We help Small Business Owners access Special SBA Loan programs specifically for Covid-19 crisis. We have helped our current clients navigate the SBA Disaster Loan Application process and answer questions about the program, how to apply, and common missteps when applying with local banks!
What is needed:
- Your business launch date, annual revenue and mailing address
- 2019 IRS Quarterly 940, 941 or 944 payroll tax reports
- Payroll reports for a 12-month period (ending on the most recent payroll date)
- 1099s for independent contractors for 2019
- Total health insurance premiums paid by the company owner(s) under a group health plan (including all employees and the company owners)
- Sum of all retirement plan funding that was paid by the company owner(s), including 401K plans, Simple IRAs and SEP IRAs for all employees and owners. (There is no need to include funding that came from employees out of paycheck deferrals.)
We’ve included the link to the SBA website for additional information if needed.
Certain documents will be required to apply:
o Payroll tax filings reported to the IRS
o State income, payroll, and unemployment insurance filings
o Documentation verifying average monthly payroll amounts from prior periods
o Documentation verifying payroll costs, mortgage interest, rent and utility payments you expect to incur over the 2-month period after you receive funding.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
Lenders may begin processing loan applications as soon as April 3, 2020. The Paycheck Protection Program will be available through June 30, 2020.
For affiliation rules applicable for the Paycheck Protection Program, click here.
The Interim Final Rule for Applicable Affiliation Rules for the Paycheck Protection Program information is being posted in advance of publication in the Federal Register. The official version will appear in the Federal Register.