PPP Loan
We are here to help
During these difficult times, we have prepared a checklist of items you will need in order to apply for the SBA loan relief you may need.
We have been successful in applying and want to share with you how to access these funds in a quick and concise manner.
Application Checklist
Application for PPP Program
SBA Form 912 (For Each Owner)
Application for PPP Program
Your application, for the most part, is straight forward.
The calculation of payroll, however, is a bit more complicated. SEE BELOW.
SBA Form 1919
SBA Form 912 (For Each Owner)
Application for PPP Program
The first part of you application needs to be Form 1919
SBA Form 912 (For Each Owner)
SBA Form 912 (For Each Owner)
SBA Form 912 (For Each Owner)
Form 912 is your statement of personal history and is required for each owner.
SBA Form 413 (For Each Owner)
Current Financial Statement for Year
SBA Form 912 (For Each Owner)
This form is a personal financial statement for each owner.
You need to report all Income generating assets and liabilities as any inconsistencies existing with your credit report will result in loan denial.
Current Financial Statement for Year
Current Financial Statement for Year
Current Financial Statement for Year
- Profit and Loss (P&L) Statement – This must be current within 180 days of your application. Also include supplementary schedules from the last three fiscal years.
- Projected Financial Statements – Include a detailed, one-year projection of income and finances and attach a written explanation as to how you expect to achieve this projection.
Ownership document
Current Financial Statement for Year
Current Financial Statement for Year
Ownership and Affiliations – Include a list of names and addresses of any subsidiaries and affiliates, including concerns in which you hold a controlling interest and other concerns that may be affiliated by stock ownership, franchise, proposed merger or otherwise with you.
Basic Word document– This needs to be a signed and notarized statement by the owners confirming their ownership amounts.
Business Certificate or License
Business Certificate or License
Business Certificate or License
Business Certificate/License – Your original business license or certificate of doing business. If your business is a corporation, stamp your corporate seal on the SBA loan application form.
If you are in a state (Florida) that does not require this, you can simply use an old one or a local license that is up to date.
Loan Application History
Business Certificate or License
Business Certificate or License
Loan Application History – Include records of any loans you may have applied for in the past.
Tax Returns
Business Certificate or License
Resume of Each Owner
Income Tax Returns – Include signed personal and business federal income tax returns of your business’ principals for previous three years.
Resume of Each Owner
Leases Your Business May Have
Resume of Each Owner
Résumés – Include personal résumés for each principal.
Leases Your Business May Have
Leases Your Business May Have
Leases Your Business May Have
Business Lease – Include a copy of your business lease, or note from your landlord, giving terms of proposed lease.
Business Overview
Leases Your Business May Have
Leases Your Business May Have
Business Overview and History – Provide a brief history of the business and its challenges. Include an explanation of why the SBA loan is needed and how it will help the business.
Payroll Calculation
What Counts as Payroll Cost for PPP Application Above
Payroll Includes:
1. Payroll, Salary, Commissions or Tips (Limited to $100,000 per employee)
2. Employee Benefits including costs for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payments required for the provisions of group health care benefits including insurance premiums; and payment of any requirement benefit.
3. State and local taxes on compensation (not usually case in Florida)
4. For a SOLE PROPRIETOR or INDEPENDENT CONTRACTOR: wages, commissions, income, or net earnings for self employment, capped at $100,000 on an annualized basis for each employee.
For example:
John pays himself $120,000 a year and the rest of the employees make $50,000 a year.
For John his payroll for himself is $100,000 for this calculation, as it is limited and no further calculations are needed. You take the $100,000 and divide by 12 to get he monthly cost, which is $8333.
John has 5 employees, spends $1,000/month on healthcare, gives 12 days a year off, and 12 days of holidays a year per employee.
*For every other employee there are 260 days in a working year.
You need to find your monthly cost for salary, which is salary/12. So for each employee it is $50,000/12 giving us $4167.
To figure the value of days off take $50,000 and divide by 260 to get $192, this is the value per each day. Each employee therefore gets $4608 days worth of vacation a year or $384 monthly ($4609/12 months)
The Healthcare benefits are $1,000/month or $12,000/year, so we need to also keep that in mind, as the total payroll benefits include healthcare and days off.
For each employee the calculation is monthly salary + monthly value of days off + healthcare benefits per employee + other benefits per employee.
*You must make sure that number times 12 is still less than $100,000.
So the monthly totals for everyone are:
John $8,333
Employee 1:
Salary $4617 + Days off $384 + Healthcare $1000 = $6001 payroll cost per employee
Employee 2:
$4617 + $384 + $1000 = $6001 payroll cost per employee per month
Employee 3:
$4617 + $384 + $1000 = $6001
Employee 4:
$4617 + $384 + $1000 = $6001
Employee 5:
$4617 + $384 + $1000 = $6001
Total for John and employees:
John $8,333
Employee 1 $6,001
Employee 2 $6,001
Employee 3 $6,001
Employee 4 $6,001
Employee 5 $6,001
Monthly Total. $38,338
Total loan request (Monthly total x 2.5) = $95,845 is the month you are eligible for.
Place the monthly total ($38,338) on the line of PPP application saying "Average Monthly Payroll".
On the box to the right saying "x 2.5 + EIDL, Net of Advance (if Applicable) Equals Loan Request:" place the total loan request ($95,845) on that line.