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Rising Above the Chaos

Consider: Paycheck Protection Application Checklist

 

As you may know, the banks received formal guidance from the SBA on the Paycheck Protection Program after close of business on April 2, 2020.  The banks are off to the races to prepare to accept applications.  Some are aiming to be ready by end of business today while others are targeting Monday.

We understand that the roll out of this program has created a great deal of anxiety, but we can all do the best we can to prepare for each bank’s roll out.  If you intend to apply for the program, we prepared a checklist of items to work on prior to acceptance of applications.

This list is based on the conversations we have had with our clients and banks, please be aware that it is subject to change. 

  • Hug Your Banker. This program is not a money-making proposition for the banks. Our banking community did not receive guidance from the SBA until the end of business yesterday. They are working hard to make the program available to their customers as fast as possible.
  • Review the SBA Form. Be prepared to complete this form in the method requested by your bank. The most recent version was released early this morning.  PPP Application V3  US Chamber of Commerce has provided a helpful PPP Guide.
  • Entity Formation Documents. (e.g., articles/certificate of incorporation and bylaws; articles of organization and operating agreement; partnership agreement and filed partnership certificate; trustee certification; or trade name certificate (DBA).
  • 2019 Quarterly Form 941s. These can downloaded from your payroll system.
  • 2019 Annual Form 940. This can downloaded from your payroll system.
  • 2019 W3. This can downloaded from your payroll system.

** Note: If you use a PEO like ESC, Alcott or JustWorks, request from them a replacement report for the W3, 940 & 941**

  • Most Recent Business Tax Return.
  • 2019 YTD Payroll Reports. The report should show total 2019 wages, withholdings, payroll taxes and benefits.
  • 2020 YTD Payroll Reports. The report should show total 2020 wages, withholdings, payroll taxes and benefits.
  • Health & Retirement Support. If not included in your payroll reports, collect back up for employer health insurance costs and retirement costs.
  • Copies of Drivers Licenses of Owners. This may be a requirement for 20% and greater owners. Ensure to copy the front and back.

 

 

Be Well,

The Kanes


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