Make sure you have the proper information when applying for the Paycheck Protection Program. Most bank application sites are complete or nearing completion. We recommend that you begin preparing and gathering documentation that will make the process as fast and easy as possible.
This Government funded relief program provides small businesses with funds to pay up to 8 weeks of payroll costs, including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. (Per treasury.gov as of April 7, 2020)
For full details regarding this program, see the quick guide the U.S. Treasury has provided.
The maximum loan amount is based on 2.5X your 2019 average monthly payroll costs and is subject to a $10 million cap. Payroll costs will be capped at $100,000 annualized for each employee.
If you are a seasonal or new business, you will use different applicable time periods for your calculation.
Depending on your business type, one or more of the following forms of documentation are required for payroll calculation and verification. You will need to include these documents with your application.
IRS Form 941 (Quarterly Form)
IRS Form 944 (Annual Form)
For borrowers that do not have the above documentation, you must provide other supporting documentation, such as bank records, sufficient to demonstrate the qualifying payroll amount.
For more detailed information and additional guidance on how to appropriately calculate payroll costs, employers can find all the latest information at home.treasury.gov.
Additional documents may be requested as required
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