Care Act (Paycheck Protection Program)

Care Act (Paycheck Protection Program) was passed on Friday, March 27, 2020

NEW APPLICATION, LIST OF SPECIFIC ITEMS AND THE CALCULATOR TO DETERMINE QUALIFICATION AMOUNT AND LOAN CLOSING VERBIAGE DOCUMENTATION

We would like to provide some key information and a pre-application list if you would like to begin the process.

WE HAVE RECEIVED THE FOLLOWING INFORMATION ON THE CARE ACT (PPP ACT):

Loan amounts to be based on payroll costs  - 2.5 times average monthly payroll costs up to $10 million Potential for loan forgiveness when the funds are used on specified expenses including payroll, mortgage interest, rent, and utility payments. 4% fixed interest rates with payments deferred for up to one year and no prepayment penalty. 

Currently the program is only open until June 30, 2020, but may be extended.

Business must have been in operation on February 15, 2020.

Maximum 10 year maturity – no prepayment penalty

There will be a deferment period of at least 6 months and not to exceed a year.

PAYROLL COST:

Salary, wage, commission, or similar compensation

Payment of cash tip or equivalent Payment for vacation, parental, family, medical or sick leave Allowance for dismissal or separation

Payment for healthcare and retirement benefits

Payment of payroll taxes

NEW APPLICATION, LIST OF SPECIFIC ITEMS AND THE CALCULATOR TO DETERMINE QUALIFICATION AMOUNT AND LOAN CLOSING VERBIAGE DOCUMENTATION.

REQUESTED ITEMS:

SBA Loan Application

SBA Form 1919

Copies of drivers licenses for all borrowers (in color)

2019 Business Tax return, if completed

OR 

2019 Business Financial Statement (profit &

loss and Balance sheet)2017 & 2018

Business tax Returns including all schedule

Evidence of payroll Costs for 2019 –

salary/wages/top, family medical, sick leave, health benefits, retirement benefits,

state/local taxes, 

IRS 940 or 941 information

Business Debt Schedule  - attached

SBA Form 413 – personal financial statement 

(if we have a PFS on file within the last 12 months, I do not need this form again)