Information About the Paycheck Protection Program
What is the CARES Act Paycheck Protection Program?
Who is eligible?
To apply with Westamerica, you need to be a current business customer with a deposit account opened prior to February 15, 2020. All businesses with 500 or fewer employees are eligible including: nonprofits, veteran’s organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors. Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries.
What can this loan be used for?
This loan can be used for payroll costs and benefits, interest on mortgage obligations, incurred before February 15, 2020; rent, under lease agreements in force before February 15, 2020; utilities, for which service began before February 15, 2020.
How are applications accepted?
We can only accept online applications. We are unable to process paper or telephone applications.
What additional documentation is required with the application?
Additional documentation to establish eligibility includes: payroll processor records, payroll tax filings, or Form 1099- MISC, or income and expenses from a sole proprietorship. If you do not have any such documentation, you must provide other supporting documentation, such as bank records, sufficient to demonstrate the qualifying payroll amount.
How much can I apply for?
Each business is unique and your business situation will determine how the loan amount will be calculated. The maximum loan size is generally the lesser of 2.5 times a business's average monthly payroll during the prior year or $10 million.