Paycheck Protection Program

As a valued customer, we want to be sure you have the latest information regarding the Paycheck Protection Program (PPP) that is available through the Small Business Administration (SBA). This type of loan could help you keep your workforce employed during the Coronavirus (COVID-19) crisis and is only available through participating lenders.

Ulster Savings Bank is a participating SBA lender and we work with Pursuit to provide our customers with a PPP application process.  Here is what you need to know:

Sole Proprietors

Sole Proprietors, Independent Contractors and Self-Employed

You must be an Ulster Savings customer prior to February 15, 2020 in order to get your application funded. In addition, as a sole proprietor, independent contractor or self employed customer you are eligible for a PPP loan if:

  1. you were in operation on February 15, 2020;
  2. you are an individual with self-employment income (such as an independent contractor or a sole proprietor);
  3. your principal place of residence is in the United States; and
  4. you filed or will file a Form 1040 Schedule C for 2019.

Important Information:  Please review the “SBA GUIDELINES” regarding the Paycheck Protection Program for Sole Proprietors/Independent Contractors/Self-Employed – Prior to Application!

You must be an Ulster Savings customer prior to February 15, 2020 in order to get your application funded. Get prepared by having ALL the REQUIRED DOCUMENTS listed below in front of you before submitting your application:

  • 2019 Form 1040 Schedule C (regardless of whether you have filed a 2019 tax return with the IRS)
  • 2019 IRS Form 1099-MISC detailing non-employee compensation received (box 7)
  • Invoice, bank statement, or book of record that establishing you are self-employed and in operation on or around February 15, 2020
  • Government Issued Photo ID for all owners of 20% or more
  • Voided Ulster Savings business check
  • Other additional relevant documents may be requested and/or needed prior to loan funding
  • Our unique bank code - please call 866.440.0391 and our customer service center will provide that to you upon verifying you as a customer of Ulster Savings Bank

Loan Requests Up To $350,000

Small Business Owners

You must be an Ulster Savings commercial customer prior to February 15, 2020 in order to get your application funded. Get prepared by having ALL the REQUIRED DOCUMENTS listed below in front of you before submitting your application:

  • Payroll Report for 2019 including listing of employees, salaries, taxes, and benefits (This can be obtained by your payroll provider)
  • IRS Form 941 Employer’s Payroll Tax Report for 2019 (four quarters)
  • New York State Form NYS-45 Quarterly Wage Reporting statements for 2019 (four quarters)
  • Payroll statement for period on or around 2/15/20 showing that business paid salaries and payroll taxes
  • Voided Ulster Savings business check (this account will be used to deposit funds and withdraw monthly loan payments, if applicable)
  • IRS Form 941 for first quarter of 2020 showing payroll taxes for period inclusive of 2/15/20. (Payroll providers often provide this.  If this is not yet available, a payroll journal or other evidence of payroll expenses through 2/15/2020 might be acceptable)
  • Government Issued Photo ID for all owners of 20% or more
  • Other additional relevant documents may be requested and/or needed prior to loan funding
  • You will need our unique bank code.  This was sent to customers in an email.  If you did not receive it, please call 866.440.0391 and our customer service center will provide that to you upon verifying you as a customer of Ulster Savings Bank.

Loan Requests Over $350,000

For loan amount requests larger than $350,000, please provide your name, company name, and phone number to USBcommercialapps@ulstersavings.com and we will get back to you ASAP.

PPP Loan Forgiveness

The Small Business Administration has released the application that borrowers must submit in order to have their Paycheck Protection Program (PPP) loans forgiven. The form includes detailed information about which costs qualify for forgiveness and how to calculate them.

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