Now is the time to prepare your application so that you’re ready to apply for a PPP loan with Funding Circle when April 10 rolls around (subject to government approval). Documentation, including cancelled checks, payment receipts, accounting reports, etc. If, by June 30, 2020, you rehire the laid off employees and/or restore the salaries of the employees who took pay cuts, then your loan forgiveness will not be reduced. The Paycheck Protection Program, which lasts through June 30, 2020, is meant to incentivize business owners to keep employees on the payroll at the same or a comparable salary. This CARES Act is a far-reaching measure that will put money into the hands of small business owners who are really suffering right now. Funding Circle urges business owners to apply for a PPP relief loan sooner rather than later, considering that there’s a limit to the amount of funds in the program. About the PPP Loan Program The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains several programs designed to help small businesses. Check your credit: Most lenders are not checking credit for PPP loans though a few have checked personal credit scores. If you happen to be a new business owner (welcome to the fray), use the period Jan. 1, 2020, till Feb. 29, 2020, to calculate your average monthly payroll, with the same $100,000 per–employee–limit. Funding Circle will need the following information in order to grant you a loan: Additional documentation for payroll verification may be required. On March 27, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), an economic stimulus package estimated at $2.1 trillion. Based on those criteria, the SBA Loan Calculator will tell you the amount you may qualify for, so you don’t have to do any back–of–the–napkin math on your own. Nav’s CARES Act SBA Loan Calculator will help you determine the amount you may apply for. a. Your guide to Paycheck Protection Program loan eligibility. The Payment Protection Program is an entirely new type of loan, specifically created due to our current economic situation. It calculates your relief loan amount based on 250% of your average monthly payroll expenses. The remaining balance will continue to be guaranteed by the SBA, have a maximum maturity of 2 years and bear interest at the rate of 1%. To be eligible, you must have been in business as of February 15, 2020. employee salary, wages and commissions; payment of cash tips; payment of vacation; parental, family, medical or sick leave; allowance for dismissal or separation; payment required for group health benefits (including insurance premiums); payment of retirement benefits; or payment of state or local tax assessed on employee compensation; and sole proprietor income or independent contractor compensation not in excess of $100,000. Below, Funding Circle has built a CARES ACT SBA Paycheck Protection Program Loan Calculator. This loan aims to provide funds on an emergency-basis just in case you’re in need of urgent cash while waiting for the decision on your application related to EIDL. To fast track your SBA COVID-19 loan application, click here . The free CARES Act SBA Loan Calculatorboils down the complex Paycheck Protection Program legislation into an easy-to-understand form. Not Affiliated With The Small Business Administration, This site is dedicated to providing consumers and businesses impacted by COVID 19 with information on the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). Included in the CARES Act is $349 billion in small business loans through the Small Business Administration (“SBA”). These have a ceiling of $100,000 annualized per employee, Employee benefits across vacation costs; parental/family/medical or sick leave; an allowance for separation/dismissal; healthcare costs including insurance premiums; retirement benefits, Self–proprietor or independent contractors — wages, commissions, income, or net earnings from self–employment with a ceiling of $100,000 annualized per employee, The official Paycheck Protection Program application as found, Most recent business bank statement (March 2020) and a bank statement that includes transactions on 2/15/2020, 2019 Business Tax Return (Schedule C for Sole Proprietorships and single member LLCs), A copy of official identification (such as a driver’s license), IRS Form 941 (last 4 quarters of wage info) or IRS Form 944 (calendar year 2019 wage info), IRS Form 1096 (calendar year 2019 for 1099 employee info. 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