Treasury Department New Information for Business Owners
The Treasury Department released information on the Payroll Protection Program (PPP) part of the CARES Act signed into law recently. We want to share what we learned today. I suggest business owners act on this quickly as it can benefit you.
A link for the application form (it is titled Borrower Paycheck Protection Program Application) is above. Also included in a link is an example of the CARES ACT Excel sheet to help familiarize you with how it looks.
All this information pertains to the Payroll Protection Program (PPP). As a reminder The PPP is administered by your bank. Check with your own bank to find out any additional items they may require.
My own bank asked for:
- 3 years of tax ( 12-31-2019 balance sheet Profit loss if tax returns not complete )
- 941 for 2019
- Organization documents
- Total number of employees February 15, 2020.
Special Note: Be aware that contract labor is included with wages. Repeat: Contract labor counts as wages and this can have a big impact. It you use the example excel spreadsheet you can modify a column to add Contract Labor.
*Another item to be aware of, is to apply for apply for the automatic grant of 10,000. You do this online at https://covid19relief.sba.gov/#/ It says it takes 2.5 hours. It took me substantially less than that.
We continue to work to stay aware of new information to share with you.
Danny Cochran and Team