A productive day.   As I noted in my earlier note, the checklists and guidelines are coming together (there is some chatter about some last minute Treasury changes but we will see what April Fool’s Day brings).

Attached is a plain English explanation.

As I mentioned earlier, really important to visit Chamber of Commerce site for their checklist. www.uschamber.com

Also attached is the SBA application.   You will apply online (www.sba.gov) and this application should be identical or very close to the application online.   I provided it in a word doc so you can fill it in.

One of our banking partners, Frank Heston of Riverview Bank, is available to chat with anyone who desires to work with a bank other than their current bank.  Not all banks are SBA certified and obviously some bankers are better and easier to work with than others.  You are NOT required to execute the PPP with your current bank.  Frank’s email is on the cc line.  Reach out to chat with him.  He will give you honest and correct advice.  I have worked with him for many years and he is the guy that I call when I need an answer.

Finally, my earlier note mentioned payroll providers and the request for a custom report for the previous 12 months of wage and salary and exclusions info.   I was the first to ask my provider and they agreed to create the detailed report in a day or two so I suggest you do the same with your payroll provider.   A certified payroll report will obviously make it easier for a banker to review and approve your request.  I will let you decide how to determine your healthcare costs for the previous 12 months.

Remember you have 8 weeks from the authorization date to spend the money you receive AND the spending must be for INCURRED and PAID expenses so timing may be a little clunky or at least require your attention to dates of checks.

Thanks for the documents and suggestions that I received from some of you.  I know folks are reading these updates and hopefully we get back to work in a month or less.

PS   IF you serve on the board of a non profit, share this info with the right people as most non profits will qualify for this loan program.

Stay safe.