CARES Act Preliminary Loan Application Checklist
We have been in contact with several lending institutions over the last few days regarding the CARES Act Payroll Protection Loan Program. The SBA is currently in the process of developing applications and procedures related to these loans. Once the SBA has approved they will advise the banks as to the process and the banks will then have to develop their application procedures. Based on our discussions our expectation is that they will begin accepting applications in the next 1-2 weeks. They are working as hard as they can to get this up and running as quickly as possible.
At the current time we suggest all businesses that intend on applying begin to gather certain information that we feel will be requested. The below list are items that should be gathered now in preparation.
- Articles of Incorporation / Organization of each borrowing entity
- Bylaws/Operating agreement of each borrowing entity
- Copies of all owners' drivers licenses
- Payroll expense verification documents to include:
- IRS Form 940 and 941 and NY NYS 45 for all quarters 2019
- Payroll Summary report for prior 12 month period by employee
- 1099 Forms
- Group health insurance costs for last 12 months
- Employer retirement plan contributions for last 12 months
- Trailing 12 month Profit and Loss Statement
- Most recent mortgage or rent statements
- Most recent utility bills
Please reach out to us if you need assistance on gathering the above information.
As always, we thank you for giving us the opportunity to work with you.
Your Accountantand the Team at KFP