If we already do your payroll, you can quit reading, we already contacted you directly.
We are reaching out to all our clients directly. As many of you are aware the PPP (paycheck protection program) will be available in the coming days. The final application (we think) is on our website We are trying to stay ahead on this as much as possible. We prefer to help with the application process, as we have most of the information. You will not be charged for this; we get to bill the banks directly contrary to what many banks are stating. So either spend your time doing it, requesting information from us (which we will have to bill the time for to you), or let us prepare and bill the bank (and you don't have to waste your time). We think most of our clients prefer the latter,
There is a lot of misinformation still going on because banks don't even know the rules right now. We have guided you this far, let us finish, please.
There is not a final process with the banks, but I (Eric) will tell you we expect more streamlining. It's also suggested to use the bank you have your business account with, if you go to an institution you don't already have a relationship with you will become a new customer and slow the process down.
What we need from you right now.
1. Look over the application and verify questions 1-6 are a no for all owning a greater than 20% stake.
2. Verify in question 7 which you are - for all with a greater than 20% stake.
3. Verify that you agree with all the certifications on page 2 for all with a greater than 20% stake.
Please do not fill out the application.
Simply respond to this email
and if you respond that means you are agreeing to us assisting with the application and submitting to your bank. Please be sure to include your bank name, address, phone number, fax number and name of your contact at the bank when you respond.
We will get signatures and initials once we know the process. We are allowed to act as agents in this process per the SBA.
For those that have their tax returns complete, really nothing for you to do except respond verifying the 3 questions above and send bank contact info.
For those who have not sent your tax information we need the following:
- Total amount spent on group health or health insurance premiums. Please provide details, we need an exact number. And only for amounts paid through your business or amounts if self-employed. We need details.
- Access to your business payroll information so we can verify amounts for 2019.
We are setting up our internal processes to handle all of these within 10 days, hopefully less. Do not worry, the well won't go dry in 10 days. We don't even know how fast these will be funded. Exercise patience through this process with us and the bank.
Please realize that the 8-week forgiveness clock starts the day your loan is funded. So, if you have laid off staff, you might consider bringing them back on payroll (even if laid off). That is a suggestion, let's let the loan process get finished first before making those decisions, just sticking it in your craw!!
Please respond as quickly as possible, don't forget to verify 1-3 above and include your bank contact info, so our team can get rolling. If we do not have your tax documents, please get us the info above.