PPP Loan FAQ's
Answers To Your Questions About Your Recently Closed PPP Loan
Below are helpful questions and answers you may be experiencing with your recently closed PPP Loan.
How do I fund my payroll from my new Triad account?
Please use a Triad Bank check that was provided to you at your loan closing. Make the check payable to your business and deposit it into the account you normally use for payroll. You will then e-mail your payroll statement to email@example.com so that your documentation will be in place when your check is presented for payment. We cannot pay checks without documentation. If your documentation has not been received, your check will be returned unpaid.
How much of the loan can be used on Utilities, Mortgage Interest, and Rent?
You may use up to 40% of your funds towards Utilities, Mortgage Interest, and Rent.
How much of the loan can be used on payroll?
You may use up to 100% of your funds towards your payroll.
How long do I have to spend the money I received?
You have 8 weeks, from the date of the loan funding. This date may be found on the promissory note you signed at closing.
Can I reimburse myself for expenses paid prior to closing my loan?
No. You may only pay expenses incurred after your loan disbursement and only pay the expenses allowed to be funded with your loan proceeds.
How do I pay for Utilities, Rent, and Mortgage Interest?
You may use a Triad Bank check that was provided to you at your loan closing to pay it directly, or if your payment is made via ACH from your regular checking account, please write yourself a check, using a Triad Bank check, and email the invoice/documentation to firstname.lastname@example.org so that your documentation will be in place when your check is presented for payment. We cannot pay checks without documentation. If your documentation has not been received, your check will be returned unpaid. For more information, please click here for guidelines on submitting invoices for disbursement.
What if I need more checks?
Please call our New Accounts Representative, Kim Humphrey, at 918-254-1444. Please allow 24-hours for the checks to be prepared. For your convenience, all checks will be waiting for you at the drive thru facility at the 7646 East 61st Street location.
If I have a question concerning my account, who should I call?
Please call one of our bank Loan Officers at (918) 254-1444 or (918) 749-1000.
Do I need to send Triad Bank a copy of the checks I write in addition to the invoices/documentation being paid?
No. You do not have to send a copy of the check, only the invoices/documentation. Triad Bank will confirm that each invoice matches the check when presented for payment. For more information on disbursement guidelines, click here.
- Are company health insurance plan premiums reimbursable with PPP loan funds?
Are payroll taxes reimbursable with PPP loan funds?
FICA taxes are not covered.
The CARES Act excludes from the definition of payroll costs any employee compensation in excess of an annual salary of $100,000. Does that exclusion apply to all employee benefits of monetary value?
No. The exclusion of compensation in excess of $100,000 annually applies only to cash compensation, not to non-cash benefits, including: • employer contributions to defined-benefit or defined-contribution retirement plans; • payment for the provision of employee benefits consisting of group health care coverage, including insurance premiums; and • payment of state and local taxes assessed on compensation of employees.
What type of invoice or documentation do I need to submit?
Please click here for guidelines on how to submit your PPP loan invoices for disbursement.