Sabal Palm Bank Paycheck Protection Program
Sabal Palm Bank is available to businesses headquartered in Sarasota and Manatee counties with their Paycheck Protection Program loan (PPP) applications. We work with both existing customers and businesses that have decided it is time to move there banking relationship to Sabal Palm Bank.
As part of establishing the PPP account, our team will work directly with you to move your other banking accounts to Sabal Palm Bank. As part of this transition, we pay for your initial standard business deposit kit which includes checks, deposit slips and a deposit stamp. We also will waive any deposit account fees this year and provide a 3 year price match guarantee. In addition, we have a full suite of other banking products and services including online banking, mobile banking, merchant credit card services, RDC machines, Positive Pay and more.
In order to reduce the amount of work and time associated with moving your accounts to Sabal Palm Bank, we have established a dedicated “Transition Team” whose only responsibility is working with you to ensure a smooth transition to Sabal Palm Bank. The Transition Team consists of experienced bankers with direct knowledge regarding new accounts set-up, cash management, technology services and more.
In regard to the PPP loan application process, there is different information required for a PPP loan depending on if your business has employees paid with w-2 wages, you are a sole proprietor or you are an independent contractor. In order to assist with knowing what information is needed, we have created a 4 Step Process to help navigate the PPP loan process. A description of each Step is below.
Step 1: This is the SBA PPP application. All applications must include a completed PPP Loan Application.
Step 2: Select the type of business that is applying for a PPP loan. This will either be a Business with W-2 paid employees (C-Corp, S-Corp, LLC, Partnership, 501c3, etc.) or a Sole Proprietor/Independent Contractor.
Step 3: Paycheck Protection Program Checking Account Information. Sabal Palm Bank establishes a separate checking account for all PPP loans. Your loan proceeds will be deposited into this account. We recommend paying for all eligible expenses as defined by the SBA out of this account.
Step 4: All information should be uploaded using our Secure PPP Upload Link or faxed to us. Upon uploading or faxing the information, a SPB staff member will respond by email acknowledging we have received your documentation and will ask for any follow-up information that might be needed.
Below are the 4 Steps. Choose one link for each Step. The link describes the typical information that is needed.
We have set-up a special email address for questions about the PPP loan process which is email@example.com. Please let us know if you have any questions about the information being requested or the PPP loan process. We realize the PPP application process can be confusing and we are here to help!