SBA Paycheck Protection Program (PPP) Loans
Have you applied for a PPP loan? To avoid having to pay back the PPP loan, it’s critical you organize and document your expenses correctly. We know exactly how to help you do that with our specialized P5 service call now 414-325-2040 so we can start helping you today.
SBA Paycheck Protection Program Loans – (Protect your Company, have you applied yet?)
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
The Paycheck Protection Program will only be available through June 30, 2020, so it’s important to apply NOW. Call us today, 414-325-2040, we’re ready to help you.
SBA PPP Loan Application Documents Needed for SBA PPP loan – Various banks may ask for different documents, but generally, the list below is the majority of documents you may need:
- Employer Identification Number letter (this is the letter the IRS sent when you applied for your EIN)
- Articles of Organization
- Operating Agreement
- 2019 financials or tax return (especially, if sole-proprietor)
- 2019 payroll summary
As of April 17, 2020, the first round of funds for the PPP loans has run out but you are still in luck, more funds are available now! Take time now to get your documents ready so we can submit your application before the funds run out again!