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Paycheck Protection Program - Application here

Posted by Admin Posted on Apr 16 2020

Dear Client – treasury has published the application for the Paycheck Protection Program.  The application and guidance can be found at this link:  https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses 

The Small Business Administration (SBA) will begin accepting applications on the following dates:

  •  April 3, 2020 for small businesses and sole proprietorships
  •  April 10, 2020 for independent contractors and self-employed individuals 

 

To help prepare for the application, we recommend that business owners begin to gather the following information and documents:

  1. 1    2019 IRS Quarterly 940, 941 or 944 payroll tax reports
  2. 2     Last 12 months of Payroll Reports beginning with your last payroll date and going backwards 12 months (e.g. gross wages for each employee, paid time off for each employee, vacation pay for each employee)
  3. 3    1099s for 2019 for independent contractors that would otherwise be an employee of your business
  4. 4    Documentation showing total of all health insurance premiums paid by the Company Owner under a group health plan

 

Document the sum of all retirement plan funding that was paid by the Company Owner (do not include funding that came from the employee's out of their paycheck deferrals