Impact To Services And Offices Due To COVID-19

State Legislative Updates

Small Business Payroll Relief – Be Prepared

Small Business Payroll Relief – Be Prepared

On Monday, April 27th, the Paycheck Protection Program (“PPP”) under The CARES Act made an additional $310 billion in loans available to small businesses to help them maintain their payroll.

In general, businesses with fewer than 500 employees are eligible. Nonprofits are eligible as well. The maximum loan is $10 million. The funds can be used for certain expenses including payroll, mortgage and interest payments, rent, and utilities. Loans are available on a first come, first serve basis, so time is of the essence.

What’s Needed for the PPP Application Process

In addition to the required application, borrowers should have the following documentation ready for their lender, although all may not be needed, to make sure they are prepared to take advantage of these high demand loans:

  • Business entity documentation for each borrowing entity (e.g. Certificate of Good Standing, Articles of Incorporation, Articles of Organization).
    • CT can fulfill this requirement. Contact us by calling 1-888-606-5002 or send an email for assistance.
  • By-laws or Operating Agreement for each borrowing entity
  • Payroll expense verification documents
  • Documentation showing total health insurance premiums paid by the company under a group health plan
  • Document the sum of all retirement plan funding paid by the company
  • 2017, 2018 and 2019 business tax returns, if applicable, and 2019 internal financial statements if 2019 tax return is not filed
  • 2020 interim financial statements
  • Debt schedule for the operating business
  • List of business owners if not included in the tax return
  • Copy of driver's license for signers of the business

CT Corporation can provide entity documentation

Request the needed Articles of Incorporation/Organization and Certificate of Good Standing: inclusive of alternate entity types for your company by calling 888-606-5002 or send an email to us at SmallBusinessTeam@wolterskluwer.com.

 

Questions? We can help.

Have a specific question about a product? A CT Specialist will follow up with a custom quote along with a comprehensive assessment of your needs.