Paycheck Protection Program

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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.

Download the proposed loan application here.

Here is a list of the information needed for the Paycheck Protection Program loans (CARES Act).

  1. Form 2483
  2. 2019 YTD business financials (balance sheet & profit & loss)
  3. 2018 or 2019 business tax returns for the applicant business or Schedule -C
  4. 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.
  5. Applicable business entity registration documents such as:
    • Articles of Organization
    • Articles of Incorporation
    • By-Laws
    • Operating Agreements
    • Tax Identification Number (EIN)

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