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The deadline to apply for the Payroll Protection Program (PPP) Loan offered through the Small Business Administration (SBA) has been extended to August 8th 2020.
You apply for this loan through your local bank. The loan is intended to assist businesses affected by COVID-19. All business entities can apply for the PPP, including:
Not for profits
For profits
Sole Proprietors
Independent Contractors
Self Employed individuals.
The information required can vary slightly from bank to bank - although the application is the same. The following is information you will need to apply for the PPP:
Your EIN or SSN (for a sole proprietorship)
The type of entity
Your payroll costs for the previous 12 months, which includes any medical, retirement or other benefits paid on behalf of your employees.
The total number of employees in the last 12 months.
Costs associated with rent/mortgage interest and utilities.
To substantiate your numbers a profit and loss account and balance sheet for the previous year, year to date profit and loss and balance sheet, prior year tax returns (possibly two), payroll reports, rent/lease agreements and utility or mortgage statements will be required.
This may seem overwhelming however the process is straightforward and you should hear within a matter of days if you have been approved. If you are not getting assistance from your bank, try another. The experience depends on the person you are dealing with and their experience with the process. Do not be afraid to ask for someone else or feel that you have to stay loyal to a bank that is not serving you.
If you have any questions on the process feel free to reach out to the Handle It team sales@handle.it
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