It is important that you work closely with your bank to get this loan application completed and submitted. There will be some documentation you will need to provide with the application. Complying with all of the bank’s requests will speed the approval of the loan.
The links below lead you to the PPP application form and the information fact sheet for borrowers:
https://home.treasury.gov/system/files/136/PPP Borrower Information Fact Sheet.pdf
It is important to note that you can apply and get approved for the funds now, but choose to wait for the funding at a later date if needed. This could be important when it comes to showing the loan proceeds were used for qualified expenses. You have only 8 weeks following the funding for this purpose.
We hope you find the following information helpful to complete the application.
Calculation of FTE’s (full time employees):
Total annual hours (regular hours, not overtime) worked in 2019 for ALL employees for the year divided by 2,080 (two thousand, eighty). Round the result down to the whole number. This number is what you will use for the question “Number of Jobs” on the application.
1. Payroll costs include: employee salary, wages and commissions; payment of cash tips; payment of vacation; parental, family, medical or sick leave; allowance for dismissal or separation; payment required for group health benefits (including insurance premiums); payment of retirement benefits; or payment of state or local tax assessed on employee compensation; and sole proprietor income or independent contractor compensation not in excess of $100,000. For partners in a partnership, you should include the guaranteed payments as compensation.
2. Independent contractors that would otherwise be an employee of your business.
3. Healthcare costs — all health insurance premiums paid by the business owner under a group health plan.
4. Retirement — your company retirement plan funding paid for by the company.
We're here to help.
Your bank may require specific documents that our office can provide. Let us know how we can help expedite the application process.