Small Business Offer
Paycheck Protection Program

Ridgewood is committed to helping the small business community.

We have elected to participate in the Small Business Administration (SBA) Paycheck Protection Program (PPP), a key component of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

Learn more about the CARES Act Payroll Protection Program by viewing our informative video.


What is the CARES Act Payroll Protection Program (PPP)?

Paycheck Protection Program

The PPP provides small businesses with funds to pay up to 24 weeks of payroll costs including certain benefits. Funds can also be used to pay interest on mortgages, rent, and utilities, subject to certain restrictions. The SBA is making PPP loans available on a “first come first served” basis. Funds are limited and subject to availability from the SBA.

  • Funds are provided in the form of loans that are eligible to be fully forgiven* when used for payroll costs, interest on mortgages, rent, and utilities (at least 60% of the forgiven amount must have been used for payroll).
  • Loan payments will be deferred for six months. 
  • No collateral or personal guarantees are required.
  • Neither the SBA nor Ridgewood will charge your small businesses any fees for origination.
  • Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors— are eligible. Businesses with more than 500 employees are eligible in certain industries.

We have put together helpful resources to provide you with additional information:

Please take a look at the Fact Sheet provided by the U.S. Department of the Treasury.

The application process is as easy as 1-2-3:

  1. 1. Email that you are interested in the PPP Loan
  2. 2. We will send you a secure email with the application and instructions
  3. 3. Register for the SecureMail and reply to our email with a completed application and corresponding payroll documentation

If you have any questions, please email our Business Banking team at Should you wish to speak with someone, please contact us at (844) 772-4722 and we will return your call in the order it was received. Due to the higher than normal call volume, we suggest that you email us to get a faster response.

Required Documentation

You must submit such documentation as is necessary to establish eligibility such as payroll processor records, payroll tax filings, or Form 1099- MISC, or income and expenses from a sole proprietorship. For borrowers that do not have any such documentation, the borrower must provide other supporting documentation, such as bank records, sufficient to demonstrate the qualifying payroll amount.

*Loan Forgiveness

Loan forgiveness is not automatic and is based on the borrower maintaining or quickly rehiring employees and maintaining salary levels. Loan forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. The borrower will be responsible under the loan for any amounts not forgiven. The SBA may limit the timeframe by which you’ll need to ask for forgiveness.


This program is subject to change at any time without notice.