Small Business Administration (SBA) Lending

PPP Loan Forgiveness

On October 8, 2020, the SBA authorized a simplified forgiveness application for PPP loans $50,000 or less. Click below for complete details. 

The SBA’s PPP Loan Forgiveness application for North State Bank customers is available via our PPP online portal. Bankers are contacting customers individually to provide access to the application. Once access is enabled for your loan, you will receive an email with complete details to the address provided during the application process. If you have questions or if you are ready to apply before being contacted by your banker, email  

As has been true regarding CARES ACT PPP loan origination, we anticipate changes and updates from the SBA that may impact your application. We encourage you to review the U.S. Treasury website for supporting documentation and to view the forgiveness application.

We will submit your completed applications as quickly and efficiently as possible. 

In preparation to apply for PPP loan forgiveness, we have created a guide detailing best practices and recommended documentation to begin creating and collecting. Click the link below to explore.

Paycheck Protection Program

North State Bank is accepting and processing applications for the SBA’s Paycheck Protection Program (PPP) which is part of the 2020 CARES Act. The PPP is a federal loan program aimed at helping small businesses that have been severely impacted by COVID-19, with the primary purpose of helping companies retain their workforce and assist with other operational expenses.

Complete details about the PPP are available on the SBA’s website at this link.

 To apply through North State Bank, applicants must be either:
  • A business banking customer with an active North State Bank relationship.
  • A business located in a community we serve that is interested in becoming a relationship banking customer.
Supporting Documentation for the Paycheck Protection Program

Once a North State Bank SBA Lender contacts you after the initial review of your application, the following documents are needed to further advance your submission.  

2019 Quarterly 940, 941 or 944 Payroll Tax Reports
Payroll reports for a twelve-month period (corresponding to 941 reporting period), detailing the following information:

  • Gross wages for each employee, including officer(s) if paid W-2 wages.
  • Paid time off for each employee.
  • Vacation pay for each employee.
  • Family medical leave pay for each employee.
  • State and local taxes assessed for each employee’s compensation.

Documentation showing the total amount paid by the company for health insurance premiums, including:

  • Owner(s) under a group health plan.
  • All employees and company owners.

Documentation showing the sum of all retirement plan funding that was paid by company owner(s), including:

  • All employees and the company owners.
  • 401K plans, Simple IRA, SEP IRA’s.

Employee retirement plan funding should not be included.

Terms and conditions are subject to change. Loans are subject to approval. 

SBA Loans At-A-Glance

  • Loans are backed by United States Small Business Administration.
  • Funding from the most common SBA loans can be used for many business purposes including starting a new business, buying a business, working capital, equipment, furniture, land and building purchases as well as refinance existing debt.
  • Loans typically have a lower down payment requirement and offer longer terms as compared to a traditional business loan. 

SBA Loans Available at North State Bank

  • SBA 7(a): The most popular SBA loan type, with the option to borrow up to $5 million.
  • United States Department of Agriculture Business and Industry Loan: Designed to help small businesses acquire fixed assets, such as commercial real estate or equipment in rural areas within the United States. Loan amounts up to $5 million.

Why Choose North State Bank?

The SBA lending experts at North State Bank help businesses from across the nation secure the funding needed to help their business thrive. North State Bank is an SBA Preferred Lender and was recognized as one the top 20 SBA lenders in North Carolina as of June 30, 20171.

What You Can Expect

Speed: North State Bank has a dedicated SBA team which means we have the time, talent and infrastructure to respond quickly. Our loan review and processing takes place under one roof, so there is no downtime due to paperwork being shuffled from location to location. Plus, efficiencies are gained with team members working side-by-side.

We have honed our process to be as simple as possible, taking you step-by-step from initial inquiry until closing. 

Our responsiveness is second-to-none. Whether you prefer to stay in touch via phone, email or text, you will find communication to be one of our strengths.

Who Can Qualify

To qualify for an SBA loan, businesses must:
  • Be for-profit.
  • Operate within the United States.
  • Have less than $15,000,000 in maximum tangible net worth and a two-year average net income after federal income tax of $5,000,000.
1Source: Small Business Administration, North Carolina District Office