Among the various state and federal programs designed to help small businesses in the current Covid-19 crisis is the Paycheck Protection Program (PPP) through the Small Business Administration. This partially or fully forgivable loan is available by application at your local bank.
Click here to download a 4 page pdf file provided by AICPA that gives preliminary details about the program.
We do not know what documentation will be required by your lender, but one area lender is asking for only your 2019 W-3 form. You may consider gathering a payroll register and copies of your last 4 Forms 941 or last year’s Form 943. We think the documentation standards will be more stringent when it comes to seeking repayment forgiveness.
The maximum loan amount is 2 1/2 times your average monthly payroll, with certain limitations.
(Various computers and browsers work differently. If you have difficulty with the links above, try downloading the file to your pdf reader (such as Adobe Acrobat.)