First, some of you have already contacted stating that your banker is not up to speed or that they are not SBA qualified lenders.
So, if your banker is non responsive, confused or not SBA qualified, we have two groups able to assist. One is a local banker who is a partner with CFO Solution and another is a national partner who can assist with any SBA product and has relationships with many SBA lenders across the country. I will be sending a one pager out on their offerings with their contact info.
Second, I have attached a worksheet/workbook for calculating and documenting the average month baseline for your PPP loan amount. Note that some banks are accepting 2019 calendar year vs. trailing 12 months ended March 31, 2020. The worksheet includes a definition of the employer paid taxes that are included in determining your baseline amount.
Still worth checking with your CPA AND your payroll provider.
Third, some of you have complained that your payroll provider is struggling to create a report for your 12 month trailing wage and salary compensation data. If you love your payroll provider, let me know. Likewise, if you are disappointed, let me know. I will summarize the “survey” and share the results upon request. Suffice it to say, some of you are likely to be changing payroll providers either now or at year end.
My banker and others have told me to expect a 3 day response to an application and then a 7 to 10 day review and approval process. Following approval, the funds are available within 1 day AND the 8 week time clock begins for spending that can be forgiven (with an end date of June 30). There is already discussion to slide that end date depending on how long shelter in place requirements remain in effect but we have to assume the end date is June 30, 2020 for now.
Finally, to organize these updates, the CFO Solution website has added a COVID Updates library. Visit www.thecfosolution.org and the upper left hand corner has a button to take you to the COVID library. Keep in mind some of the earlier updates have been superseded by SBA so read the latest update-not just the first sharing of information.
Keep your comments coming. I am receiving some outstanding information from our readers and sharing what is not repetitive.