The 8-week (56-day) period beginning on the PPP Loan Disbursement Date if you received your PPP loan before June 5, 2020, and elect to use an eight-week (56-day) Covered Period.

In an effort to provide guidance to companies and nonprofits that received a Payroll Protection Program (PPP) Loan, the Small Business Administration published Frequently Asked Questions related to PPP Loan Forgiveness.The guidance provided is lengthy and questions still remain. x�]k��q�>�bH��^Y{9�H|Y�D3���IL�*�R*vII,%?

This FAQ provides an overview of the CARES Act’s impact on dealerships and of important information on federal loans programs, tax credits and provisions, and enhanced unemployment benefits.

General SBA affiliations apply except such rules are waived with respect to:Businesses with more than 500 employees that are "small" under SBA's Size Standards found Businesses in the accommodation and food services industry (NAICS 72)Business receives financial assistance from a company licensed under You are engaged in any activity that is illegal under federal, state, or local lawYou are a household employer (individuals who employ household employees such as nannies or housekeepers)Owner of 20% or more of the equity of the applicant is incarcerated, on probation, on parole; presently subject to indictment, criminal information, arraignment, or other means by which formal criminal charges are brought in any jurisdiction; or has been convicted of a felony within the last five yearsYou, or any business owned or controlled by you or any of your owners, has ever obtained a direct or guaranteed loan from SBA or any other Federal agency that is currently delinquent or has defaulted within the last 7 years and caused a loss to the governmentLoans are available for the lesser of $10 million or the average monthly payroll costs for the past trailing 12 months x 2.5, PLUS any outstanding amount of EIDL loan funded between January 31, 2020 and April 3, 2020, excluding any advance under the EIDL ($10K grant, since it doesn't have to be repaid).Average monthly payroll costs are calculated based on the one-year period prior to the loan disbursal date except for seasonal employers and employers not in business between February 15, 2019 and July 30, 2019.In the case of seasonal employers, the employer may choose to calculate the average monthly payroll costs based on the 12-week period starting February 15, 2019 or the period starting March 1, 2019 through June 30, 2019.In the case of new employers not in business between February 15, 2019 and July 30, 2019, the average monthly payroll costs is calculated based on the period beginning January 1, 2020 through February 29, 2020.Compensation to employees (whose principal place of residence is the United States) in the form of sCash tips or the equivalent (based on employer records of past tips or, in the absence of such records, a reasonable, good-faith employer estimate of such tips)Payment for vacation, parental, family, medical, or sick leavePayment for the provision of employee benefits consisting of group health care coverage, including insurance premiums and retirementPayment of state and local taxes assessed on compensation of employeesOr if applying as an independent contractor or sole proprietor - wage, commissions, incomeOr if applying as a self-employed individual - net earnings or similar compensationIndependent contractors have the ability to apply for a PPP loan on their own, so they do not count for purposes of a borrower's PPP loan calculationAny compensation of an employee whose principal place of residence is outside of the United StatesThe compensation of an individual employee in excess of an annual salary of $100,000; prorated as necessaryFederal employment taxes imposed or withheld between February 15, 2020 and June 30, 2020, including the employee's and employer's share of FICA (Federal Insurance Contributions Act) and Railroad Retirement Act taxes, and income taxes required to be withheld from employeesQualified sick and family leave wages for which a credit is allowed under Sections 7001 and 7003 of the Families First Coronavirus Response Act (Public Law 116-127)ADP has provided their customers with access to a special report that may help in calculating your approved payroll costs and maximum loan amount.
FranFund can provide these items to TPA clients upon request.You must submit a separate application form for each business entity.If you applied through another lender and they have assigned a loan number you should not apply through FranFund.
The entire CARES Act can be … CARE PPP Program Questions Am I still eligible?What if an eligible borrower contracts with a third-party payer such as a payroll provider or a Professional Employer Organization (PEO) to process payroll and report payroll taxes?I need to request a loan to support my small business operations in light of current economic uncertainty.

PPPFA changes amount of loan needed for payroll to 60%. Funds will be made available following a successful application.

For more information, see the specific sections below. On May 13, 2020, the U.S. Small Business Administration (SBA) and the U.S. Department of the Treasury posted additional guidance on eligibility for the Paycheck Protection Program (PPP…

In addition, employees of the eligible borrower will not be considered employees of the eligible borrower’s payroll provider or PEO. An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. The CARES Act provides fast and direct economic assistance for American workers and families, small businesses, and preserves jobs for American industries. The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allows employers to defer the deposit and payment of the employer's share of Social Security taxes and self-employed individuals to defer payment of certain self-employment taxes. Relevant information from a Schedule R (Form 941), Allocation Schedule for Aggregate Form 941 Filers, attached to the PEO’s or other payroll provider’s Form 941, Employer’s Quarterly Federal Tax Return, should be used if it is available; otherwise, the eligible borrower should obtain a statement from the payroll provider documenting the amount of wages and payroll taxes. For seasonal businesses, the applicant may use average monthly payroll for the period between February 15, 2019, or March 1, 2019, and June 30, 2019. The employee would receive $3,500, and $500 would be paid to the federal government. %PDF-1.3

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