The SBA just published the guidelines late this evening regarding the Payroll Protection Program (PPP) loans. After reviewing the guidelines and digesting some changes compared to what they were expecting, multiple banks have said they do not anticipate being ready to accept applications at 8am. Some are anticipating later in the day and others are unsure if they will even be ready tomorrow. Every bank is different, so you’ll want to check with your bank in the morning to see when they will be ready to accept the PPP applications.
Because of the changes, we will be working late this evening and again tomorrow morning to try and have updated figures to you as soon as possible. If we have already given you a figure for your average monthly payroll, you’ll want to check with us to see if that has changed (we were originally anticipating they would be accepting Jan – Dec 2019 wages, but they have communicated that they want the most recent 12 months).
Also, because of how much of a rush there is going to be on this, along with the fact that it sounds like there will be a new application (probably did not change much), we will not be able to timely file these for our clients. So, we are asking you to prepare your own application form. We will get you the numbers to put on the application as well as send you the supporting documents that you will need to give (upload) to your bank for this.
Thank you for your patience in this and know that we are working as hard as we can to get things ready for you.
The Team at Rader & Rader
