Paycheck Protection Program Opens
The SBA opened the Paycheck Protection Program loan portal today, January 11, 2021. To promote access to capital for minority, underserved, veteran, and women-owned business concerns, only community financial institutions will be able to make First and Second Draw PPP loans until Wednesday, January 13, 2021. We anticipate participating lenders to open shortly after.
We recommend that borrowers download their application and gather their information immediately. Please do not wait; we anticipate the funds to be exhausted quickly.
To Get Ready:
Download Forms From the Treasury Website
- 2019 Business Tax Returns with all schedules
- 2019 and 2020 state payroll forms for all quarters (Form 941)
- Invoice, bank statement, or book of record to establish that you were in business on February 15, 2020.
- A schedule calculating average monthly payroll expense in 2019 or 2020 (salaries capped at 100K). You must provide evidence of any retirement and employee group health, life, disability, vision, and dental insurance contributions.
- If self-employed, 2019 or 2020 Schedule C and Schedule 1099 Misc., bank statement, or a book of records that shows that you are self-employed.
- State quarterly unemployment insurance reporting forms for 2019 and or 2020.
- Second draw borrowers need the schedule used to support average monthly payroll expense in 2019 for their first loan.
- Second draw borrowers need 2019 and 2020 tax returns (not yet available for 2020) if you do not have quarterly financials, quarterly financial statements, or bank statements reflecting your quarter gross receipts used to demonstrate the 25% reduction in gross receipts.
Good Faith Certification
- You were in operation on February 15, 2020, have not permanently closed and paid salaries.
- The current economic uncertainty makes this loan request necessary to support the ongoing operations of the applicant.
- The funds will be used to retain workers and maintain payroll; or make payments for mortgage interest, rent, utilities, covered operations expenditures, covered property damage costs, covered supplier costs, and covered worker protection expenditures as specified under the Paycheck Protection Program Rules.
- A reduction in gross receipts in excess of 25% for the relevant comparison periods (Second Draw only).
- If you received a First Draw loan before the Second Draw loan is disbursed, that you have or will have used the full loan amount for eligible expenses.
- You are not an entity organized in China or Hong Kong.
- You are not required to submit a registration statement under Section 2 of the Foreign Agents Registration Act.
- You are not primarily engaged in political or lobbying activities.
Do not delay. Contact your Whittlesey advisor for assistance with calculations and completing loan and forgiveness applications. We are here to help!
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