DO's and DON'Ts of New Round of PPP Funding - Wyman Legal Solutions

DO’s and DON’Ts of New Round of PPP Funding

By the time you are reading this, it is likely the government has announced a new round of PPP loan program funding. If not, then that is happening imminently. If your small business was shut out of the first round of funding, then you now have a 2nd chance. Here are some immediate DO’s and DON’Ts:

DON’T go back to the big bank you applied to the first time and resubmit an application: If that big-box bank has your loan application, leave it alone. Submitting another application to the same bank will cause massive confusion.

DO send an application through a smaller, local bank, credit union or non-bank SBA lender. There is no penalty for submitting more than one application. Whoever “rings the bell” for you first with the SBA will be your lender. Click this link to learn how we can help you find a lender:

Find a Lender

DON’T wait any longer to fill out your PPP loan application and to get the documents you need from your accountant and/or payroll provider.

DO track down the following documents and save them to a folder on your desktop to be ready to submit your PPP loan application when the process reopens:

* Payroll Register for calendar year 2019
* Payroll Registers for each pay period during January & February 2020
* Form 940 for calendar year 2019
* Form 941 for January – March 2020
* A list of the names of employees who were on payroll as of February 15, 2020, identifying who
* resides in the US and who does not.
* Copy of Driver’s License for each person who owns 20% or more of the company that’s applying for the Payroll Protection Loan.
* Copy of your company’s Articles of Incorporation

DON’T feel like you have to do this yourself.
DON’T guess at how to fill out the loan application.
DON’T miss out on this round of funding.

DO click this link and find out how we help you apply for the loan (and loan forgiveness) you need: