Navigating the Paycheck Protection Program (PPP) Loan
At CHB Group, we recognize the complexities of the Paycheck Protection Program (PPP) loan process. That's why we've put together this guide, tailored to assist businesses and individuals in navigating the application process.
Required Documentation
The documentation may vary across banks, but they all require certain essentials. Be sure to have:
- Form 941 from 2022 Payroll Tax Returns
- 2022 Payroll Summary Report
- Evidence of 2022 pension or retirement contributions
- Verification of 2022 health insurance premiums
- (Additional listed items)
Some banks might ask for extra documents like:
- 2022 Form 940
- 2023 Form 941 for the quarter ended 3/31/2023
- 2023 Payroll Summary through 2/15/2023
- 2023 Payroll Summary through 3/31/2023
Additional Info
Timeframe for Funds
Understanding the Economic Injury Disaster Loan (EIDL)
Understanding the Economic Injury Disaster Loan (EIDL)
Time is of the essence. Applications follow a first-come, first-served model, so early application increases the likelihood of approval. Post-approval, the SBA must complete funding within a ten-day window.
Understanding the Economic Injury Disaster Loan (EIDL)
Understanding the Economic Injury Disaster Loan (EIDL)
Understanding the Economic Injury Disaster Loan (EIDL)
The EIDL contains 2 primary components. The first component is the “Advance” of $1,000 per employee up to $10,000 for 10 employees.This component does not need to be repaid and is more of a grant than a loan. This amount is not included on the PPP application.
How PPP Works for You
The Small Business Administration facilitates loans up to 2.5 times 2019 payroll costs. More details are available at SBA's PPP page.
Highlights include:
- Salary calculations excluding amounts over $100k per employee annually.
- Potential full forgiveness if used for eligible expenses within 8 weeks.
- Loan payments are deferred for 6 months. Payback period is for 24 months.
- Interest rate is 1%.
- Any SBA lender can process the loan. Contact your banker asap since the loan funding will run out
CHB GROUP LLC
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*CHB Group LLC is closed on national holidays. Emails received after business hours or on holidays will be responded to the following business day.
