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PPP Resources 

Basic PPP Requirements

Sole Proprietorship and Self-Employed with Employees

  • Form 1040 Schedule C

  • Business Bank statement for February, 2020

  • If you have employees - Proof of Payroll From 940


 

Independent Contractor, Self-Employed or Sole Proprietorship

  • Form 1040 Schedule C

  • Business Bank statement for February, 2020

Partnerships (& LLCs That File as Partnerships)

  • Business Bank statement for February, 2020

  • Form 1065 (U.S. Return of Partnership Income)

  • Form 1065 Schedule K-1

  • If you have employees - Proof of Payroll From 940

 
Non-Profits

  • Business Bank statement for February, 2020

  • Part IX Form 990 (only applicable if your non-profit files a 990)

  • If you have employees - Proof of Payroll From 940

 
 
S-Corporation and C-Corporations

  • Business Bank statement for February, 2020

  • If you have employees (including yourself) - Proof of Payroll From 940

  • If you do not have employees and and did not pay yourself a salary with payroll tax remitted, you are not considered to have a salary. If you don’t have W2 employees either, you are not eligible to apply for the PPP.

 
 PPP Basic Information:

  • Up to $2,000,000 in forgivable funding

  • 1.00% interest rate for any portion not forgiven

  • 5 year repayment term

  • No lender or government fees

  • No collateral or personal guarantees required

Funds Can Be Used For:​

  • Employee payroll

  • Worker protection equipment including PPE

  • Group health insurance expenses

  • Rent/mortgage payments

  • Software/cloud computing updates

  • Supplier costs critical to business activities

FAQ

Who Qualifies for the PPP Loan?

Who is eligible? The new funding is available to both first-time applicants and returning borrowers. For first-time applicants, most of the original rules apply. A company or nonprofit organization must generally have 500 or fewer workers, although companies in some industries can qualify with more employees.

How Long Will The PPP Be Available For?

8-24 weeks

How is my PPP Loan Calculated?

PPP loans are calculated using the average monthly cost of the salaries of you and your employees. If you're a sole proprietor, your PPP loan is calculated based on your business' net profit. Your salary as an owner is defined by the way your business is taxed

Does My PPP Loan Count As Income?

While a loan does not generate taxable income, a forgiven loan generally does. Congress addressed, to a degree, that issue by specifically stating in the CARES Act that forgiven PPP loans are not includable in taxable income. 

Has anyone received PPP Loan forgiveness? 
Yes, contact your lender for how to begin the loan forgiveness process. Please note that not all PPP loans are eligible to apply for forgiveness yet. Your PPP Loan provider should provide you with information as it becomes available. For more information about the forgiveness, process Click Here 
 Can You Receive both PPP Loans in the Same Round?
You can’t apply for a second draw loan until receiving your first draw loan, and either spending it all or creating a plan for how you will spend it and documenting that plan. To qualify for a second draw loan, you will need to spend your entire first draw loan on eligible expenses, such as payroll and utilities.
Do you need to apply for Loan forgiveness to get the PPP Loan 2nd Draw?
You don’t have to apply for forgiveness on your first loan to put in an application for a second draw loan.