As of Monday, April 27, 2020, Paycheck Protection Program funding was expanded and is currently available for small businesses to apply through an applicable lender. Click here for a list our members in the financial sector that can be of assistance to you.
All monies acquired from the PPP are to be used with 75% of expenditures going to payroll costs after February 15, 2020.
CLICK HERE to review all Paycheck Protection Program Loan FAQS provided by the Small Business Administration.
WHAT WILL LENDORS BE LOOKING FOR?
Borrowers will need to complete the PPP Loan Application (which is available here) and payroll documentation.
Lenders will also ask you for a good faith certification that:
- The uncertainty of current economic conditions makes the loan request necessary to support ongoing operations
- The borrower will use the loan proceeds to retain workers and maintain payroll or make mortgage, lease, and utility payments
- Borrower does not have an application pending for a loan duplicative of the purpose and amounts applied for here
- From Feb. 15, 2020 to Dec. 31, 2020, the borrower has not received a loan duplicative of the purpose and amounts applied for here (Note: There is an opportunity to fold SBA Disaster Loans into a PPP loan)
If you are an independent contractor, sole proprietor, or self-employed individual, lenders will also be looking for certain documents such as payroll tax filings, Forms 1099-MISC, and income and expenses from the sole proprietorship.
Communication regarding the status of your requested loan will be provided by the lender once the loan is applied for.
Additional information and resources may be found at https://americassbdc.org/covid19/.
To contact Chip Templeton at the MSU-Small Business Development Center directly, call 662-325-8684 or email [email protected]
Click the video below to watch the full webinar.