If you have not yet filed a tax return for 2020, you will need to complete the tax return forms, calculate the value of the relevant gross receipt, sign and date the tax return to confirm that the values included in the calculation of the gross receipt are the same as those filed on the business tax return. If you submit a PPP loan application on SBA.com®, you will first be redirected to your PPP application to our partner. If you have just submitted your application, you should already be on this page. You will complete your application with our partner and then, once it contains all the necessary information and documentation, complete and submit it to a lender in the PPP lenders market approved by our partner. Important: Once a lender has accepted your application and you receive an email assigning you a Preferred Credit Partner Number (PLP), it means that you are also in the United States. The Small Business Administration`s credit system and the lender that accepted your application are the only lenders that can provide you with a PPP loan. If you wish to keep the options on the PPP lender you wish to use, you do not have to complete your application in its entirety and certify it with our partner. All remittance applications for WELLS Fargo PPP loans must be submitted via our online application. Once the app is available, you can access it through Wells Fargo Business Online® or the Commercial Electronic Office® (CEO®). Please do not attempt to submit the ppp loan forgiveness application downloaded from the SBA website.
® SBA.com is not a lender and you do not need to apply for a loan through SBA.com® or its partner to access PPP funds. If you`ve already left the app portal, return to your app here. You must have received an email from our partner with your account details in order to access the application portal. If you can`t find this email, you can access your application portal by resetting your password with your loan application email address and then logging in. Your portal login information is the same whether you log in to the partner portal via SBA.com® or through our partner. Once logged into the application portal, select “Process Request” to review your existing information and address any missing requirements. If approved, you will need a copy of an invalid cheque that must be provided to your lender to indicate where the funds should go. You will also sign a note.
Lenders have 10 days between approval and financing, but for now, this is a moving goal and the rules have been updated a few times to provide flexibility for lenders who might need more time to fund loans. You can withdraw your request through the partner in their portal if you wish. Once your application is certified and completed with our partner, the partner will place it in their lender market, where a PPP lender can accept your application and offer you a PPP loan. If a lender accepts your application, you will receive a confirmation email from the partner and/or your lender. Read these emails carefully and follow all the instructions to make sure you can get your loan. Documents may include payroll reports or payroll tax forms (by .B. Form 941), as well as quarterly payroll reports and unemployment insurance tax returns that are reported or reported to the respective state. Costs to a supplier of goods for the delivery of goods that are essential to the operation if the expenses are made and relate to a contract, order or order that was in effect before the loan was taken out. With regard to perishable goods, the contract, order or order must be in force at all times during the period covered. Payroll reports should include all periods that overlap with the period covered and include figures for each of the following eligible costs: Preference is given if the report includes separate cash compensation figures for: Next, add or confirm any information required for additional owners. You must add information for each person holding a stake of at least 20% in the company. Make sure everything in this section is fully filled.
Below are some sections that you should pay close attention to. Note: You will need a color copy of each owner`s driver`s license – both front and rear. You will be prompted to download the copies in the “Documents” section (this is the next one. We wanted to give you a warning just so it`s on your radar). If it`s not clear, you should note which deposits on the bank statement represent gross income (e.B. payments for the purchase of goods and services) and which don`t (e.B. capital injections). Bank statements, payment receipts or cancelled cheques documenting the amount of the employer`s contributions to employees` health insurance and pension plans included in the rebate amount, unless details are included in a third party`s pay report (if applicable).
If you use Form 3508EZ and you meet the conditions related to the reduction of salaries, number of employees and hours, you must document the average number of RTD employees on the payroll who are employed on 1 January 2020 and at the end of the period covered. Make sure that the payroll report clearly identifies all employee owners in the payroll report. On the same “Commercial Information” page of the application, you will need to fill in these new required fields. Note: If you are providing a self-generated payroll report or schedule, please provide a consolidated payroll log with summary figures of all payroll data for the period covered. The reports should include the company`s totals and clearly list the national and local taxes paid by the employer. Operating or capital expenditures to facilitate the adaptation of business activities to the requirements or guidelines of federal, state or local authorities regarding covid-19, including personal protective equipment. . Costs related to property damage and vandalism or looting due to public unrest in 2020 and were not covered by insurance. While the bank may have some of these documents on file, the SBA requires that you, as a borrower, provide the documents to validate your expenses.
On the Upload Documents page, you need to upload all the required documents or confirm that everything that was previously uploaded is correct, and add all the missing documents to ensure a complete PPP application. Includes payment for cloud computing software or services that facilitate business operations, the provision of products or services, human resources or accounting, among other things. If you selected The 2019 Annual and 2020 Annual Comparison Periods to show a 25% reduction in gross revenue: On the first Owner Information page, confirm the applicant`s ownership percentage. The percentage of ownership must be greater than 0. All fields on the “Additional Owner” page are required, including date of birth. (You will also be asked to provide the date of birth of the owner applying on the “E-Sign” page.) If you have not yet added the following attachments to your application, please download them: If the financial statements have not been audited, you must sign and date the first page of the annual financial statements and all other pages to confirm their accuracy. If the annual financial statements do not explicitly identify the gross additions as items, you must specify which item(s) represent the gross additions. . Once you have completed the PPP Annex A WORKSHEET, we recommend that you include it when submitting your application. It is on page 4 of Form 3508.
You will need to take further steps from here to complete your application with our partner and submit it to a lender. .