SBA, Uncategorized

Get a Jump Start on Your Small Business Loan Application

We are awaiting Treasury Secretary Steve Mnuchin’s direction on how to apply for grants/loans through the Paycheck Protection Program. The following is a list of information needed to process these requests:

  • Most recent two quarters Form 941.
  • Monthly Payroll information from January 1, 2019 through your last Payroll date.
  • These 12 months of Payroll Reports should include the following:
    • Gross wages for each employee, including the officer(s) if paid W-2 wages.
    • Paid time off for each employee.
    • Vacation pay for each employee.
    • Family medical leave pay for each employee.
    • State and Local taxes assessed on the employee’s compensation for each employee.
  • 2019 1099s for any independent contractors that would otherwise be an employee of your business (excluding 1099s for services rendered).
  • Documentation showing the total of all health insurance premiums paid by the Company Owner under a group health plan for all employees and owners (for the first three months of 2020).
  • Document the sum of all retirement plan funding that was paid by the Company Owner (exclude monies that came from the employees paycheck contributions). This includes 401K plans, Simple IRA, and SEP IRAs.
  • Rent, utility bills and other occupancy costs for the first three months of 2020.
  • This is our best estimate based on all the various bits and pieces of information we have been putting together and please understand that additional information may be required by the US SBA when we get the official details of the Paycheck Protection Program.

The above information should be provided to your banker now to give you a jump start on the application. We believe the full loan application and guidelines will be issued no later than April 11, 2020.

Please let us know if we can be of assistance. We will be in touch with more information once it becomes available.