Small Business Administration Paycheck Protection Program
The Paycheck Protection Program offers forgivable loans for up to 2.5 times your gross monthly income. SBA will forgive loans if employee numbers are maintained and funding is used for payroll, rent, mortgage interest, or utilities during an eight-week period.
More info about the Paycheck Protection Program SBA Paycheck Protection Program
Applications for businesses and nonprofit organizations with employees (issuing w-2’s) are now open.
Applications for self-employed/sole proprietors/independent contractors are supposed to open April 10, 2020.
You must go through a lender to apply for these loans. If you have a relationship with a bank or credit union, reach out and ask if they are offering this program.
It is unknown at this time exactly what individual banks will require for application. Be prepared to provide documents in PDF form. If you already have a business bank account with a lender, you may not need some of the following. In the Chase system, much of this was skipped for established clients. You will need paperwork to prove your average monthly payroll.
- SBA application signed by each 20%+ owner
- Driver’s License/Passport/ID for each 20%+ owner
- Articles of Incorporation/Organization
- Corporate/Nonprofit Bylaws
- 2019 IRS Payroll Tax Reports: Forms 940 & 944
- 2019 Payroll Report showing gross wages by employee
- 2019 Profit & Loss Statement
- Company Tax Return: most recent filed (2019 or 2018)
- Payroll Register/Journal/Record including 2/15/2020 payroll
