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.