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The PPP loan portal opened 4/3/2020.

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  • Click here to obtain the PPP fact sheet.

  • Click here to obtain the application form.

  • You should ask your bank (where the company operating account is held) if they are SBA authorized and writing these PPP Loans.  If not you can go to the SBA website to apply.

  • File your Application soon

  • Info varies, SO YOU SHOULD ASK YOUR BANK WHAT THEY NEED but you may want to have the following documentation ready:

    • 1 year of payroll (we did the 2019 payroll report and a report form 4/1/19 to 3/31/2020 just in case they ask

    • You can include taxes paid by the company on payroll, health care benefits paid by the company and retirement contributions

    • Financial statement – from 2019 and year to date

    • Balance Sheet – from 2019 and year to date

    • Tax returns from 2019 or 2018 if 2019 not filed


AGAIN, ALL OF THE INFO OUTLINED ABOVE MIGHT NOT BE NECESSARY.  BUT THE APPLICATION IS NECESSARY.

 

The documentation along with the application outlines how to calculate average monthly wages so you can figure out what size loan you can take.

 

See link below for more information. 

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Small Business Administration

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