P3 Data Pack

Program Overview

PAYCHECK PROTECTION PROGRAM

The CARES Act established a $350 billion Paycheck Protection Program (P3) to provide much-needed relief to small businesses. The Paycheck Protection Program is specifically designed to help small businesses keep their workforce employed.

The new loan program will help small businesses with their payroll and other business operating expenses. It will provide critical capital to businesses without collateral requirements, personal guarantees, or SBA fees – all with a 100% guarantee from SBA. All loan payments will be deferred for six months.

Most importantly, the SBA will forgive the portion of the loan proceeds that are used to cover the first eight weeks of payroll costs, rent, utilities, and mortgage interest.

Visit SBA.gov/Coronavirus for more information on the Paycheck Protection Program.
(Source: home.treasury.gov/news/press-releases/sm961)

How the P3 Data Packet Helps

Streamlined P3 loan processing equals faster funding or forgiveness, resulting in:
▪ Speed of relief across the American economy for small businesses
▪ Support that keeps businesses running and people employed
▪ Safeguards that loans are given to the legitimate, verified businesses

P3 Data Packet Overview

The P3 Data Packet seamlessly integrates loan application data into LOS or SBA- approved institutions’ platforms, reducing friction and time to fund legitimate P3 loan applicants, including the following:
▪ Required business owner information
▪ Required business information
▪ Legitimate business verification
▪ Payroll file, number of employees, and $ amount of payroll.*
▪ Option for digital collection of beneficial ownership identification and verification.
* Anticipated at time of publication

HOW PAYNET’S DATA HELPS FUND PAYROLL PROTECTION PROGRAM LOANS FASTER

Streamline loan processing for faster funding.

BUSINESS OWNER INFORMATION
▪ First Name
▪ Last Name
▪ Primary E-mail
▪ Mobile Phone
▪ Primary Address
▪ Full SSN
▪ Date of Birth

BUSINESS INFORMATION
▪ Business Address
▪ Doing Business As Name
▪ Full EIN
▪ Entity Type (Liability Indicator)
▪ Number of Employees
▪ Business Established Date
▪ Description of Business (NAICS Code)
▪ Description of Management Team
▪ Government Employee?
▪ Previous Disaster Relief 2020
▪ Entity Income and Assets for Repayment (General Ledger Account Balances)
▪ Business Debarred (Entity Response)
▪ Person/Owner Debarred (Individual Response)

PAYROLL FILE*
▪ Number of Employees
▪ Total Payroll as of Date
– $ amount of total payroll as of date
* Anticipated at time of publication

For more information, reach out to your sales representative or contact us.