Chuck Fogel, of Nexus Commercial Funding Corp, located at 1914 West Morse Avenue, is helping process SBA Payroll Protection Program (PPP) loans for small business owners, on behalf of Wintrust Bank, at no charge.
Overview of the PPP:
10 year note, @ 4% and is 100% forgivable
Businesses are eligible for 2X their payroll expenses.
➢ 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 .