https://okenergyproducers.org/wp-content/uploads/2016/07/Logo-sm-296x300.jpg 0 0 Naomi Lemon https://okenergyproducers.org/wp-content/uploads/2016/07/Logo-sm-296x300.jpg Naomi Lemon2020-03-27 13:44:392020-04-02 21:35:27Paycheck Protection Program
Paycheck Protection Program
Under the CARES Act, the Small Business Administration is offering The Paycheck Protection Program. The program is offering small loans on favorable terms for payroll necessities. It is intended to: 1) help small businesses cover their near-term operating expenses during the worst of the crisis, and 2) provide a strong incentive for employers to retain their employees.
This program is also for sole proprietors, independent contractors, and self-employed individuals.
Click here for more information on the Paycheck Protection Program.
Here is a list of the information needed for the Paycheck Protection Program loans (CARES Act).
1. Form 2483
2. 2019 YTD business financials (balance sheet & profit & loss)
3. 2018 or 2019 business tax returns for the applicant business or Schedule -C
4. 12 months’ worth of payroll costs for 2019 including: (If employed less than 12-months, then provide as much as you have.)
- For employers
- Salary, wage, commission, or similar compensation
- Payment of cash tip or equivalent
- Payment for vacation, parental, family, medical or sick leave
- Allowance for dismissal or separation
- Payment required for provisions of group health care benefits, including insurance premiums
- Payment of any retirement benefit
- Payment of State or local tax assessed on the compensation of employees
- For sole proprietors, independent contractors, and self-employed individuals
- The sum of payments of any compensation to or income of a sole proprietor or independent contractor that is a wage, commission, income, net earnings from self-employment, or similar compensation and that is in an amount that is not more than $100,000 in one year, as pro-rated for the covered period.
5. Applicable business entity registration documents such as:
- Articles of Organization
- Articles of Incorporation
- Operating Agreements
- Tax Identification Number (EIN)