Who should consider PPL?
Any business who maintains payroll until at least June 30, 2020 is eligible for loan forgiveness. The amount of forgiveness is reduced proportionally by any decreased employee compensation exceeding 25% or number of employees persisting during the first 8 weeks of the loan relative to a recent qualified period Companies can correct past reductions in payroll by rehiring or remedying compensation by June 30, 2020 to receive full loan forgiveness.
What's the application process?
What factors are considered by the lender?
Lender only considers whether the business was in operation as of February 15, 2020 and whether it had employees for whom it paid salaries and payroll taxes or paid independent contractors.
What paperwork will I need?
3 years of income tax returns
Profit and loss (P&L) statement
Projected financial statements
Names and addresses of any subsidiaries
Business certificate or license
Loan application history
How soon will I see relief?
Loans from the SBA have historically taken about 45 days, but we’re hopeful that funds will be distributed faster. The CARES Act is removing steps to help expedite relief, including allowing approved lenders to make decisions on applications without having to go back to the SBA for approval. The SBA is also bringing on new lending partners to help with quicker fund dispersal.