KFP is working diligently to provide updates on the CARES Act as information becomes available. In particular, we have been fielding many questions about the application process and required documentation. While there may be additional requirements as part of the qualification process for a 7(a) loan, we believe that the following items found on the SBA issued checklist are likely to be mandatory:

• SBA Loan Application (SBA Form 1919) - Please note it may be the case that a separate application will be required relating to the amended program
• Personal Background and Financial Statement -To assess your eligibility, the SBA also requires you to complete the following forms:
  • Statement of Personal History (SBA Form 912)
  • Personal Financial Statement (SBA Form 413)
• Business Financial Statements - To support your application and demonstrate your ability to repay the loan, prepare and include the following financial statements:
  • Profit and Loss (P&L) Statement - This must be current within 180 days of your application. Also include supplementary schedules from the last three fiscal years.
  • Projected Financial Statements - Include a detailed, one-year projection of income and finances and attach a written explanation as to how you expect to achieve this projection.
• Ownership and Affiliations - Include a list of names and addresses of any subsidiaries and affiliates, including concerns in which you hold a controlling interest and other concerns that may be affiliated by stock ownership, franchise, proposed merger or otherwise with you.
• Business Certificate/License - Your original business license or certificate of doing business. If your business is a corporation, stamp your corporate seal on the SBA loan application form.
• Loan Application History - Your original business license or certificate of doing business. If your business is a corporation, stamp your corporate seal on the SBA loan application form.
• Income Tax Returns - Include signed personal and business federal income tax returns of your business' principals for the previous three years.
• Résumés - Include personal résumés for each principal.
• Business Overview and History - Provide a brief history of the business and its challenges. Include an explanation of why the SBA loan is needed and how it will help the business.

We will be providing updates on the loan applications through the financial institutions as soon as we receive additional information.

As always, we thank you for giving us the opportunity to work with you.

Sincerely,Your Accountantand the Team at KFP