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The Paycheck Protection Program (“PPP”)

Blumberg is here to help obtain documents needed for the Paycheck Protection Program (PPP) that helps support small businesses during the COVID-19 crisis.

The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone.

The loan amounts will be forgiven as long as:
The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and
Employee and compensation levels are maintained.

Payroll costs are capped at $100,000 on an annualized basis for each employee. Due to the likely high subscriptions, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.

Loan payments will be deferred for 6 months.

What’s Needed for the Paycheck Protection Program Application Process

In addition to the required application you may be asked for the following information; the information needed for filing depends on your lender's requirements.

-Business entity documentation (i.e. Articles of Incorporation, Articles of Organization, or Certificate of Good Standing).
- By-laws or Operating Agreement for borrowing entity
- Document the sum of all retirement plan funding paid by the company
- Payroll expense verification documents
- List of business owners if not included in the tax return
- Documentation showing total health insurance premiums paid by the company under a group health plan
- 2017, 2018 and 2019 business tax returns, if applicable, and 2019 internal financial statements if 2019 tax return is not filed
- 2020 interim financial statements
- Debt schedule for the operating business
- Copy of driver's license for signers of the business

Blumberg can help obtain the following: Articles of Incorporation, Articles of Organization, and Certificate of Good Standing.

In addition to standard LLC Operating Agreements and Governance Documents, Blumberg offers custom LLC agreements we also offer Minutes & Bylaws for Corporations

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BlumbergExcelsior, Inc.
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Corporate Headquarters
16 Court Street, 14th Fl, Brooklyn, NY 11241;
212 431-5000 fax 917 243-5794, Hours 8:45am - 5:45pm

New York Corporate Services
236 Broadway, Menands, NY 12204;
518 436-0855, Hours 8:00am - 5:00pm

Texas Corporate Services
PO Box 151929, Austin, TX 78715-1929;
512 478-6620, Hours 8:00am - 5:00pm

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