Welcome To Signs101.com: Largest Forum for Signmaking Professionals

Signs101.com: Largest Forum for Signmaking Professionals is the LARGEST online community & discussion forum for professional sign-makers and graphic designers.

 


  1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Just In Paycheck Protection Program Application

Discussion in 'Business Management' started by Reveal1, Apr 1, 2020.

  1. Reveal1

    Reveal1 Member

    348
    108
    43
    Nov 7, 2010
    Cape Girardeau, MO
    Tags:
    • Like Like x 2
  2. WYLDGFI

    WYLDGFI Merchant Member

    1,025
    39
    48
    Oct 27, 2006
    Linden, NJ
    Thanks for posting that. Ive been waiting on that one....huge help. :thankyou:
     
  3. unclebun

    unclebun Very Active Member

    This program is administered through authorized banks and lenders. Though that is the form, you have to contact the bank to apply. You also have top provide other information like tax documents. April 3 is when they start the program.
     
    • Like Like x 2
  4. WYLDGFI

    WYLDGFI Merchant Member

    1,025
    39
    48
    Oct 27, 2006
    Linden, NJ
    Ive already been in touch with my accountant and business banking branch. Not letting this slip past me.!
     
    • Like Like x 1
    • Agree Agree x 1
  5. Reveal1

    Reveal1 Member

    348
    108
    43
    Nov 7, 2010
    Cape Girardeau, MO
    Same here. Unless you are a business under 500 employees that has had no negative impact, then you should qualify.
     
  6. dypinc

    dypinc Very Active Member

    1,551
    92
    48
    Mar 9, 2011
    Here
  7. Reveal1

    Reveal1 Member

    348
    108
    43
    Nov 7, 2010
    Cape Girardeau, MO
    Not sure , but I think that is a different loan from PPP.
     
  8. dypinc

    dypinc Very Active Member

    1,551
    92
    48
    Mar 9, 2011
    Here
    Looks like you are correct. So we can apply for two different loans.
     
  9. Chase bank has a webinar about this later today. I am attending the webinar and will be applying. This is something that every one of us on here should take advantage of. Don't feel guilty, as business owners, we pay more than our "fair share" over to course of our careers. This is YOUR money afterall, they are just giving it back to you to stay in business through these times.
     
  10. Stallion Signs

    Stallion Signs New Member

    9
    1
    3
    Nov 6, 2019
    Texas
    Can you please link to this? I also use chase for my business banking and would love to take part in this.
     
  11. Jeremiah

    Jeremiah Member

    128
    14
    18
    May 7, 2019
    Wisconsin
     
  12. Jeremiah

    Jeremiah Member

    128
    14
    18
    May 7, 2019
    Wisconsin
    Sorry my question ended up in the quote and should not be .
     
  13. Reveal1

    Reveal1 Member

    348
    108
    43
    Nov 7, 2010
    Cape Girardeau, MO
    Couldn't agree more. FYI my bank just gave me this list of documentation that they will need, check with your lender but here it is:
    Paycheck Protection Program
    Documents to be submitted with borrower's application
    • Articles of Incorporation/Organization of each borrowing entity
    • By Laws/Operating Agreement of each borrowing entity
    • All owners Driyer's Licenses
    • Payroll Expense verification documents to include:
      • IRS Form 940 and 941
      • Payroll Summary Report
      • If a Payroll Summary Report is not available, Employee Pay Stubs as of February 15,2020 (or corresponding period)
      • Breakdown of payroll benefits (vacation, allowance for dismissal, group healthcare benefits, retirement benefits, etc.
    • I099s (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
    • January I - December 31,2019 and 2020 Year to Date profit and loss statement for all applicants
    • Most recent Mortgage Statement or Rent Statement (Lease)
    • Most recent Utility Bills (Electric, Gas, Telephone, Internet, Water)
    • Last Federal Tax Return filed for the business 2019 or 2018 (if 20 19 is not filed yet)
    Also, my accountant confirmed that as a single-owner LLC (MO), my earnings (profit) counts toward forgivable loan amount calculation (avg. mo payroll expense X 2.5) up to $100K annual earnings. Again, check with your lender/accountant.
     
Loading...

Share This Page

 


Loading...