It is likely that lenders will also be required from the owners of the business and company organization documents, such as statutes and statutes. B, in the case of a company, an organization and an enterprise agreement, in the case of a company, driver`s license or company documents. A lender can also request financial statements and tax returns. Individual Owners and 1099 Contractors Partnerships S and C Corporations LLCs Non-Profits Religious, Veteran and Tribal Businesses Include your zip code below for detailed information on starting a business in your area. Choose your state below for detailed information on the state of starting a business. The maximum principal amount of paychecks is calculated by multiplying the applicant`s average monthly salary costs by 2.5. However, the maximum loan amount is limited to $10,000,000. Wage costs include wages, wages, tips, paid leave, paid leave, parental leave, family leave, medical or sick leave, health care, including insurance premiums, pension benefits and public and local taxes, which are assessed on work allowance. However, salary costs do not include the compensation of a single employee who exceeds an annual salary of $100,000. The lender making the application will likely ask the applicant for the following: Choose the appropriate type of entity below to display a list of all the necessary documents. Confirmation of the entry code and the NAICS code (the first page of your last tax return) Copy of the driver`s licence for each licensee, partner, officer, director or shareholder holding 20% or more ownership of the candidate entity Different lenders have different requirements, so it is important that companies interested in PPP loans go to their banks as quickly as possible and ask what is necessary for the PPP loan application.
Lenders expect a large number of PPP loan applications. The sooner a company contacts its bank, the better. With this calculator example, you can indicate how you got to your desired credit amount. You can also use a calculation provided by your CPA. Congress Passes The CARES Act In Response To Coronavirus Crisis Application for a PPP Loan is made to a lender who is a SBA participating lender. This essentially means that the lender has the right to lend under Section 7 (a) under the Small Business Act. The PPP loan application contains instructions to help the applicant complete the form. Note that any business owner with 20% or more of the company must sign the app and initiate the certifications contained in the application. Companies that are under joint control with other companies, such as subsidiaries and associated companies, must disclose these companies and/or subsidiaries as part of the application. Therefore, it would be desirable to include in the application an organization chart containing percentages of ownership interests if the applicant has related businesses.