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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.
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:
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.
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