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  • Richard Gusmano

COVID 19 Payroll Protection Program Preparation

Updated: Apr 7

COVID 19 Payroll Protection Program Preparation The CARES Act / Paycheck Protection Program or PPP (P3) loan program will begin processing loan applications soon. To be prepared you should gather: 1. Begin to compile the following to account for the payroll expenses since it requires the payroll data for previous 12 months: • Form 941 Quarterly Income Tax Returns Accounting for the Past 12 Months • 1099 Payroll for the Past 12 Months • Sole Proprietors – 2019 1040 • # of fulltime employees with their pay rate 2. Make sure you are set up with Business Online Banking or Treasury Link. Without this access, clients will NOT be able to access the online application. 3. Be prepared with the questions and information required fields for when the time comes to apply. The SBA has made a sample application available on their web site to help businesses prepare. This sample application can be used as an interim guide for business owners in advance of applying. Sample Application:. https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp

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