Alaska Corporate Resolution for PPP Loan
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How to fill out Corporate Resolution For PPP Loan?
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FAQ
PPP loans are guaranteed by the Small Business Administration, which will reimburse the lender if you (borrower) qualify for loan forgiveness. The lender will determine if you are eligible.
First Draw PPP Loan If You Have No Employees (If you are using 2020 to calculate payroll costs and have not yet filed a 2020 return, fill it out and compute the value.) If this amount is over $100,000, reduce it to $100,000. If both your net profit and gross income are zero or less, you are not eligible for a PPP loan.
The maximum amount of money you can borrow as a first-time PPP borrower is 2.5 times your average monthly payroll costs, up to a maximum of $10 million.
Forgivable expenses must be spent on eligible categories and adhere to the 60/40 rule. Eligible expenses must be incurred over your chosen covered period between 8 and 24-weeks starting from when your lender provides your first payment. You must maintain the number of employees on the payroll.
2019 or 2020 IRS Form 940 or four quarterly Form 941s. Form 990 showing health insurance and/or retirement plan benefits to employees. State quarterly wage unemployment insurance tax reporting forms for each quarter. Parsonage report (if applicable)
Even if your business is set up as an S or C corporation, you may qualify for the PPP loan.
A standard form of amendment agreement that can be used by lenders to modify the loan agreement to allow the borrower to obtain loans under the Paycheck Protection Program (PPP) and other Government stimulus programs.
Owners of 5 percent or more of an S corporation who are also employees are eligible for Payroll Protection Plan (PPP) loan forgiveness of up to 20.83% of their employee cash compensation (capped at $20,833; maximum salary of $100,000 times 20.83%), with cash compensation defined as it is for all other employees (Box 1
You can access the documents along with the loan number on the treasury email or papers you've received when your first loan is approved. The report contains the complete details that you need in your second application.
Businesses can apply for a PPP loan as long as they were operational on February 15, 2020, and had paid employees at that time (even if the owner is the only employee).
