Financial relief is on the way
The Federal Government has dedicated over $350 billion in relief for small businesses, available through several loan programs. Many of you have heard about the Payroll Protection Program included in the CARES Act. This program will provide relief to eligible small businesses with less than 500 employees through potentially forgivable loans. These loans will be extended at 2.5 times historical average monthly payroll at a 4% interest rate and up to 10-year term for any balance not forgiven. These loans will not require collateral or personal guarantees.
As we await guidance from the SBA on the implementation of this bill, please note we are committed to helping our clients access these funds as soon as they are available.
To expedite the application process, we encourage you to gather the following items:
- Payroll Tax reports (forms 941 for the past four quarters and 1099s) for the previous 12 months.
- Historical tax returns for three years on business. If the 2019 tax return is not available, please provide a balance sheet and profit and loss statement dated 12/31/2019.
- Current financial statement (balance sheet and profit and loss statement).
- Organizational documents of the business.
- A list of all entities owned by any 20% or more owner of the business.
Get started today!
Contact Manatee Mortgage Consultants. While we cannot confirm the above list is complete, we know there is a high level of interest in this program and want to give our clients every advantage to apply for these funds.
We look forward to supporting our clients as we navigate this period together.