Paycheque Protection Program (PPP) application form made available by the Treasury Department

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On March 31, 2020, the United States Small Business Administration (SBA) released the Paycheque Protection Program Application Form for use with SBA Paycheck Protection Program (PPP) loans. PPP loan applications can be submitted to an existing SBA lender as of April 3, 2020. Existing SBA Certified Lenders have the authority to approve and grant PPP loans. The PPP loan program is available until June 30, 2020.

Applicants will need the following information to complete the form:

  • Legal name of the company
  • Main address
  • Tax identification number / Social security number
  • Phone number
  • E-mail address
  • Average monthly pay amount
  • number of employees

To calculate the average monthly payroll amount, applicants should use “the average monthly payroll for 2019, excluding costs greater than $ 100,000 on an annualized basis for each employee.”

Applicants should also list all owners of 20% or more of the business, including name (i) owner, (ii) title, (iii) percentage of ownership, (iv) identification number tax or social security number, and (v) address. All applicants are required to answer questions 1 to 4 of the application. Questions 5 to 7 of the application should be answered by all applicants who are individuals and 20% or more business owners.

Finally, the application contains a number of certifications in support of the applicant’s application for a PPP loan, which must be initialed by the applicant, as well as by each owner of 20% or more interests in the business. One of these certifications provides that “[t]The funds will be used to retain workers and maintain the payroll or make mortgage payments, lease payments and utility payments. See page two of the application.

Applicants are encouraged to immediately compile the following documents, which will be reviewed by an SBA lender as part of their credit underwriting:

  • Appropriate corporate tax returns;
  • Documents reflecting the number of employees;
  • Documents showing salary costs for the next eight weeks;
  • Documents showing mortgage interest payments for the next eight weeks;
  • Documents showing rent payments for the next eight weeks; and
  • Documents showing utilities for the next eight weeks.

In particular, the submission of a PPP loan application does not automatically guarantee the applicant’s eligibility for a PPP loan.

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