Paycheck Protection Program

Our PPP application portal is now open to M&T business clients considering a first or second draw Paycheck Protection Program loan.

Last updated: Jan. 19, 2021

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Your resilience is our inspiration. 

Our M&T online application portal is now open to business clients  considering a first or second draw Paycheck Protection Program loan.  

Before you begin your PPP application please make sure you have an M&T Bank business checking account.

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PPP Tools to Help You Plan and Organize

M&T believes that transparency is important. It is our promise to help our business clients answer questions and stay informed on the Paycheck Protection Program – whether you're applying for a PPP loan for the first time, or applying for a second PPP loan.

Clarifying First and Second Draw PPP Loans. The following visual will help highlight certain differences between the two PPP programs.

Initial (First Draw) PPP Loan

Eligibility:

An applicant is generally eligible for an initial PPP Loan if:

  • In operation on February 15, 2020
  • Has not previously received a PPP Loan (from M&T or another financial institution); and
  • Has no more than 500 employees

*Additional eligibility requirements apply

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Max Loan Amount & Term:

  • 2.5X average monthly payroll, up to $10 million ($20 million corporate group cap)
  • 5-year term

Eligible Expenses:

  • Payroll costs
  • Business rent & lease agreements
  • Business mortgage interest
  • Business utility payments
  • Covered operational expenditures
  • Covered personal protective equipment (PPE) expenses
  • Covered property damage expenses
  • Covered supplier expenditures

Loan Forgiveness:

  • May be eligible for loan forgiveness if proceeds are used on payroll and other eligible business expenses;
  • Employee and compensation levels are maintained; and
  • Minimum of 60% must be used on payroll costs

Second (Second Draw) PPP Loan

Eligibility:

An applicant is generally eligible for a Second PPP Loan if the borrower:

  • In operation on February 15, 2020
  • Previously received a PPP Loan (from M&T or another financial institution) and will or has used the full amount only for authorized uses by the date of disbursement of the Second PPP Loan;
  • Has no more than 300 employees combined with affiliates (unless NACIS 72, 511110 or 5151 then 300 per location); and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020; or if in operations for all of 2019, you may use annual gross receipts
  • Has not nor plans to receive a Shuttered Venue grant

*Additional eligibility requirements apply

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Max Loan Amount & Term:

  • 2.5X average monthly payroll, up to $2 million ($4 million corporate group cap)
  • 3.5X average monthly payroll for Accommodations & Food Services loans (NAICS code 72), up to $2 million
  • 5-year term

Eligible Expenses:

  • Payroll costs
  • Business rent & lease agreements
  • Business mortgage interest
  • Business utility payments
  • Covered operational expenditures
  • Covered personal protective equipment (PPE) expenses
  • Covered property damage expenses
  • Covered supplier expenditures

Loan Forgiveness:

  • May be eligible for loan forgiveness if proceeds are used on payroll and other eligible business expenses;
  • Employee and compensation levels are maintained; and
  • Minimum of 60% must be used on payroll costs

New to M&T Bank

Join Us:

We will be accepting PPP applications from new clients who open a business checking account. Head to your nearest M&T Bank branch to open your new business checking account and then you can apply for a Paycheck Protection Program loan. 

Steps to get started:

  1. Browse our business checking accounts and find the account the fits your business. Find the right account for you.
  2. Visit the nearest branch to you or contact your Relationship Manager to open your business checking account and get what you need to apply for the PPP.
  3. Apply for your Paycheck Protection Program Loan.

Paycheck Protection Program Frequently Asked Questions

Initial (First Draw) PPP Loan

Who is eligible?

Businesses with 500 or fewer employees that were operating on February 15, 2020 including:

  • Businesses that have not previously received a PPP Loan (from M&T or another financial institution)
  • Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries (NAICS code) or if they meet both tests in the SBA's "alternative size standard" as of March 27, 2020.
  • Eligible non-profit organizations, including eligible houses of worship
  • Veterans organizations
  • Tribal business concerns
  • Sole proprietorships and self-employed individuals
  • Independent contractors
  • Small businesses in the hospitality and food industry with more than one location could also be eligible if their individual locations employ less than 500 workers

*Other eligibility requirements may apply.

I have been operating my business out of an M&T personal account. Am I still eligible?

You may be eligible if you are an independent contractor or sole proprietor and your business was operational on February 15, 2020, and you were using a personal M&T checking account to operate your business. However, you will be required to open a business checking account prior to receiving any PPP funds.

Can I have my accountant or a designee complete and submit the application for me?

A business owner does not have to key in the application. A business can authorize another person to complete the application, however we recommend the business owner complete the application.

Note to Agents:  M&T Bank (M&T) is not working with third-party agents on Paycheck Protection Program (PPP) loans.  M&T works directly with the borrower on all aspects of the PPP loan program.  M&T will not pay fees to any individual or firm claiming to be a borrower’s agent in connection with the origination of a PPP loan or the application for PPP loan forgiveness.

What if there are multiple owners, do we all need to sign?

No, only one owner who has authority to take out debt on behalf of the businesses must sign.

I have an existing Disaster EIDL loan from the SBA, can I refinance that into a PPP loan?

Yes, refinancing for an EIDL loan made between January 31, 2020 and April 3, 2020, less the amount of any "advance" under an EIDL COVID-19 loan (because it does not have to be repaid) is available. You are required to refinance the balance on the EIDL loan into your initial (first draw) PPP loan if you used the EIDL for payroll expenses,

After I submit my application can I increase or decrease the loan amount?

Unfortunately, we are currently unable to accommodate requests to adjust the PPP loan amount once your application has been submitted, unless specifically permitted by PPP rules.

Can a business owner apply more than once if they have multiple businesses?

Yes, the SBA allows for one loan per TIN.  Other eligibility requirements may apply.

Is the program available to businesses that have subcontractors on the payroll instead of employees?

Yes. However, independent contractors do not count as employees for purposes of PPP loan calculations. Independent contractors can apply for a PPP loan on their own, so they do not count for purposes of a borrower's PPP loan calculation.

What documents and information should I prepare?

All Applicants:

  • Detailed breakdown of Ownership Structure including ownership percentages, social security numbers, and dates of birth
  • Employee count as of February 15, 2020
  • Detailed breakdown of how you expect to allocate your loan proceeds (example payroll, mortgage interest, rent, utilities, etc.)

For Businesses with Employees (if applicable):

  • 2019 and/or 2020 IRS 940, 941 or 944 payroll tax reports
  • Payroll statement or similar documentation to demonstrate operations on 02/15/2020
  • For S or C Corps: Equivalent payroll processor records or IRS Wage and Tax Statements, along with the filed business tax return 
  • Summary of payroll expenses for Individual Employees with cash compensation over $100,000
  • K-1 (IRS 1065) for Partnership Self Employed employment income
  • General Ledger reports or statements to assist with Health Care and Retirement benefits (S or C Corps may use IRS Form 1120 or IRS 1120-S)
  • State Quarterly Wage Reporting Forms
  • Second Draw Applicants: Documentation demonstrating 25% reduction in gross receipts for loans greater than $150,000 is required. If including, but not limited to, tax forms, quarterly income statement, or bank statement. If the loan is $150,000 or less, you have the option to provide at application, however, you must minimally supply by loan forgiveness.

For Sole Proprietorships and Independent Contractors (if applicable):

  •  Form 1040 Schedule C or F for 2019 and/or 2020 (Self-employed individuals with no employees must submit Form 1099-MISC in addition to 1040 Schedule C or F)
  • Payroll tax filings
  • Payroll statements or similar documentation to demonstrate operations on 02/15/2020
  • Bank Statements to demonstrate payroll disbursements
  • General Ledger Reports or statements to assist with Health Care and Retirement benefits
  • State Quarterly Wage Reporting Forms
  • Second Draw Applicants: Documentation demonstrating 25% reduction in gross receipts for loans greater than $150,000 is required. If including, but not limited to, tax forms, quarterly income statement, or bank statement. If the loan is $150,000 or less, you have the option to provide at application, however, you must minimally supply by loan forgiveness.

Whose personal information should be inputted into the application?

Any owner's information with 20% or more ownership should be inputted. If there are multiple owners, the person who has authority to take out debt in the name of the company should complete the application. Please note that information regarding all owners will be requested.

I don't have access to the information I need to complete the application. What do I do?

We suggest working with your accountant or other partners to get the information you need. It is critical that you do not submit false information or an incomplete application. Doing so may result in a serious delay getting your funds, or even in a decline of your request. Your banker may be able to assist with certain questions regarding PPP.

How do I calculate my loan amount (first time PPP loan only)?

The loan amount maximum is determined by a formula based on average monthly payroll costs X 2.5 (or up to $10 million)

  • Most businesses: average monthly payroll for 2019 or 2020, excluding costs over $100,000 on annualized basis for each employee.
  • Seasonal businesses:  Payroll based on a 12-week period beginning February 15, 2019 through February 15, 2020. A seasonal employer (1) operates for not more than seven months of the year, or (2) earned no more than 1/3 of its receipts in any six months in their prior calendar year.
  • New businesses: Average monthly payroll from January 1 to February 29, 2020, excluding costs over $100,000 on an annualized basis for each employee.

I have a question about my approved loan amount, or I think it might be incorrect. Who do I reach out to?

The SBA has set strict guidelines on the maximum loan amount. We suggest reviewing those guidelines before reaching out to us at 1-800-724-6070.

What do I do if I am unable to scan my documents?

Photos taken with a mobile phone are acceptable.

Who can I reach out to if I have other questions as I am completing the application?

Please continue to refer to the Be Informed page, contact your Relationship Manager or Branch Manager, or call our Telephone Contact Center at 1-800-724-6070.

Do employees with EIN Numbers qualify for payroll under the SBA?

If they have an EIN number and they live in the U.S., their payroll should be included in the calculation.

What can I expect after I submit my application?

You will receive an email notification confirming your submission, along with updates as your application is processed. We will contact you if we need any additional information.

How will I know if I am approved?

We will contact you via email on the decision of your loan. You will be required to sign a Loan Note prior to receiving funding.

When will my loan be funded?

Once the SBA approves your application, our teams will be working around the clock to get funding into your account. You will receive a funding confirmation message when proceeds are ready to be deposited in your business checking account.

How can I check on the status of my application?

We appreciate your patience as we work as quickly as possible to process your application. Contact your Relationship Manager, Branch Manager or the Telephone Contact Center at 1-800-724-6070 for the current status of your application

I want to cancel my loan request. How do I do this?

If you would like to cancel your loan request please contact your Relationship Manager, Branch Manager, or the Telephone Contact Center at 1-800-724-6070 for assistance.

Second-Draw PPP Loan

Businesses with 300 or fewer employees combined with affiliates that were operating on February 15, 2020 plus:

  • Businesses who previously received a PPP Loan (from M&T or another financial institution) and will, or has, used the full amount only for authorized uses by the date of disbursement of the Second PPP Loan
  • Can demonstrate at least 25% reduction in gross receipts between comparable quarters in 2019 and 2020; or if in operation for all of 2019, you may use annual gross receipts
  • Has not nor plans to receive a Shuttered Venue Operation Grant
  • Business has no more than 300 employees combined with affiliates (unless NACIS 72, 511110 or 5151 then 300 per location)
  • Eligible non-profit organizations, including eligible houses of worship
  • Veterans organizations
  • Tribal business concerns
  • Sole proprietorships and self-employed individuals
  • Independent contractors
  • Small businesses in the hospitality and food industry with more than one location could also be eligible if their individual locations employ less than 300 workers

 

Can I apply for a Second Draw Loan at M&T Bank, if my First PPP Loan is at a different bank?

If you are an M&T Bank business checking customer and you applied for your first PPP Loan at another financial institution, you may be able to apply for a Second PPP Loan at M&T Bank if you meet eligibility criteria.  

I applied for a PPP loan, but I haven’t applied for loan forgiveness yet; can I apply for a second PPP loan?

If you previously received a PPP Loan (from M&T or another financial institution) and will or have used the full amount only for authorized uses by the date of disbursement of the Second PPP Loan, then you may be eligible to apply for a second draw PPP loan if you can meet the eligibility criteria.

How do I calculate my loan amount (second draw PPP loan only)?

The loan amount maximum is determined by a formula based on average monthly payroll costs X 2.5 (or up to $2 million). Accommodations and Food Services (NAICS code 72 as of the date of disbursement) small businesses may receive loans of up to 3.5x average monthly 2019 or 2020 payroll costs (capped at $2 million).

Do I need to supply documentation demonstrating my 25% reduction in gross receipts?

If your loan request is less than $150,000, then you will need to provide an attestation stating the loss in revenue. You have the option of providing documentation supporting the comparison quarter or annual receipts at the time of application. If you do not include with your application, it will be required to be submitted before loan forgiveness can be determined. For loan request $150,000 and greater, supporting documentation will be required. 

Other Frequently Asked Questions

What eligible expenses can my PPP loan be used for?

Whether you are a first time or Second Draw PPP borrower, the following expenses are eligible:

  • Payroll costs (note a minimum of 60% must be used on payroll to be eligible for loan forgives)
  • Business mortgage interest
  • Business rent or lease payments
  • Business utility payments (electricity, gas, water, transportation, telephone & internet)
  • Covered personal protective equipment (PPE) expenses
  • Covered property damage expenses (costs due to public disturbances that occurred in 2020 that are not covered by insurance)
  • Covered supplier expenditures (pursuant to a contract, purchase order, or order for goods in effect prior to taking out the loan that are essential to the recipient’s operations at the time the expenditure was made)
  • Covered operational payments (software, cloud computing, and other human resources and accounting needs)
  • First Time PPP ONLY: EIDL loan taken between January 31, 2020 and April 3, 2020 that was used for payroll must be refinanced and will count towards payroll costs.

What should I know about the SBA's updated certification guidance?

The U.S. Small Business Administration (SBA) has released updated guidance relating to businesses certifying eligibility for a PPP loan.

The guidance is referred to in Question 31 of the SBA's Frequently Asked Questions (also posted below).

During the application process, you certified that "current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant."

The SBA is asking applicants who are in the process of or have received PPP funds to revisit the criteria.

We recommend that you read the entire Question 31 answer below and consult your legal counsel if necessary.

31. Question: Do businesses owned by large companies with adequate sources of liquidity to support the business's ongoing operations qualify for a PPP loan?

Answer: In addition to reviewing applicable affiliation rules to determine eligibility, all borrowers must assess their economic need for a PPP loan under the standard established by the CARES Act and the PPP regulations at the time of the loan application. Although the CARES Act suspends the ordinary requirement that borrowers must be unable to obtain credit elsewhere (as defined in section 3(h) of the Small Business Act), borrowers still must certify in good faith that their PPP loan request is necessary. Specifically, before submitting a PPP application, all borrowers should review carefully the required certification that "[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant." Borrowers must make this certification in good faith, taking into account their current business activity and their ability to access other sources of liquidity sufficient to support their ongoing operations in a manner that is not significantly detrimental to the business. For example, it is unlikely that a public company with substantial market value and access to capital markets will be able to make the required certification in good faith, and such a company should be prepared to demonstrate to SBA, upon request, the basis for its certification.

Lenders may rely on a borrower's certification regarding the necessity of the loan request. 

Can I reapply for a First Draw PPP loan or request an increase to my First Draw PPP loan?

Yes, certain eligible borrowers may reapply or request an increase with the lender that issued the first loan. Lenders may approve increases on First Draw PPP Loans starting on January 25, 2021.

A borrower seeking an increase to a First Draw PPP loan MUST have the increase approved before applying for a Second Draw Loan. If the Second Draw loan has been approved, the increase cannot not be approved.

The following requirements must be met:

  • Borrower had a First Draw PPP loan approved on or before August 8, 2020
  • Loan forgiveness has not already been remitted by the SBA

Examples of scenarios where First Draw customers may increase their loan amounts:

  • A partnership received a First Draw PPP loan, but did not include any amount for partner compensation
  • A seasonal employer who would benefit from the revised definition of a seasonal employer, which allows for the average total monthly payments for payroll for any 12-week period selected by the seasonal employer beginning February 15, 2019 and ending February 15, 2020
  • Farmers and ranchers may elect either 2019 or 2020 as their base period in order to ensure that they can obtain funding
  • Borrowers that returned part of their First Draw PPP loan before December 27, 2020
  • Borrowers that did not accept the full amount of their First Draw PPP loan for which they were approved

In addition, borrowers that fully repaid a First Draw PPP loan before December 27, 2020 may reapply for a First Draw PPP loan.

If you would like to reapply or request an increase, please call our Telephone Contact Center at 1-800-724-6070.

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Note to Agents:

M&T Bank (M&T) is not working with third-party agents on Paycheck Protection Program (PPP) loans.  M&T works directly with the borrower on all aspects of the PPP loan program.  M&T will not pay fees to any individual or firm claiming to be a borrower’s agent in connection with the origination of a PPP loan or the application for PPP loan forgiveness.

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Learn more about branch availability and the measures we're taking to ensure the safety of you, our colleagues and communities.

  • Please continue to reach out to your relationship manager using the same number and email that you are accustomed to using.

We thank you for your patience as you may experience longer than usual wait times. We encourage you to use online banking or call during non-peak hours for any non-urgent needs.

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  • For assistance with payment deferral options, please reach out to your Branch Manager or Relationship Manger, or call the contact center at 1-800-724-6070.
  • Requests must be made three business days before your scheduled payments.

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  • If you have received late fees to your M&T loan as a result of the current pandemic, please contact us at 1-800-724-6070 so that we can review with you. 

Loan Credit Modifications

  • For information regarding COVID-19 loan modifications, contact your relationship manager.

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Look out for deceptive emails, texts, and phone calls that may look like they are coming from reputable companies, charities, or government agencies such as the CDC and WHO. Learn more on how to be aware of the different types of fraud so you can help protect your personal and financial information.

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