Paycheck Protection Program
Applications In Process
Important Notices for all SBA PPP Applicants
- There is no guarantee of funding, even if you have submitted a completed application prior to the exhaustion of SBA PPP funding.
- Incomplete applications and those missing required documentation cannot be processed and will not be submitted to the SBA for funding approval.
- We will attempt to reach you to request missing documentation; however, given the large volume of applications that are being processed, there is no guarantee that we will be able to make such requests prior to the exhaustion of the second wave of the SBA PPP funding.
Loans in process that have not been approved:
Steps you can take:
- We strongly encourage all applicants to review what you have submitted to ensure it meets BMT and SBA application documentation requirements and confirm that you have provided BMT all your required information. See details and resources below.
- Make sure you are responding or have responded to BMT requests for required documentation.
- BMT cannot approve, and therefore cannot submit for approval by the SBA, any loan applications that are missing required documentation.
- Submit missing required documents through the same channel your application was initially submitted unless otherwise directed by a BMT SBA PPP Team Member. Main submission channels:
- Applications submitted via email should continue to submit required documents to [email protected] through secure email.
- Applications submitted after 1:00 pm on Saturday, April 11 through our online application link should use the loan application portal that you registered with for your initial application.
We understand the concerns that this time of uncertainty brings, and we want you to know that we continue to work each day to support you and your business.
We continue to work through an extremely high volume of requests and we appreciate your patience.
We will attempt to reach you to request missing documentation, however, given the large volume of applications that are being processed, there is no guarantee that we will be able to make such requests prior to the exhaustion of any SBA PPP funding.
Due to the compressed processing and documentation times and requirements, a BMT Team SBA PPP Team member may contact you via phone, email or mail for information. If at anytime you are concerned about security or the validity of a request, we encourage you to contact our Customer Care Center at 610.525.1700.
Approved applications will only be funded via a BMT business checking account titled in the same name as the borrower.
Incomplete applications and those missing required documentation cannot be processed and will not be submitted to the SBA for funding approval.
There is no guaranty of funding, even if you have submitted a complete application prior to the exhaustion of any second wave of SBA PPP funding.
Existing BMT Commercial and Small Business Loan/Line Customers
- Copies of 2019 payroll or for new businesses that started operations after February 15, 2019, first two months of 2020 payroll records.
- Copies of payroll reports for each pay period for the preceding 12-months. Such reports should include gross wages including PTO (which might include vacation, sick, and other). This includes payroll reports through the pay period preceding the origination of this loan.
- Documentation reflecting the health insurance premiums paid by the company under a group health plan including owners of the company for the immediately preceding 12-months prior to the date of this loan origination. Copies of the monthly invoices should be sufficient.
- Documentation of all retirement plan funding by the employer for the immediately preceding 12-months. For example, copies of workpapers, schedules and remittances to the retirement plan administrator.
Non BMT Commercial and Small Business Loan/Line Customer
If you do not currently have a commercial or small business loan/line with Bryn Mawr Trust, you must provide all of the above-listed documentation, in addition to the following:
- Business entity’s formation documents (e.g. Articles of Incorporation, Certificate of Organization)
- By-laws and operating agreement
- Three (3) years tax returns. Tax returns are no longer a requirement effective 4/23/2020
Loans That Receive Approval
- BMT will notify all SBA approved loan applicants via email or US mail.
- Business owners that have received loan approval from BMT and the SBA are receiving funds through loan closings which are occurring each business day.
- A BMT business checking account titled the same as the borrower is required for funding disbursement.
- Prior to closing BMT must have valid ID, or other identifying documents. If we do not have this information, you will be contacted via phone or email.
For Other SBA Paycheck Protection Program details
Open a Small Business Checking Account
BMT’s Small Business Checking offers the flexibility of no balance requirement and no fee for the first 500 items per cycle. Open your Business account today.