Details from Lenders on PPP SBA Loans
Loan applications have opened through banks to provide SBA PPP loans. While each bank has a slightly different list of items they need to get the application process started, we are happy to help you with the process. Contact us here to be contacted by our SBA PPP loan assistance team.
One Update as of 4/6/2020:
Wells Fargo bank has closed their loan window for the SBA relief program. To read more on this news, click here.
Update as of 4/1/2020:
Information has started to come out from lenders on what may be needed for the Paycheck Protection Program (PPP). Lenders can start taking applications and giving out loans this Friday, April 3rd.
It would be beneficial to start gathering items needed for the application process. Here is an example of what one lender has asked employers to start getting together:
1. 2019 Payroll — including the last 12 months of payroll
2. 2019 Employees — 1099’s for 2019 employees and independent contractors that would otherwise be an employee of your business. (Note: Do NOT include 1099’s for services)
3. Healthcare costs — all health insurance premiums paid by the business owner under a group health plan
4. Retirement — your company retirement plan funding paid for by the company
5. Copy of Lease or Business Mortgage Statements
Click here for a PPP Sample Application Form from the SBA.
We will continue to provide updates on the Paycheck Protection Program and additional news from lenders.