Mortgage Loan

How to Apply Paycheck Protection PPP Forgivable Stimulus Loan FAST





How to apply for the paycheck protection stimulus forgivable loan and receive your check as quickly as possible

See how large of a forgivable loan you are eligible for! Download the Paycheck Protection Program PPP and Employee Retention Tax Credit Calculator here:

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What is the Paycheck Protection Program (“PPP”)
– Establishes $350 Billion for the provision of loans to small business
– New type of SBA Section 7(a) loans
– For loans made between February 20, 2020 and June 30, 2020
– Only available to qualifying “small” employers
– Up to 100% of the loan amount is eligible for forgiveness

Who can apply for the Paycheck Protection Program (“PPP”)
-Anyone who meets the SBA’s definition of a “small business concern”
-Has no more than 500 employees per location
-NAICS code begins with 72

What are the Requirements for the Paycheck Protection Program PPP
– In businesses before February 15, 2020
– Had employees or independent contractors
– Make a “good faith” certification of the following:
1. The uncertainty of current economic conditions makes the loan request
necessary to support ongoing operations
2. The borrower will use the loan proceeds to retain workers and maintain
payroll or make mortgage, lease, and utility payments
3. Borrower does not have an application pending for a loan duplicative of the
purpose and amounts applied for here, nor have they received a duplicative
loan since February 15. Note that previous SBA loans may be refinanced
using a PPP loan.
– Must apply by June 30, 2020

Paycheck Protection Loan Details
– Maximum loan amount is lesser of (a) 2.5 times the average monthly payroll (based on 12-month lookback) or (b) $10 million
– Loans will be 100% guaranteed by the SBA
– Availability of credit from other sources does not disqualify eligibility
– No application fees or closing costs
– Nonrecourse; no collateral or personal guarantees imposed
– Maximum interest rate is 4%
– Maximum loan term of 10 years
– First 6 months of payments (principal and interest) are automatically deferred;
deferral can extend up to a year
– Up to 100% of the PPP loan can be forgiven

What is the Maximum Loan From the Paycheck Protection Program
– 2.5 times average total monthly payments of “payroll costs” during the 1-year period
before date the loan is made.

What Payrolls Costs are Included in the Paycheck Protection Program
– Wages
– Tips
– Vacation and sick pay
– Group health benefits
– Severance
– Retirement benefits
– State and local taxes on employee compensation

How Does PPP Paycheck Protection Program Loan Forgiveness Work
– Forgiveness equal to amount of qualifying expenses incurred in the first 8-week
period after origination of the PPP loan.
– “Qualifying expenses” include:
Payroll costs (defined earlier)
Rent payments
Mortgage interest (no principal payments)
Utility payments (electricity, gas, water, transportation, telephone, or internet
access)
– Forgiven amounts are not taxable to the small business (i.e., a tax-free grant)
– Forgiven amounts are interest free

PPP Paycheck Protection Loan Example Can Be Seen in The Above Video

PPP Limits on Loan Forgiveness
– Loan forgiveness is reduced proportionately to the reduction in employee headcount during the COVID-19 crisis.
– Loan forgiveness is reduced dollar-for-dollar by decreases in an employee’s compensation greater than 25% from prior quarters

How To Apply For a PPP Paycheck Protection Loan
Visit:

See The Above Video For a Step by Step Tutorial on How to Fill Out the Paycheck Protection Program Loan

Disclaimer
This presentation does not constitute legal or tax advice. It is provided solely for informational and educational
purposes and does not fully address the complexity of the issues or all the steps businesses must take under
applicable laws. You should consult your professional advisers regarding your individual situation. Max Maher
undertakes no obligation to update the information in this presentation, and no representations are made that
the content is error-free.

source

22 comments

  1. Subscribe to be notified of updates to these programs

    Reply
  2. Do we apply on 7483 SBA site and Will they find us a lender? and the Form 7483 is also come on the site ?

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  3. thank you for a great video, as an owner manager, can i include my own salary which is draw in my S. corp thx

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  4. My wife and I own an online business which is an LLC, and we file as an S-Corp. From what I understand, we can apply for the PPP as full-time employees of our business, which we did not know. Also, I can't seem to find any information about utilizing a portion of the proceeds for inventory, shipping supplies, postage, commissions paid to online marketplaces, etc. Are the PPP funds allowed to be used for these purposes, which are necessary ongoing expenses for my our business? And lastly, our only other "employees" are two moms who are independent contractors who work for us as need during peak periods. They each rarely work more than 15 to 20 hours a week. I noticed the PPP application is only referencing "full time employees", so does this mean they aren't concerned about helping us keep our part-time 1099 employees? Thanks for any additional clarity you can provide!! Much appreciated.

    Reply
  5. is payroll gross pay or take home pay?

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  6. is payroll gross pay or take home pay?

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  7. I'm a sole proprietor, can I apply for PPP if it's just me & what lenders do you recommend? Bank or credit union?

    Reply
  8. Hi there, so if I have an LLC with two employees I can only put them and account for their payroll? So us as business owners of an LLC that can't be classified as employees, there is no way for us to keep our 'salaries' or monthly withdrawals? So we as business owners can't get helped through this?

    Reply
  9. Thank you for such a concise video and help…but we are a "C" Corp…can we apply?

    Reply
  10. So gig workers can make this loan?

    Reply
  11. Who do you send this form to when this starts?

    Reply
  12. Can you apply for this loan and the $10,000 Economic Assistance Disaster Loan, or is that double dipping?

    Reply
  13. Which website is accepting online applications?

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  14. I had an S-Corp last year but got a divorce which my ex got in the divorce. I am now finally as a sole proprietorship. I am a Realtor (15 years) and an Uber/Lyft Driver (1.5 years) working for myself with no employees. Can I apply for this? And, if I can, is there a minimum that has to be shown in the average monthly payroll section. Thanks!

    Reply
  15. Can you do both EIDL loan and PPP loan?

    Reply
  16. Thank you for a very thorough video. My question is, I have an LLC with 5 employees and I also paid out to a 1099 in 2019. Do I count both for monthly payroll calculations? And also since I do not pay myself regularly, do I use 100,000/12 and add that for monthly calculation. And if so how will I provide proof of that? And going forward will I have to pay,myself for 8 weeks to show proof? When does the 8 week period start? When one gets the actual loan? Thank you

    Reply
  17. when calculating payroll is commissions and tips included in total wages or just salary?

    Reply
  18. Thank you for taking the time to make this!!

    Reply
  19. Thankk for always putting out super helpful information!

    Reply
  20. That money is not free

    Reply
  21. The production quality of your videos are noticeably better. Good job Max

    Reply
  22. awesome video my guy

    Reply

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