We recommend you begin
collecting the following documentation to support your application:
·
Payroll reports (Form 941) for 2019 and 2020
year-to-date showing the following by employee and/or officers: • Gross wages •
Paid time off • Paid vacation • Pay for family medical leave • State unemployment
taxes
·
The request will include documents
that verify the number of full-time equivalent employees and pay rates
·
1099’s for independent contractors (if applicable)
·
Health insurance premiums paid by the employer under a
group health plan
·
Sum of all retirement plan funding contributed by the
employer (include 401K plans, Simple IRA & SEP IRAs)
· You will also provide to the lender documentation that verifies
the dollar amounts of covered mortgage interest payments, covered rent
payments, and covered utilities for the eight weeks after getting this loan.
EXCLUDED Payroll Cost:
1.
Compensation of an individual employee in excess of an annual salary of
$100,000, as prorated for the period February 15, to June 30, 2020
2. Payroll
taxes, railroad retirement taxes, and income taxes
3. Any compensation
of an employee whose principal place of residence is outside of the United
States
How large can my loan be?
·
Loans can be for up to two months of your average
monthly payroll costs from the last year plus an additional 25% of that amount.
