During these uncertain times we have dedicated our efforts to assisting small businesses obtain over $2,000,000 in PPP financing.
Who is eligible for the Paycheck Protection Program?
Any small business that has fewer than 500 employees, that has been affected by COVID-19 this includes Sole Proprietors, Independent Contractors, eligible self-employed individuals, Non-Profit, Veterans organizations, LLC’s, Corporations, and Tribal Organizations.
What are considered Payroll Costs?
Salary, wages, commissions, or tips (capped at $100,000 on an annualized basis for each employee)
Employee benefits including costs for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payments required for the provisions of group health care benefits including insurance premiums; and payment of any retirement benefit
State and local taxes assessed on compensation
For a sole proprietor or independent contractor: wages, commissions, income, or net earnings from self-employment, capped at $100,000 on an annualized basis for each employee.
Will my Loan be forgiven? (revised 6/8/2020)
The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 60% of the forgiven amount must have been used for payroll) over 24 weeks from receiving the funds. Loan payments will also be deferred for 10 months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
Where do I apply for Forgiveness?
You apply for forgiveness with the bank that provided you with the PPP Loan.
What documents do I need to apply?
Payroll tax filings such as 2019 941’s each Quarter, 2019 940/944, 2019 1120,2019 Schedule C draft or filed, or payroll processor records
Bank statements or a bank connection
Proof of Mortgage interest payments, rent payments, and Utility expenses
What information do I need to provide?
Basic Information about you and your Business
Your average monthly payroll costs
Details of Full-time employees and associated payroll costs
Details of all persons with 20% or greater ownership in the business
I am a sole Proprietor but I didn’t file my 2019 tax return. What documents do I need to submit to qualify for a PPP Loan?
You need your 2019 Schedule C either the filed copy or a Draft of the 2019 Schedule C.
February 2020 Business Bank Statement
A color Copy of your Driver’s License front and Back
How is the Loan amount calculated?
Small Businesses can get up to 2.5 times their monthly average payroll costs during 2019. Most lenders will consider the seasonality of seasonal businesses based on Feb 12, 2019 and June 30th, 2019 If they were in operation Feb 15th, 2020.
How can I use a PPP Loan?
You may use the loan for payroll costs, employee salaries, costs related to the continuation of group healthcare benefits during paid leave (sick, family or medical), insurance premiums, mortgage interest payments, incurred before February 15, 2020, rent under lease agreements in place before February 15, 2020, or utilities for which service began before February 15, 2020.