Dear Client,

Applications for the Paycheck Protection Program (PPP) through the SBA and your bank are now available to be filled out so they can be submitted starting Friday, April 3 rd , 2020.  

Here is a link to our website that contains the following items that will be helpful as you navigate this process.

  • Paycheck Protection Program Overview

  • Paycheck Protection Program Information Sheet - Borrower

  • Paycheck Protection Program Information Sheet - Lender

  • Application for the Paycheck Protection Program Loan

  • Worksheet to help you determine your “Average Monthly Payroll” *.

You will need to complete the application, assemble the documentation needed to verify the information on the application and submit to your bank.

Please feel free to reach out to us with any questions; we will do our best to answer them and assist you.

* Bear in mind, this is our interpretation of the “Average Monthly Payroll” calculation based on our reading of the law. Unfortunately, there is little specific guidance on this calculation. You should verify the understanding of this calculation with the Banker/Lender as they are vested with the responsibility to verify the calculations and documentation according to the Treasury Department’s Information instructions.
 
You should also verify with the Lender TODAY as to what other supporting documents may be required related to this PPP SBA loan in order to have time to compile them before submission of your loan application. It is our understanding that the loan application process begins this Friday, April 3rd.
Andaloro, Smith & Krueger, LLP
www.askcpas.com