SBA application for the Payroll Protection Program UPDATE

Brian WebbBusiness

The SBA application for the Payroll Protection Program has not been finalized (went through 3 revisions yesterday). This will likely be early tomorrow.

I want to highlight a few key points everyone should be aware of and prepared for.

  1. Select a banker/bank to apply with (I can tell you who I suggest if you would like to know). The bank/banker I would most likely refer you to has a pre-app site that will email you when the application site is ready.
  2. Procedural items to be aware of when completing the application for the Paycheck Protection Program
    1. Assuring that the applicant has not applied with another organization; Multiple Applications will be rejected by the SBA
    2. Making sure that all of the requested information is submitted at one time; it will be very difficult for the processors to go back and forth on these applications
    3. Preparing to have information such as Average Payroll, Financials, and Most Recent Tax Returns in an electronic format which you will be able to upload to the system quickly
  3. Please make sure that the exact instructions are followed. If all items are not included, the application will be rejected by the SBA.
  4. The application will be an online version only.
  5. The program continues to morph (interest rate, term, use of funds, % that must be used for payroll).

For more information on how and whether you qualify, see the following:
https://bwl.legal/cares-act/
https://bwl.legal/message-from-brian-webb-legal-on-how-to-work-through-business-challenges/