04/02/2020

Paycheck Protection Program

As the federal stimulus packages are rolled out, you have the opportunity to apply for the Paycheck Protection Program. Below is the link to download the form which takes less than ten minutes to complete. Once you complete the form it will then need to be sent to your bank providing they are participating in the program.



Contact your bank once you’ve sent in the form and they should give you a checklist of other items they will need as part of the process and inform you of next steps.

Banks will start accepting the forms on April 3, 2020.

https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf

The bank will likely require additional supporting material which you can provide after submitting the above form. At minimum, banks will require payroll tax reports filed with the IRS (Forms 941,940 state income and unemployment tax filing reports).
 
Below is an overview from the SBA of the Paycheck Protection Program:
https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp

You can expect your bank to receive many applications so the sooner the better. If you work with a CPA firm you or your attorney should contact them as soon as possible to update them about where you are in the process and any additional information they may be able to provide.