Many small and mid-sized business owners have had their livelihoods severely impacted by the unexpected global pandemic. Although the government has extended the Paycheck Protection Program (PPP), many business owners are unclear if they qualify or how to actually claim the funds they may be entitled to. We're here to help!
Who Qualifies for this program?
Getting started with this program is as easy as filling out our application and having a quick phone call. From there, we’ll ask you for some basic information and login credentials to get started with the heavy lifting.
You should use the proceeds from these loans on your: Payroll costs, including benefits; Interest on mortgage obligations, incurred before February 15, 2020; Rent, under lease agreements in force before February 15, 2020; and Utilities, for which service began before February 15, 2020.
As part of your application, you need to certify in good faith that: Current economic uncertainty makes the loan necessary to support your ongoing operations.The funds will be used to retain workers and maintain payroll or to make mortgage,lease, and utility payments. You will provide documentation that verifies the number of full-time equivalent employees on payroll and the dollar amounts of payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities for the eight weeks after getting this loan. Loan forgiveness will be provided for the sum of documented payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.All the information you provided in your application and in all supporting documents and forms is true and accurate. Knowingly making a false statement to get a loan under this program is punishable by law. You acknowledge that the lender will calculate the eligible loan amount using the tax documents you submitted. You affirm that the tax documents are identical to those you submitted to the IRS. And you also understand, acknowledge, and agree that we can share the tax information with the SBA’s authorized representatives, including authorized representatives of the SBA Office of Inspector General, for the purpose of compliance with SBA Loan Program Requirements and all SBA reviews.
The ASBA newsletter focuses on assisting entrepreneurs in 5 of the 6 key components of every disruptive business: marketing, sales, process development, recruiting, as well as financing. All our clients need is the vision and ability to lead!