The SBA announced last week the initial round of funding for the Paycheck Protection Program (PPP) was fully allocated. But a second round appears imminent!
For those of you have not done anything, now is the time to take action! You may have a second chance. Funds available under this program are on a first come, first served basis until the monies run out.
You likely have multiple businesses to which this applies. You should consider submitting an application for each of them. Your corporations, S corporations, partnerships, LLCs, sole proprietorships, etc.
Contact your banker to get your application started. They will be able to provide detailed information relative to your specific situation. In the meantime, below are some items you may be required to provide, depending on your type of business and payroll documentation.
- 2019 IRS Quarterly 940, 941 or 944 payroll tax reports.
- Payroll reports for a twelve-month period, showing the following information:
- Gross wages for each employee including officers if paid W-2 wages
- State and local taxes assessed on employee compensation
- Paid time off, vacation pay and family medical leave pay for each employee
- Health insurance premiums paid by the company under a group health plan. Include premiums for all employees and company owners.
- Retirement Plan payments for all employees and company owners.
- Paycheck Protection Program Application Form 2483 dated 4/2020.
- For eligible self-employed individuals or independent contractors, additional documents may be required such as: 2019 Schedule C and proof you were in business on 2/15/20, proof that you are self-employed.
Your banker will work with you on preparing a calculated loan amount.
Forbes - Small Business Relief Tracker:
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Facebook Small Business Grants Program:
Small Business Administration:
Disaster Assistance / Economic Injury:
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Florida Small Business Emergency Bridge Loan:
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