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    Paycheck Protection Program (PPP2)

    March 11, 2021

    SBA PPP Update (3/12/2021)

    The latest COVID-19 relief package for $900 billion in the Economic Aid Act signed into law on December 27th, 2020 contained a $284 billion allotment for a second round of the Paycheck Protection Program (PPP). We are pleased to announce that we have now opened up our SBA PPP program to members and are now accepting new applications for First Draw PPP Loans and Second Draw PPP Loans.

    The deadline to apply is May 14, 2021.

    Please email us to receive the application link.  You may also call (423) 578-7654 with any questions or issues you may have. 

     

     

    First Draw Loan Information:

    https://home.treasury.gov/system/files/136/PPP--How-to-Calculate-Maximum-Loan-Amounts-for-First-Draw-PPP-Loans-and-What-Documentation-to-Provide-By-Business-Type.pdf

    Please be prepared to provide the following information:

    • 2019 or 2020 tax forms, financial records, bank statements (whichever year was used to calculate payroll).
    • 2019 IRS payroll tax filings (Forms 940, 941, 944) if applicable.
    • State quarterly wage unemployment tax insurance reporting forms OR full year payroll processing records.
    • Health insurance premium expenses (if group healthcare costs were included in payroll calculations).
    • Retirement plan expenses (if payments into retirement accounts were included in payroll calculations).
    • Documentation supporting certification that, as of February 15, 2020, you had employees for whom you paid wages and payroll taxes, you paid independent contractors, or you are an independent contractor.
    • For self-employed borrowers: 2019 or 2020 Schedule C.
    • For Partnerships: 2019 or 2020 K-1s.

     

    Second Draw Loan Information:

    https://home.treasury.gov/system/files/136/Second-Draw-PPP-Loans--How-Calculate-Revenue-Reduction-Maximum-Loan-Amounts-Including-Documentation-Provide1192021.pdf

    Please be prepared to provide the following information:

    • 2019 Tax forms, financial records, bank statements (whichever year was used to calculate payroll).
    • 2019 and 2020 IRS payroll tax filings (Forms 940, 941, 944) if applicable.
    • State quarterly wage unemployment tax insurance reporting forms OR full year payroll processing records.
    • Health insurance premium expenses (if group healthcare costs were included in payroll calculations).
    • Retirement plan expenses (if payments into retirement accounts were included in payroll calculations).
    • Documentation supporting certification that, as of February 15, 2020, you had employees for whom you paid wages and payroll taxes, you paid independent contractors, or you are an independent contractor.
    • Copies of financial statements, tax records, or bank statements supporting the 25% decrease in gross revenues in any 2020 quarter compared to the same quarter in 2019.  We recommend that you provide documentation supporting the 25% reduction in gross receipts if they are available. However, for loans $150,000 or less, the SBA states that you will not have to officially provide this until or before seeking loan forgiveness or upon SBA request.
    • For self-employed borrowers: 2019 and 2020 Schedule C.
    • For Partnerships: 2019 or 2020 K-1s.

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