Paycheck Protection
Program

Paycheck Protection Program

Update: March 19,2021

With the launch of the Paycheck Protection Program, City National Bank had the privilege of supporting our clients in retaining more than 250,000 employees.
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At this time, City National Bank is no longer accepting new applications. For many clients, the next step in the Paycheck Protection Program is forgiveness. City National Bank’s online forgiveness platform is geared to make the application process as smooth as possible. To apply for Round 2 forgiveness, clients must first complete their Round 1 forgiveness. To view the easy forgiveness tutorial, click here. Please reach out to your Relationship Manager if you would like to start the forgiveness process.
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Sincerely,
Your City National Bank of Florida team

For many of our clients, the Paycheck Protection Program (PPP) through the Small Business Association (SBA) has helped them keep their doors open and employees paid. To date, our clients have retained more than 250,000 employees through some of the most challenging financial times many of us have ever seen.
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Our team has worked with our clients around the clock to get their documents submitted on time, allowing their dreams to stay alive.
Just hear what our clients have to say…

Paycheck Protection Program Loan Forgiveness

City National Bank of Florida is committed to supporting our community through the Paycheck Protection Program and provide clear concise information regarding the new forgiveness guidelines.
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We recommend reviewing the Small Business Administration’s (SBA) forgiveness eligibility requirements found on the SBA website: www.sba.gov(Opens in a new tab).
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Please continue to speak to your financial advisor on specific details regarding PPP loan forgiveness for your business. To learn more click here. We will update our website as more information becomes available.

Paycheck Protection Program Loan Forgiveness

Documents and information needed to apply for the Paycheck Protection Program:

• 2019 Payroll Cost and 2020 Payroll Cost
• Number of employees as of December 31, 2020
  
• What industry does the business fall under? (NAICS Code 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 2020
• W2 Summary
• List of employees earning more than $100,000 in compensation (salary, wages, commission and tips)

• Breakdown of payroll benefits (vacation, allowance for dismissal, group healthcare benefits, retirement benefits, etc.)
  
• A copy of a U.S Driver’s License or government-issued ID will be required for each account signer
  
• Borrowers must report all individuals who own ten percent (10%) or more in the entity applying. It must be the name(s) of people and cannot be a business entity
  
• A Personal Financial Statement for all beneficial owners with ten percent (10%) or more ownership in the business.
  Annual Report
  
• Operating Agreements, Articles of Incorporation and Bylaws, or Partnership Agreements (based on your business type)
  We are committed to ensuring businesses like yours can access the relief funds you need. Let us help you.
  

Resources

For additional details on the stimulus funding available visit the US Chamber of Commerce site by clicking here(Opens in a new tab).
We recommend reviewing the Small Business Administration’s (SBA) documentation requirements found on the SBA website: www.sba.gov(Opens in a new tab).
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Government Resources: Federal Trade Commission Coronavirus information(Opens in a new tab)
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Disclaimer: This material is for general informational purposes only and may not apply to all borrowers. You should review the requirements and guidance provided by the SBA for complete information regarding PPP. The SBA continues to release updated guidance: visit SBA.gov and Treasury.gov.

Additional Resources

For PPP Forgiveness support, call us at 305-448-6500. Click here for our Forgiveness Application Userguide(Opens in a new tab).