Senate Votes to Extend Deadline For PPP!

 

The Senate approved the Paycheck Protection Program (PPP) Extension Act yesterday with a vote of 92 to 7. The bill extends the Program until May 31st and then allows the SBA another 30 days to continue processing successfully completed PPP applications already submitted. This legislation now goes to the President for his signature. 

The additional two months extension from March 31st is good news for your clients who have not yet started their PPP loan application, or made it through the review and approval process. Currently there is about $79 Billion in PPP funds still available, but those monies continue to go quickly and may not last for the entire two month extension. 

As mentioned in our last update, we continue to quickly process those eligible businesses whose loan amounts are calculated using their 1040 Schedule C.  We typically submit more than half of these businesses that successfully complete their applications in accordance with PPP requirements to the SBA on the same day the business started their loan application.  

Also, If you received a first PPP loan in 2021 and are interested in applying for a second PPP loan, our team is working on an expedited process for these loan applicants.  We anticipate having that available soon and will keep you updated. 

Below is some required documents that are needed in order to apply. Please note, in some cases the SBA will ask for additional documentation and explanations:

Documentation Needed to Apply

 

CARES Act Report

A CARES Act Report is generated straight from your payroll provider, such as ADP or Gusto. This method allows your loan processing team to review your loan quicker. 

 

2019 or 2020 Tax Documents

If you don’t have a CARES Act report, you may upload tax documents instead. Your required tax document will depend on your business’s entity type. If you must submit Form 940/941, make sure they are from the same tax year as your other documents.

 

Tax Documents Required*

Business Type

For All loan amounts

For Loans over $150,000

S Corporations

Form 1120-S

Form 940 or 4 quarters of Form 941

Signed quarterly Profit & Loss statement

Partnerships and/or LLCs

Form 1065

Form 940 or 4 quarters of Form 941

Signed quarterly Profit & Loss statement

C Corporations

Form 1120

Form 940 or 4 quarters of Form 941

Signed quarterly Profit & Loss statement

Non-profits

Form 990

Form 940 or 4 quarters of Form 941/944

Signed quarterly Profit & Loss statement

 * If you submit Form 941, make sure they are from the same tax year as your other documents.

Business Type

Required for Businesses with 0 Employees

Single Entity LLCs

Form 1040

Schedule C

Sole Props or Independent Contractors**

Form 1040

Schedule C

 ** Sole Proprietors and Independent Contractors must submit a bank statement, invoice, or book of record to show you were in operation on February 2020

 

Bank Account Information

You will need your account and routing number. You can find this information on a bank statement, by logging into your bank’s website, or from one of your business checks.

 

Drivers License & Identification Information

 In addition to your banking and financial information, you will need to submit a copy of your drivers license with additional forms of identification, such as your passport or birth certificate to verify your identity. 

To see if you qualify for a PPP loan, follow the link below to our secure, online application.  The entire process only takes 15-20 minutes to complete. Upon submission, a consultant will contact you within 24 hours to review your application and documentation prior to submitting for approval.