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Just In Paycheck Protection Program Application

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unclebun

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.
 
R

Reveal1

New Member
Same here. Unless you are a business under 500 employees that has had no negative impact, then you should qualify.
 
TopFliteGraphics

TopFliteGraphics

New Member
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.
 
S

Stallion Signs

New Member
TopFliteGraphics said:
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.
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Can you please link to this? I also use chase for my business banking and would love to take part in this.
 
J

Jeremiah

New Member
TopFliteGraphics said:
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.[/QUOTE
Where do people think this money is coming from now? Are there winners and losers in this? Will there be a time when this will be requested or given again ? When , 3 months, 6 months , 12 months , or is it one time only ?
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R

Reveal1

New Member
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.
 
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