- FAQ from US Treasury Department and the Small Business Administration concerning the implementation of the Paycheck Protection Program
Here are just some of the answers taken from the Small Business Administration and the Treasury Department FAQs on the implementation of the recently replenished Paycheck Protection Program loans for small businesses and independent contractors.
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THE MOST IMPORTANT THINGS TO KNOW ARE:
- If you’ve already applied for this program, you DO NOT have to re-apply. Your application will be processed on a first come-first served basis. However, MAKE SURE TO CHECK IN WITH YOUR LENDER NOW JUST TO MAKE SURE!
- If you have not already applied, apply today! If you don’t already have a lender, go to the SBA webpage to find at least three and then go visit ALL of them
- Go to your lender directly with your average monthly payroll documentation, rental documentation and utilities cost documentation. Refer to either the previous 12 months or from calendar year 2019
- Make sure your small business is a small business concern as defined in Section 3 of the Small Business Act (15 U.S.C.632). You’ll see all the references in the answer section to Question 5 on this FAQ list
- PPP loans cover payroll costs including employee vacation, parental, family, medical and sick leave. There are, however, some exceptions. Go to the answer under Question 8 and click there to learn about such exceptions.
- If the borrower has paid independent contractors during the last 12 months or calendar year 2019, that independent contractor or sole proprietor should be excluded from the eligible business’s payroll costs. However, that sole proprietor or independent contractor IS ELIGIBLE FOR PPP LOANS.
- Payroll costs are calculated on a gross basis without regard to federal/income taxes required to be withheld from employees.
There is much more on this FAQ Fact Sheet. Be patient going through it as it’s written in governmental gibberish.