Paycheck Protection Program (PPP)

Finance SBA Loans
41

Thanks for update about PNC. Sounds like maybe things are starting to move forward and hopefully our local bank may be the one stop shop. Still keeping SBA on the radar though. I like the 2 different response 24 hrs apart.

42

Here are the latest (as of 3/31) details on the PPP Loan

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43

Here is a good CPA summary, and the necessary forms. I don’t think the PPP application is available yet.1-TD COVID-19 SBA LENDING PROGRAMS.pdf (76.4 KB) 2-Business Loan Application (SBA Form 5).pdf.pdf (657.0 KB) 3-SBA-Economic-Injury-Disaster_Rev.pdf.pdf (99.3 KB) 4-Familes First Coronovirus Response Act- Q & A.pdf (1.2 MB) 5-Home and Sole Prop Loan Application.pdf.pdf (320.3 KB)

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44

First off, thanks to Paulie and Chip for high quality and accurate and timely information. During one the webinars, you showed us how to go to SBA and apply for the loans. I down loaded the forms and filled them in and then uploaded them. NOW, when I go back to SBA.gov and go through the same clicks as you described last week, there is another digitized form there. Do I need to fill that out also?

45

Yes, they got the online portal back up over the weekend. If you uploaded the documents previously, you should be ok but without any confirmation. My advice has been to do it agin via the online portal so that you can at least get a confirmation number. Remember, the loan forgiveness program (PPP) should be done via your bank for more timely processing.

-Paulie

46

Hi all. New to the forum. Thanks to Paulie and Chip for all the valuable insight and info.
The treasury website, not the SBA, has the application to the PPP program:
https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses
Here is the PDF link:

It does seem that at this stage we, the pediatricians, know more about this than the bank branch manager. I have spoken to 3 different ones yesterday and some were clueless and others were waiting for more information and guidance to come from the treasury.

Ali

47

Lynn,
On page 3 of the PPP application, it states:
“For purposes of calculating “Average Monthly Payroll”, most Applicants will use the average monthly payroll for 2019, excluding costs over $100,000 on an annualized basis for each employee. For seasonal businesses, the Applicant may elect to instead use average monthly payroll for the time period between February 15, 2019 and June 30, 2019,…”

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