Overview of the PPP:
10 year note, @ 4% and is 100% forgivable
Businesses are eligible for 2X their payroll expenses.
Required materials:
➢ Completed application ➢ SBA Form 1919.
➢ Articles of Incorporation/Organization of each borrowing entity
➢ ByLaws / Operating Agreement of every borrowing entity
➢ All owners' Driver’s Licenses
➢ Payroll Expense verification documents to include:
• IRS Form 940 and 941
• Payroll Summary Report with corresponding bank statement
▪ If a Payroll Summary Report is not available, Employee Pay Stubs as of February 15, 2020 (or corresponding period) with corresponding bank statement, and,
▪ Breakdown of payroll benefits (vacation, allowance for dismissal, group healthcare benefits, retirement benefits, etc.
• 1099s (if Independent Contractor)
➢ Certification that all employees live within the United States. If any do not, provide a detailed list with corresponding salaries of all employees outside the United States
➢ Trailing twelve-month profit and loss statement (as of the date of application) for all applicants
➢ Most-recent mortgage statement or rent statement (lease)
➢ Most-recent utility bills (electric, gas, telephone, internet, water)
If you have questions, please call Chuck at (773) 596-5483 .