The application and information for the CARES Act, Payroll Protection Program has been released.
We are here to help guide you and assist you through this application process. Please reach out to us with any questions or concerns.
Beginning April 3, 2020, SBA approved lenders will begin accepting applications from small businesses and specific nonprofit organizations with under 500 employees.
Beginning April 10, 2020, independent contractors and self-employed individuals may apply.
You will need the following information to apply –
- Taxpayer Identification Number
- Average monthly payroll based on
- Employee wages (excluding costs over $100,000 on an annualized basis for each employee) for 2019. This must include paid time off, sick pay and family medical pay. This information will be available through your payroll provider.
- State and local taxes assessed on compensation.
- 1099’s paid to independent contractors of the core business that provide employee type functions.
- Documentation showing amounts paid for employee health insurance for 2019
- Documentation showing the amounts paid for retirement plan funding for 2019
- Number of employees in your business or organization
- Specific uses for loan money such as payroll costs including benefits, interest on mortgage obligations, rent under lease agreements and utilities.
- List of owners who hold at least 20% ownership.
Please contact your current financial institution to confirm they are an approved SBA lender. If they are not, please contact us and we can help you find one that is.
REGARDLESS OF LENDER, ALL LOANS WILL BE GIVEN THE SAME TERMS
1% Interest. Loan Term – 2 years. Payment deferral on loan is 6 months, but interest will still accrue. No collateral required and if any portion of the loan is not deemed forgiven, there will be no prepayment penalty, if paid before the loan maturity.
There is no personal guarantee on these loans