Paycheck Protection Program: Key Facts and Documents

The bulk of the small business stimulus funds in the CARES Act, roughly $349 billion, is dedicated to establishing the Paycheck Protection Program (PPP), which is intended to guarantee businesses the loans they need to cover eight weeks of payroll, along with some utility and rent costs. The PPP enables organizations to obtain up to $10 million in loans that are 100% forgivable if they do not lay off any employees or if they rehire employees they’ve already laid off. Here are some key facts on PPP Applications: -A sample Application can be found here, and the formal application is expected to be released by the SBA on Friday, April 3rd. The sample Application cannot be submitted and is simply a document to guide businesses on what information and documents they should prepare. -Once Applications are opened, they must be submitted through an approved banking institution. -All 1,800 banks that currently participate in the SBA’s 7(a) loan program are expected to participate in the PPP option. The Treasury Department is poised to approve additional lenders in the coming weeks. -Experts urge small businesses to begin reaching out to their banks — which will be in charge of approving PPP loans — so that institutions are aware of the interest and can alert organizations promptly once the program is officially underway. -Banks will be prioritizing existing clients via online applications, so it is recommended you work with your current bank to submit your online PPP application. -For specific questions, businesses can reach out directly to the Small Business Administration via a new 24/7 phone help line: 1-800-659-2295, or can contact your banks directly. -One resource available through the AICPA (American Institute of Certified Public Accountants) is a Paycheck Protection Plan Calculator. This is not an endorsement that these calculators will provide the exact information that will be accepted in the application, but may assist businesses in calculating maximum loan amount eligibility. -​Generally, it is recommended that businesses have the following information ready: -Lenders may ask for a range of documents. See this list to get started. -The date you started your business -Detailed information in order to calculate the average monthly payroll costs for your employees for the past 12 months, as outlined by the SBA -Your annual revenue -Your business mailing address

The Roscoe Village Banks participating that you may get in contact with are: Wintrust, Byline, Fifth Third, and PNC.

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