Under the CARES Act, the Small Business Administration is offering The Paycheck Protection Program. The program is offering small loans on favorable terms for payroll necessities.
It is intended to: 1) help small businesses cover their near-term operating expenses during the worst of the crisis, and 2) provide a strong incentive for employers to retain their employees.
Click here for more information on the Paycheck Protection Program.
Here is a list of the information needed for the Paycheck Protection Program loans (CARES Act).
- Form 2483
- 2019 YTD business financials (balance sheet & profit & loss)
- 2018 or 2019 business tax returns for the applicant business or Schedule -C
- 12 months’ worth of payroll costs for 2019 including: (If employed less than 12-months, then provide as much as you have.)
• For employers
• Salary, wage, commission, or similar compensation
• Payment of cash tip or equivalent
• Payment for vacation, parental, family, medical or sick leave
• Allowance for dismissal or separation
• Payment required for provisions of group health care benefits, including insurance premiums
• Payment of any retirement benefit
• Payment of State or local tax assessed on the compensation of employees
• For sole proprietors, independent contractors, and self-employed individuals
• The sum of payments of any compensation to or income of a sole proprietor or independent contractor that is a wage, commission, income, net earnings from self-employment, or similar compensation and that is in an amount that is not more than $100,000 in one year, as pro-rated for the covered period.
- Applicable business entity registration documents such as:
• Articles of Organization
• Articles of Incorporation
• Operating Agreements
• Tax Identification Number (EIN)