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CARES Act

  • Banks will be lending money directly to customers via the SBA. FUNDING IS LIMITED.
  • Call your banker now to let them know you are interested in applying and ask them what is required to begin the process.
  • The Payroll Protection Program will provide loans for the period February 15, 2020 to June 30, 2020.
  • Individuals that are sole-proprietors, independent contractors, and other self-employed individuals may also participate.
  • Loan forgiveness is available for payroll costs, interest on loans, rent and utilities.
  • Loan forgiveness is available up to the amount financed and will not be included in gross income.
  • The PPP encourages Employers to rehire laid off employees because the Loan Forgiveness is based on your payroll for the 8 weeks after the loan proceeds are received.
 

The general formula is the lesser of the average total monthly payments for payroll costs during the 1-year period before the date the loan is made, multiplied by 2.5; or $10 million. You need to have your payroll records available.  We anticipate the application process may include the SBA Form 1919 (7a Loan Application) and personal financial statements of the owners. We recommend Employers start working on gathering this information. 

Personal Financial Statement (SBA Form 413D)

Request for Transcript of Tax Return (IRS Form 4506-T)

SBA Form 1919

See SBA website for complete detailed information.