He said they are waiting for the authorization code of approval. In no event may the Covered Period extend beyond December 31, 2020.
It’s frustrating how some banks don’t seem to want much documentation and others want a ton. Borrowers with a biweekly (or more frequent) payroll schedule may elect to calculate eligible payroll costs using the 24-week (168-day) period (or for loans received before June 5, 2020 at the election of the borrower, the eight-week (56-day) period) that begins on the first day of their first pay period following their PPP Loan Disbursement Date. continuation of group health care benefits during paid sick leave, medical or family leave, or insurance premiums; salaries or commissions (or similar compensation); documentation substantiating the number of full-time equivalent employees on payroll and pay rates for applicable periods (including payroll tax filings; state income, payroll, and unemployment insurance filings); documentation substantiating payments on covered mortgage obligations, lease obligations and utilities (such as cancelled checks, payment receipts, and transcripts of accounts); and. Press question mark to learn the rest of the keyboard shortcuts. We have a banker and submitted everything last Friday, but he is saying the SBA hasn’t approved release of funds yet (for everyone). A reminder that only payroll costs for employees whose principal place of residence is in the United States are eligible. Thank you to everyone for all their other comments! Affiliation rules used to determine small business size are waived for (1) food or lodging companies with not more than 500 employees, and certain businesses that receive financial assistance from the Small Business Investment Company (SBIC) program. It has been very helpful! The EZ application is a great alternative for those taxpayers able to take advantage of the safe harbors and meet the eligibility requirements.
Late yesterday the SBA finalized and released two loan forgiveness applications which can be accessed online at https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program.
If you received your PPP loan through FirstBank, you must also request forgiveness through FirstBank. Frost Bank CEO: Hoping for $250 billion more in PPP CNBC's Kelly Evans is joined by Phil Green, CEO of Frost Bank, to discuss how Texas energy companies are … Cookies help us deliver our Services. Eligible payroll cost information provided in the instructions is updated to include the following: The amounts below are now listed in the instructions as those a borrower will not include in their FTE reduction calculation: Documentation that borrowers must maintain after submitting their application received two important updates. The Covered Period is either (1) the 24-week (168-day) period beginning on the PPP Loan Disbursement Date, or (2) if the Borrower received its PPP loan before June 5, 2020, the Borrower may elect to use an eight-week (56-day) Covered Period. The Borrower is a self-employed individual, independent contractor, or sole proprietor who had no employees at the time of the PPP loan application and did not include any employee salaries in the computation of average monthly payroll in the Borrower Application Form (SBA Form 2483). Checklist for Applying for a PPP Loan Checklist for Applying […] Frost Bank execs offer tips for San Antonio-area small businesses to navitgate PPP loan process CEO Phil Green and other bank officials shared the ins-and-outs of the Paycheck Protection Program with local groups Thursday. Any positions for which the Borrower made a good-faith, written offer to rehire an individual who was an employee on February 15, 2020 and the Borrower was unable to hire similarly qualified employees for unfilled positions on or before December 31, 2020. Employee Payroll Tax Deferral – Guidance Provided by IRS Notice 2020-65, Initial PPP Loan Forgiveness FAQ Released. By using our Services or clicking I agree, you agree to our use of cookies. The first is a revised application (very similar to the previous application) incorporating the changes from the Paycheck Protection Program Flexibility Act (PPPFA).
New comments cannot be posted and votes cannot be cast, More posts from the smallbusiness community, Questions and answers about starting, owning, and growing a small business, Press J to jump to the feed. The second is a more simplified EZ Application which borrowers may utilize if they meet one of the three requirements detailed below. The application includes a new certification to be made and initialed by the borrower if they claim the FTE Reduction Safe Harbor 1 detailed above. As expected, the applications incorporated the changes we expected to see from the PPPFA such as (1) updating from an 8 to 24 week covered period, (2) an update to the FTE reduction safe harbor date to December 31, 2020 instead of June 30, 2020, (3) the newly created FTE reduction safe harbor if business activity was impaired as a result of governing agencies, and (4) the updated split of loan proceeds required to be spent 60% on payroll costs and 40% on non-payroll costs.
For example, if the Borrower is using a 24-week Covered Period and received its PPP loan proceeds on Monday, April 20, the first day of the Covered Period is April 20 and the last day of the Covered Period is Sunday, October 4. Anyone received PPP Loan from Frost bank. Any employees who during the Covered Period or the Alternative Payroll Covered Period (a) were fired for cause, (b) voluntarily resigned, or (c) voluntarily requested and received a reduction of their hours. PPP Loan Forgiveness EZ Application (new).
The Borrower did not reduce annual salary or hourly wages of any employee by more than 25 percent during the Covered Period or the Alternative Payroll Covered Period compared to the period between January 1, 2020 and March 31, 2020 (for purposes of this statement, “employees” means only those employees that did not receive, during any single period during 2019, wages or salary at an annualized rate of pay in an amount more than $100,000); PPP Schedule A remains largely unchanged except for the addition of boxes to check if the borrower plans to utilize one of the two available safe harbors: Director of the Centers for Disease Control and Prevention, Occupational Safety and Health Administration.
️ PPP Loans may qualify for forgiveness (note that any PPP Loan forgiveness is reduced by the receipt of a $10K emergency advance of EIDL). Banks will need the following financial information in order to process the SBA loan application.
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