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SBA Releases Guidance for Participating Lenders as the Paycheck Protection Program Begins
Apr 03, 2020
An Update from Your Stone Team
Information was released by the SBA to banks at 8pm on April 2, 2020. Participating lenders now have what they need and are moving quickly to get their processes and procedures for the Paycheck Protection Program (PPP), including their respective online applications, in place. Many expect to be live by the end of the day on April 3rd.
This formal document from the SBA outlines the details of the program. For a look at the document released by the SBA click here.
We wanted to share this with our clients and friends to facilitate direct access to the newly released information that provides details about the program. We also wanted to share the SBA application that will be required to apply under the PPP. Most lenders participating will likely want borrowers to attach the completed
In addition to the online application and the attached SBA application, applicants will need to provide verification of their payroll expense for 2019. One of the best ways to do this is to get a payroll report from your payroll processor (such as ADP or Paychex or any of a number of others). If you are not able to provide this report then most participating lenders will likely allow applicants to use a QuickBooks report or other method to verify the expense.
In order to expedite your application, we encourage our clients and other small business owners who intend to participate in the PPP to have these items ready before they begin the application so they can get into the queue as soon as possible.
As always, we are ready to support our clients and friends on any level we can.
-Your Stone Team
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