Yesterday, the Small Business Administration announced that funding for both the Paycheck Protection Program loans and Emergency Injury Disaster Loans has reached the limit set forth by the CARES Act. In only 12 days, $349 Billion was disbursed or committed through the process.
We are hopeful that additional funding will be released for this program and will do our very best to keep you informed as to when that may occur.
Many business owners were left out with loans in process that were never submitted timely, or with financial institutions that were not ready to help them successfully. Some institutions even took applications knowing full well they couldn’t process them. It’s a rather sad commentary on the process in its entirety.
If you were one of those business owners that was with an institution that was unable to process your loan funding, we are recommending that you inquire with a new institution that was successful in funding their customers, get an account established, and submit what is required to get through underwriting. Then, if a second round becomes available, you will be in the queue immediately for funding.
Required information will be as follows:
941 quarterly payroll tax returns for 2019
940 annual Federal unemployment return for 2019
Annual payroll summary for 2019
Articles of organization (if an LLC) or Articles of Incorporation (if a stock corporation)
Any amendments to those articles for name changes, etc.
Potentially, as it is later into 2020, you could be asked for more recent payroll data, but that remains to be seen.
Our mission is that you are as prepared as possible should this get additional funding by the Federal Government through the SBA.