01/
How much am I eligible for?
Per the CARES Act recently signed into law, the maximum loan amount you are eligible for under the Paycheck Protection Program is 2.5 times your average monthly payroll expense.
02/
Will I have to pay back the loan?
Some or all of this amount may be forgiven based on verification of payroll and other expenses you incur during an 8-week period following this loan. Please note that your forgiveness amount may be reduced if your payroll expense during that period drops by more than 25%.
03/
What are the terms of the loan?
For any remaining portion of this loan that is not forgiven, this is a 2-year loan with an interest rate of 1%. There is no prepayment penalty.
SUBMISSION REQUIREMENTS
SBA SIGNED PPP APPLICATION - CLICK HERE OR ABOVE TO DOWNLOAD
All applicants should be prepared with the following:
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Business start date
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A government-issued ID (front and back)
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Monthly payroll statements that outline these costs by month:**
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Salary, wages, commissions, or tips (not exceeding $100,000 annually for each employee)
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If you have employees making over $100,000, provide their W-2s
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If you have employees outside the US, provide W-2s for those living abroad.
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Costs for vacation, parental, family, medical or sick leave
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Costs for separation or dismissal of employees
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2019 IRS Form 1099-MISC if you are an independent contractor
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2019 IRS Form 1040-C if your business is a sole proprietorship
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If your business is seasonal, 2019 IRS Form 941 for Q1 & Q2*
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If your business is not seasonal, 2019 IRS Form 940
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Voided Check with Bank deposit information
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Articles of organization
**Many payroll providers like ADP, Paychex and Gusto already have a report setting available for PPP loans. Please check with your provider.
ONCE APPLICATION IS COMPLETED PLEASE EMAIL DOCUMENTATION TO stef@talegacapital.com