association lender, MHV is working to bring the relief outlined by the Paycheck Protection Program to as many of our business members as possible.


How the Paycheck Protection Program (PPP) Helps You
PPP was designed to provide small businesses with financial help for qualified expenses. PPP loans are intended to cover these qualified expenses for any 8-week period between February 15, 2020 and June 30, 2020.


Qualified Expenses
Expenses that qualify for PPP include payroll costs, interest payments on mortgages, rent payments, leases, and utility service agreements. Payroll costs include: employee salaries (up to an annual rate of pay of $100,000), hourly wages and cash tips, paid sick or medical leave, and group health insurance premiums.


Qualification
PPP is available to the following businesses:
Small business employing 500 employees or fewer
Sectors with higher Small Business Administration (SBA) employee threshold
Employers in NAICS code 72, “Accommodation and Food Services,” if each of its locations have 500 employees or fewer
501(c)(19) veteran organizations
501(c)(3) nonprofits, including religious organizations
Independently owned franchises with under 500 employees, that are approved by SBA
Sole proprietors, independent contractors, gig economy workers, and self-employed individuals


Benefits
Collateral requirements are waived
Payments will be deferred for at least six months
Qualified amounts eligible for forgiveness
No interest charged on forgiven amounts
Interest rates for non-forgiven amounts capped at 1%
Maximum loan amount of $350,000


Forgiveness Criteria
PPP loans are eligible to convert to a grant which is not required to be repaid. The amount that is eligible for forgiveness is based on the amount that is spent on the qualified expenses as outlined above and not to exceed the original loan amount. Amounts used for non-qualified expenses are not eligible for forgiveness. Amounts that are not forgiven will have a term of 2 years and an interest rate of not more than 1.0%. If your staff was laid off prior to applying for PPP, any payroll expenses for employees rehired before June 30, 2020 will be forgiven.

PPP Loan Forgiveness Application. Consultant your CPA or Financial advisor to complete this application.


Applying With MHV
Businesses must make a good-faith certification that the loan is necessary due to the uncertainty of current economic conditions caused by COVID-19, that they will use the funds for qualified expenses and that they do not have another loan for the same purpose pending at any financial institution. 
• MHV is requiring a Personal Guarantee of any owner of 20% or more. 
This is a very complex loan program and we encourage you to consult with your accountant to determine the amount you are eligible for prior to submitting your request.


Documents Required
To prepare for your PPP application, we require you to submit the following documents:
SBA Paycheck Protection Program Borrower Application Form
IRS Form 4506
Payroll information: IRS Forms 940, 941, W-3 or 1099 (*If you are a business where employees get tips and they include their tips in their W-2's, copies of those W-2's)
2019 Interim Profit & Loss Statement or 2019 Business Tax Return
2020 Interim Financial Statements (January 2020- February 2020) (Itemized) 
List of full-time equivalent employees and pay rates
Mortgage Statement or Lease Agreement
Business Property Utility Bills (2 months)

Additional Documents Required for Non-MHV Member: In addition to the above items, applicants who are non-members must also submit the following documents:
Membership Application
Business Resolution of Authority Form
Copy of Driver's License


Important Information:
If you do not complete the application in its entirety or you fail to provide all required documentation, your application will not be submitted.
Due to the high volume of applications, we are currently experiencing processing delays. Please note, processing may be further delayed and subject to SBA system availability and funding limits.
Your loan is not approved until MHV receives a SBA loan number.


We are now accepting new applications for the PPP. Please have all required documentation ready before completing the application. By submitting your application, there is no guarantee that we will be able to secure Paycheck Protection Funds. These funds are rapidly depleting, but we will do our best to process completed applications as quickly as possible in the order they are received.

Apply Now

Due to high demand, we appreciate your patience and will be in contact as soon as possible via email.


Updated:5/19/2020

Maximum loan amount provided by MHV is $350,000. Specific loan amounts determined using an SBA-approved formula regarding payroll costs. Loans originated between February 15, 2020 and June 30, 2020 are eligible as PPP loans. Borrower shall be eligible for loan forgiveness equal to the amount spent by the borrower during an 8-week period after the origination date of the loan on payroll costs, interest payment on any mortgage that was in force prior to February 15, 2020, payment of rent on any lease that was in force prior to February 15, 2020, and payment on any utility for which service began before February 15, 2020. Any loan amount not forgiven is carried forward as an ongoing loan with a maximum term of 2 years, at a maximum interest rate of one percent. The amount Borrowers will verify to lenders their payments during the period, with documentation such payroll tax filings and proof of lease payments. Lenders that receive the required documentation will not be subject to an enforcement action or penalties by the Administrator relating to loan forgiveness for eligible uses.