PPP 7(a) BY 4/3/20 – Monday, March 30, 2020 2:07PM

Reports are currently that the PPP 7(a) loans should be ready for application by 4/3/20.  We shall see if they can meet that.  The starting place for these should be your local bank, in most cases.  We have heard from Chase specifically that they will only be accepting applications from customers with active accounts in February 2020.  Live Oak Bank is one of the few who has sent out their expected document request list—below.  We suspect most banks will require the same.

In preparation for the PPP, customers can start gathering the following:

  1. 2019 Tax Returns and/or 2019 P&L and Balance Sheet
  2. Last 4 quarters of Payroll Tax Forms (941)
  3. Verification of the number of employees and payroll incurred over the most recent 12 months.

No, we don’t know what they mean by item #3 either.  Once determined we will update you.