Paycheck Protection Program Documents

The Paycheck Protection Program will provide $350 Billion to encourage businesses to keep workers employed and to provide the ability for them to be able to rehire employees that have been laid off or furloughed.

This program is open to sole proprietors, partnerships, corporations, LLC's, independent contractors, and those who are self-employed.

AND, you can help protect your OWN paycheck up to $100,000.

However, in speaking with our various counsel, they are underscoring the need to be among the first to apply, as it is anticipated that the $350 Billion that has been allocated will be used within just a few days.

Highlights are:

• This program is available to companies that employ 500 or fewer employees per physical location.

• The loan will be fully forgiven if the funds received are used for payroll costs, interest on mortgages, rent, and utilities for office space.

• It provides up to 8 weeks of average payroll, and other costs will be forgiven if the business retains its employees and their salaries.

• The program provides zero-fee loans of up to $10 Million.

So, in order to assist in clearing much of the confusion around this program, I've collected few pieces of information that you may find helpful.

Here is what is included:

• A PowerPoint from one the office of one of our trusted counsel explaining the program explaining the details of EXACTLY how to calculate your amounts and EXACTLY how to get your loans forgiven. This PowerPoint also includes detailed instructions on how to document your expenses so your loan gets forgiven.

• Fillable PPP application. *Note: Parts of the application do require it to be printed for initials and signatures.

• Excel for companies to use to compute the total wages that can be claimed. The spreadsheet has been designed to be used for companies with multiple employees or sole proprietorships. *Note: There is a cap on compensation at $100,000 for anybody whose total compensation (wages, insurance benefits, employer-paid retirement benefits) is above that amount.

• A few additional explainer pieces providing additional information on the program. *Note: Explainer sheets also provide information on other stimulus resources.

Due to the expansiveness of the entire program, the information is extremely fluid and is rapidly evolving for all interested parties, but once you grab this, I will do my best to keep you updated.