Paycheck Protection Program Updates

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Paycheck Protection Program Update

Consistent with SBA guidance, Wacif has temporarily stopped processing new PPP applications through its partnership with CustomersBank, effective immediately.

The content below includes resources to help small businesses prepare for PPP participation. Please continue to visit this page regularly, as it will be updated frequently.

What You Need to Know:

  • The PPP Extension Act of 2021 extends the loan deadline by two months from March 31 to May 31
  • Borrowers can set their loan covered period to be any length between 8 and 24 weeks to best meet their needs
  • Loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, & worker protection expenditures
  • The Program’s eligibility is expanded to include 501(c)(6)es, housing cooperatives, direct marketing organizations, among other types of organizations
  • Eligibility requires a 25% quarterly reduction in revenue from 2019 – 2020  (learn more)
  • Greater flexibility for seasonal employees
  • Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount
  • Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan
  • The enactment of the Economic Aid Act

Start Preparing Today:

What can you do to get a jump start on your PPP application? Begin preparing the paperwork and documentation below. While the requirements are subject to change, we recommend compiling your paperwork and documentation to help ensure a timely and seamless PPP application process.

  • Review the resources made available to you below, assemble your application, and direct your questions either to resources referenced in the documents or .
  • Attend PPP preparation webinars or tune into existing PPP loan application webinar recordings (see below).
  • To begin your PPP application, complete one of the following forms:
  • Determine how you will demonstrate a 25% quarterly reduction in revenue from 2019-2020, and prepare your interim financial statement, which should include a profit and loss statement, and your balance sheet (learn more).
  • Prepare your payroll expensive verification documents:
    • IRS Quarterly 940941, and 944 payroll tax reports
    • Payroll Processing Reports (CARES ACT REPORT) 2019 and YTD 2020 with corresponding bank statements. Please note that the YTD 2020 should include a listing of compensation of individual employees exceeding $100,000 annual salary. If the Payroll Processing Report is not available, assemble the 8-24 weeks of employee pay stubs for the covered period selected.
    • Include the breakdown of employee benefits.
  • Most recent mortgage statement or rent statement (copy of executed lease)
  • Most recent utility bills
  • Documentation of all company expenses and interest payments
  • Completed and signed IRS 4506-T Tax Transcript Forms on the business/organization and the principal owner(s).
  • Articles of Incorporation(s)/Organization(s)
  • By-Laws/Operating Agreement(s)
  • Copies of driver’s licenses of all owners/Guarantors/authorized signers
  • If applicable, 2019 Tax Returns including Schedule C, 10-99 Miscellaneous Forms, and 2019 and YTD 2020 income and expenses. This is necessary for self-employed individuals, independent contractors, and sole proprietors.

SBA Resources:

Updated First Draw Forms

Second Draw Forms

Guidance & Resources

For more information and updates, visit or

Additional Resources