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CARES Act - Payroll Protection Program


Trustmark’s application portal for the SBA Paycheck Protection Program is closed due to the high volume of applications we have received and are processing to help small businesses throughout our footprint.


Funding Availability

Given the limitations on the Small Business Administration’s (SBA) authorized funding and the significant volume of applications already submitted to Trustmark and other lenders, not every qualified applicant will receive loan proceeds under the Paycheck Protection Program (PPP) funding plan. The later an application is submitted, the more likely it is that the application will not be processed and registered with the SBA before PPP funding is depleted.*


Documentation Needed

LLC, Corporation, Partnership and Non-profit

  • IRS Form 940 or Quarterly IRS Form 941s or Payroll Processor Records
  • If claiming state tax payments on employee wages, include year-end state unemployment report
  • If claiming health insurance premiums paid for benefit of employees, provide evidence of payment
  • If claiming retirement payments for benefit of employees, provide evidence of payment


Sole Proprietorship/Self-employed and Independent Contractors

  • IRS Form 940 or quarterly IRS Form 941s (only if W-2 wages paid)
  • IRS Form 1099(s) (always required for independent contractors)
  • Most Recent Tax Return Filed (always required)


Small Business Administration (SBA) Guaranteed Loans

As an SBA Preferred Lender, Trustmark will provide business loans through the Paycheck Protection Program (PPP), which has been established as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act. This program is designed to provide economic support to businesses by offering loans to enable companies to retain employees and pay certain operational expenses incurred during the COVID-19 pandemic.


Program Information

The Paycheck Protection Program eliminates many of the requirements of a typical SBA loan and expands the types of businesses that are eligible for relief. Below is a summary of the criteria for loans under this program.


Business Operations

Covers business operations from 2/15/2020 – 6/30/2020; loan must be originated by 6/30/2020


Expenditures eligible for forgiveness over an eight-week period (begins after loan origination)

  • Rent
  • Utilities
  • Interest payments on any mortgage obligations or other debt obligations incurred before February 15, 2020 (but not any payments or prepayments of principal)
  • Payroll costs


Loan Amount

Eligible maximum loan amount is capped at the lesser of 2.5 x average monthly payroll costs** or $10 million

Payroll Costs are calculated as follows:

  • Existing business - 2.5 x average monthly payroll costs for 2019
  • Less than one year in operation - 2.5 x January and February 2020 average monthly payroll costs
  • Seasonal business - 2.5 x average monthly payroll costs incurred during the 12-week period beginning February 15, 2019, or at the election of the applicant, March 1, 2019


Interest Rate

Fixed Interest rate of 1.0%


Loan Maturity

Two (2) years from origination on any balance not forgiven



No collateral or personal guaranty required



No fees to the borrower



  • The loan can be 100% forgiven, if certain qualifications are met
  • Amount eligible for forgiveness is dependent on maintaining payroll status, including payroll costs and number of employees, on 2/15/2020 compared to 6/30/2020
  • Automatic six-month deferment from origination date



Loans under the PPP are available to a wider range of eligible companies than the typical SBA loan:

  • Open to for profit and non-profit businesses (non-profit is classified as a 501(c)(3) and 501(c)(19) organization) with less than 500 employees
  • If SBA normal size standard under NAICS code allows for greater than 500 employees, the larger company will also be eligible
  • Open to self-employed or individual contractors


We’re here to help you get your business back on track. Contact your Trustmark Relationship Manager, or email us at


* Any loan made under the U.S. Small Business Administration’s (“SBA”) Paycheck Protection Program must be submitted to and approved by the SBA. There is limited funding available, so all applications submitted will not be approved and funded by the SBA. Trustmark anticipates high volume, and there may be processing delays and system failures along with other issues that interfere with Trustmark taking your application or submission of any application to SBA. Trustmark does not represent or guarantee that it will take your application or submit any applications taken before SBA funding is no longer available or at all. By using Trustmark to seek a Paycheck Protection Program loan, you agree that Trustmark is not responsible or liable to you (i) if your application is not taken by Trustmark or any application is not submitted to the SBA until after SBA stops approving applications, for any reason or (ii) if your inquiry or any application is not processed. You also release and waive any claims against Trustmark concerning failure to obtain a loan. This release and waiver applies to, but is not limited to, any claims concerning Trustmark’s (i) pace, manner or systems for processing or prioritizing your inquiry or any resulting applications, or (ii) representations by Trustmark regarding the application process, the Paycheck Protection Program, or availability of funding.


** Definition of payroll costs: the sum of payments of any compensation with respect to employees that is (a) salary, wage, commission, or similar compensation, (b) payment of cash tip or equivalent, c) payment for vacation, parental, family, medical, or sick leave, d) allowance for dismissal or separation, (e) payment required for the provisions of group health care benefits, including insurance premiums, (f) payment of any retirement benefit, or (g) payment of State or local tax assessed on the compensation of employees, and (h) the sum of payment of any compensation to or income of a sole proprietor or independent contractor that is a wage, commission, income, net earnings from self-employment, or similar compensation and that is an amount that is NOT more than $100,000 in 1 year, as pro-rated for the covered period.


It shall not include – (a) the compensation of an individual employee in excess of an annual salary of $100,000, as prorated for the covered period, (b) taxes imposed or withheld under chapters 21, 22 or 24 of the Internal Revenue Code of 1986 during the covered period and (c) any compensation of an employee whose principal place of residence is outside of the United States.