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Update on the Paycheck Protection Program Loan Rollout

While yesterday was the official rollout of the Paycheck Protection Program (PPP), unfortunately the combination of high demand and not-yet-final information from the Small Business Administration made loan processing difficult for most banks. The SBA continues to clarify the requirements, so we expect that will help banks begin to process the loans very soon.

Because a high volume of applicants is expected and because the funds set aside by Congress for the PPP loans are limited, we strongly encourage you to apply as soon as possible. Please discuss with your banker the exact requirements necessary to obtain a loan. To get you started, we have noted several items most banks are requiring to be sent in with your application:
  • 2018 (or 2019 if done) income tax returns
  • 2019 IRS Quarterly 940, 941, or 944 payroll tax reports, as well as state unemployment returns
  • 2019 year-to-date payroll register, as well as 2020 year to date register through March 31 (note that some payroll companies are already offering a link to the reports needed to apply for this loan, if you have electronic access to your payroll account)
  • 1099s received for 2019 if you are an independent contractor
  • Monthly group health insurance premium invoices for all of 2019 and January through March 2020.
  • 2019 profit sharing reports from your third-party administrator that document all retirement funding (does not include the funding that came from employees out of their paycheck deferrals).
    • Includes 401K plans, Simple IRAs, SEP IRAs
We appreciate your confidence as we navigate these waters together. Feel free to contact us at any time with your questions.
 
2100 Gardiner Lane, Suite 207 | Louisville, KY 40205
502-459-8100 phone | 502-459-5773 fax