Paycheck Protection Program – Round 2

May 6th, 2020
Congress has authorized another $310 billion in funding for the very popular Paycheck Protection Program (PPP) loans for small-business owners, including $60 billion specifically set aside for community banks and smaller credit unions. The first round of funding was exhausted within 14 days, so it is imperative that you take immediate steps to prepare your documentation if you plan on applying in this round.
Below is a list of information and documents that you will need in order to complete the Application process and satisfy lender requirements in an expedited manner:
  • Driver’s license for all owners
  • Articles of Incorporation/Organization for each borrowing entity
  • Bylaws/Operating Agreement for each borrowing entity
  • Payroll Expense Documents:
  • IRS Form 940/941
  • Payroll summary report with corresponding bank statements for the applicable period as identified within the loan calculator
  • If payroll summary report is not available, another form of verification, such as pay stubs
  • Evidence of payroll benefits paid (vacation, sick leave, family leave, retirement benefits, healthcare benefits)
  • Trailing 12-month profit and loss statement
  • 1099 for independent contractors
  • Certification that all employees live within the United States. Itemize and identify employees that do not have a principal residence within the United States.
Please contact us if you have any questions or concerns. We are here to help you navigate your way through the loan process should you need us or with any other business issues that may arise. You can reach us by phone at (609) 452-7100 or via email to our attorneys’ individual email addresses.