Paycheck Protection Program

Paycheck Protection Program

Paycheck Protection Program (PPP) loans are being funded again by the federal government. If eligible, you can apply for an initial loan, a second PPP loan or modify an existing PPP loan that has not been submitted to the SBA for forgiveness. We encourage you to consult your accountant or legal counsel on how these new rules may impact your eligibility. Additional information about the Paycheck Protection Program is available at SBA.gov and Treasury.gov.

Request Application Link

At the present time we are only accepting applications from existing customers. If you are interested in starting an application with Hills Bank, please complete this form to receive an email with access to our online portal.

Required Documents

Paycheck Protection Program loans have unique documentation requirements. Collect the following items before you apply. Documents are required to be retained for up to four years after your PPP loan is forgiven or repaid. Learn more about loan forgiveness.

  • Sole Proprietor (Individual) & Independent Contractor

    • 2019 or 2020 Form 1040 Schedule C
    • 2019 or 2020 IRS Form 1099-MISC (box 7), 1099-K, invoice, bank statement, or book of record establishing you are self-employed
    • 2020 invoice, bank statement, or book of record to establish you were in operation on or around February 15, 2020
    • Any business organizational documents
    • Hills Bank cancelled check
    • Driver's license
    • Provide rationale with information on calculation
    • SBA Guidance (First Loan) - page 1, question 1
  • Sole Proprietor (with Employees)

    • 2019 or 2020 Form 1040 Schedule C
    • Form 941 (or other tax forms or equivalent payroll processor record with similar info)
    • 2019 or 2020 state quarterly wage unemployment insurance tax reporting forms for each quarter (or equivalent payroll processor records)
    • Evidence of any employee benefit contributions (if applicable)
    • A payroll statement or similar documentation from the pay period that covered February 15, 2020 must be provided to establish you were in operation on February 15, 2020
    • Any business organizational documents
    • Hills Bank cancelled check
    • Driver's license
    • Provide rationale with information on calculation
    • SBA Guidance (First Loan)- page 2, question 2
  • LLC

    • LLCs should follow the instructions that apply to their tax filing situation, for example, whether they file as a sole proprietor, a partnership, or a corporation
    • Provide rationale with information on calculation
    • SBA Guidance (First Loan) - page 9, question 8
  • S-Corp/C-Corp

    • Form 941 (or other equivalent tax forms or payroll processor record with similar info)
    • State quarterly wage unemployment insurance tax reporting forms for each quarter (or equivalent payroll processor records)
    • Evidence of any employee benefit contributions, such as any filed business tax return (Form 1120 or 1120-S) (if applicable)
    • A payroll statement or similar documentation from the pay period that covered February 15, 2020 must be provided to establish you were in operation on February 15, 2020
    • Any business organizational documents
    • Hills Bank cancelled check
    • Driver's license
    • Provide rationale with information on calculation
    • SBA Guidance (First Loan) - page 5, question 5
  • Partnership

    • 2019 or 2020 IRS Form 1065 (including K-1s)
    • If employees: 2019 or 2020 IRS Form 941, state quarterly wage unemployment insurance tax reporting form from each quarter (or equivalent payroll processor records or IRS docs), and records of any claimed benefits contributions
    • If employees: a payroll statement or similar doc from the pay period that covered February 15, 2020 establishing that the partnership was in operation and had employees
    • No employees: an invoice, bank statement, or book of record establishing the partnership was in operation on February 15, 2020
    • Any business organizational documents
    • Hills Bank cancelled check
    • Driver's license
    • Provide rationale with information on calculation
    • SBA Guidance (First Loan) - page 4, question 4
  • Eligible Non-profit Organization

    • 2019 or 2020 IRS Form 941 and state quarterly wage unemployment insurance tax reporting form from each quarter (or equivalent payroll processor records or IRS docs)
    • Filed IRS Form 990 Part IX or other documentation of any claimed benefit contributions (Form 990 not required for eligible non-profits)
    • A payroll statement or similar documentation from the pay period that covered February 15, 2020
    • Any business organizational documents
    • Hills Bank cancelled check
    • Driver's license
    • Provide rationale with information on calculation
    • SBA Guidance (First Loan) - page 6 or 7, question 6-7
  • Farmers and Ranchers (no employees)

    • 2019 or 2020 Form 1040 Schedule F
    • 2019 or 2020 IRS Form 1099-MISC (box 7) detailing nonemployee compensation received
    • Invoice, bank statement, or book of record that establishes that you are self-employed
    • 2020 invoice, bank statement, or book of record to establish you were in operation on or around February 15, 2020
    • Any business organizational documents
    • Hills Bank cancelled check
    • Driver's license
    • Provide rationale with information on calculation
    • SBA Guidance (First Loan) - page 3, question 3
  • Farmers and Ranchers (with employees)

    • 2019 or 2020 Schedule F
    • Form 941 and/or 943 (or other tax forms or equivalent payroll processor records containing similar info)
    • 2019 or 2020 state quarterly wage unemployment insurance tax reporting forms for each quarter or equivalent payroll processor records
    • Evidence of any retirement or health insurance contributions (if applicable)
    • A payroll statement or similar documentation from the pay period that covered February 15, 2020
    • Any business organizational documents
    • Hills Bank cancelled check
    • Driver's license
    • Provide rationale with information on calculation
    • SBA Guidance (First Loan) - page 3, question  701
  • Seasonal Employer

    • Based on how employer is organized (partnership, LLC, sole prop, etc.)
    • Provide rationale with information on calculation
    • SBA Guidance - Page 3701

Additional Second Loan Required Documents

Borrowers requesting a loan amount greater than $150,000 must provide documentation substantiating the reduction in gross receipts with its Second Draw Borrower Application Form. Borrowers requesting $150,000 or less must provide this documentation before or at the time they seek forgiveness (or at SBA request).

  • Documents substantiating 25% reduction in gross receipts (if required)
  • Evidence that business is in the Accommodation and Food Services sector (NAICS Code 72) if 3.5 multiplier used