Dear Triumph Customers and Friends,
We greatly appreciate your patience as the Triumph Executive Team has been working diligently to gain access to the Small Business Administration’s (“SBA”) E-Tran website. We are happy to say that our team is ready to accept applications for the Paycheck Protection Program (“PPP”) loans. For your reference, we want you to have a copy of the final guidance issued by the U.S. Treasury regarding this program (CLICK HERE). Below is a checklist to help you gather needed documentation to send to your Triumph Banker.
Your SBA Paycheck Protection Program (“PPP”) Document Checklist:
1. Complete the PPP Application along with Triumph’s Loan Calculation Worksheet (showing your calculations of 2.5 times the average monthly payroll) HERE. It needs to be electronically signed and initialed.
2. Gather the following documentation to establish eligibility:
- Payroll processor records
- Payroll tax filings (IRS Form 940 and/or 941), or Form 1099-MISC, or income and expenses from sole proprietorships.
- Proof that your business was in operation on February 15, 2020, and either had employees for whom you paid salaries and payroll taxes or paid independent contractors, as reported on a Form 1099-MISC. An example of proof would be February’s payroll documentation.
- The Small Business Administration (SBA) requires additional information to be submitted when we enter your application in their E-Tran electronic system. This includes the date your business was established (included in your Articles of Incorporation or on your tax return) as well as your “Zip+4” zip code.
- For customers that are new to Triumph, we will need copies of Driver’s Licenses for each owner and a beneficial ownership form that your Triumph Banker will provide.
3. Once you reach out to your Triumph Business Banker, he/she will send an email to you with a link to our Sharefile system. Please use this link to upload your completed PPP application, loan application worksheet and all needed documentation through this safe and secure portal. Once we have your application and needed documents, it can be internally approved and then entered in the SBA’s E-Tran system by our Triumph Bank team. Once the application is accepted by the SBA, Triumph will be issued an application number for your loan which gets your loan ‘a place in line.’
4. At this point, the SBA has not issued the final rules for how the final SBA approval process or documentation and funding will take place.
Due to the volume of loan applications received, we are prioritizing the loan applications we already have received as well as any other applications we receive from our current customers. We are happy to receive applications from non-customers and will take care of them as time and funding permits. Again, we greatly appreciate your patience in this ever-evolving situation. Our team is working tirelessly to assist you and want to thank you, as always, for your trust and confidence in Triumph.
All our best,
Your Triumph Bank Team