PAYCHECK PROTECTION PROGRAM BASIC GUIDE
WHAT IS THE PPP?
A government program to help your business meet expenses.
A government program to help your business meet expenses.
IS YOUR BUSINESS ELIGIBLE?
Most likely yes.
Most likely yes.
HOW MUCH CAN YOU BORROW?
Your total payroll expenses for the last 12 months / 12, times 2.5
Example:
Your payroll is $120,000 Jan -Dec 2019
$120,000 / 12 = $10,000 average per month
$10,000 * 2.5 = $25,000
Your total payroll expenses for the last 12 months / 12, times 2.5
Example:
Your payroll is $120,000 Jan -Dec 2019
$120,000 / 12 = $10,000 average per month
$10,000 * 2.5 = $25,000
WHAT IS CONSIDERED PAYROLL?
It includes salary, wages, commissions, payment of vacation, sick, parental/family/medical leave, payment of retirement contributions, group health coverage premiums and state and local taxes assessed on payroll. It doesn’t include federal payroll taxes though. It also doesn’t include payroll costs for those making more than $100,000. Their first $100,000 is considered, but anything in excess is not considered for determining average monthly payroll costs.
It includes salary, wages, commissions, payment of vacation, sick, parental/family/medical leave, payment of retirement contributions, group health coverage premiums and state and local taxes assessed on payroll. It doesn’t include federal payroll taxes though. It also doesn’t include payroll costs for those making more than $100,000. Their first $100,000 is considered, but anything in excess is not considered for determining average monthly payroll costs.
WHEN CAN YOU APPLY?
April 3, 2020 through June 30, 2020 (or until funds run out).
April 3, 2020 through June 30, 2020 (or until funds run out).
CAN THE LOAN BE FORGIVEN?
If the proceeds are spent on ELIGIBLE expenses, then yes.
If the proceeds are spent on ELIGIBLE expenses, then yes.
WHERE CAN YOU APPLY?
Contact your bank to see if they are participating in the program.
Contact your bank to see if they are participating in the program.
THE APPLICATION FORM
Here is the application.
Here is the application.
WHAT TO PROVIDE WITH YOUR APPLICATION
The bank will guide you but you should be ready to provide copies of your 4 quarterly payroll tax returns filed in 2019 and the 1st quarter of 2020 if you have completed it. Financial statements such as a Profit and Loss statement.
See the link below.
The bank will guide you but you should be ready to provide copies of your 4 quarterly payroll tax returns filed in 2019 and the 1st quarter of 2020 if you have completed it. Financial statements such as a Profit and Loss statement.
See the link below.
WHERE TO FIND THE SUPPORT
For payroll returns, if we do your payroll we have provided you with copies.
But if you can't locate them, give us a call.
For financial reports, if you maintain a ledger using QBs, you can find the reports under the "reports" button.
But again, if you need our assistance, we can assist.
And above all, if you need our assistance, please try to schedule a time so we don't play phone tag, etc.
For payroll returns, if we do your payroll we have provided you with copies.
But if you can't locate them, give us a call.
For financial reports, if you maintain a ledger using QBs, you can find the reports under the "reports" button.
But again, if you need our assistance, we can assist.
And above all, if you need our assistance, please try to schedule a time so we don't play phone tag, etc.
SOME HELPFUL LINKS YOU NEED TO READ
More detail answers to above items and more.
Another link
List of what you may need to provide.
What to provide to this bank - - as an example.
What banks are participating?
Another list of banks.
More detail answers to above items and more.
Another link
List of what you may need to provide.
What to provide to this bank - - as an example.
What banks are participating?
Another list of banks.
DISCLAIMER !!!!
We are NOT in the business of giving loan advice.
This is a general guide.
We are NOT saying you need to participate in this program.
If you participate, your results may vary!!
We are NOT in the business of giving loan advice.
This is a general guide.
We are NOT saying you need to participate in this program.
If you participate, your results may vary!!