April 2, 2020
We are committed to updating you as we learn more from the SBA. Some lenders might start accepting applications tomorrow FOR SBA PPP LOAN . To help prepare for the application , we recommend that business owners begin to gather the following information and documents:
1. 2019 IRS Quarterly 940, 941 or 944 payroll tax reports (Ask your Payroll Provider)
2. Last 12 months of Payroll Reports beginning with your last payroll date and going backwards 12 months (e.g. gross wages for each employee, paid time off for each employee, vacation pay for each employee) (Ask your Payroll Provider)
3. All 1099s for 2019 for independent contractors that would otherwise be an employee of your business
4. Documentation showing total of all health insurance premiums paid by the Company Owner under a group health plan
5. Document the sum of all retirement plan funding that was paid by the Company Owner (do not include funding that came from the employee’s out of their paycheck deferrals)
This is the link to the application if you missed our previous communication.
As always, we are here for you if you have any concerns or questions. We are all in this together.