The District of Columbia Corporate Resolution for PPP Loan is a legal document that outlines the decision-making authority and approval process for obtaining a Paycheck Protection Program (PPP) loan for corporations based in the District of Columbia. This resolution serves as a formal declaration and confirmation of the corporation's intention to apply for a PPP loan and authorizes certain individuals within the corporation to take actions necessary for securing the loan. It ensures that the loan application process is handled in compliance with relevant laws and regulations. The District of Columbia Corporate Resolution for PPP Loan typically includes the following components: 1. Introduction: It states the name of the corporation, its registered address, and the purpose of the resolution. 2. Approval of PPP Loan Application: The resolution affirms the corporation's intent to apply for a PPP loan and describes the desired loan amount and purpose. 3. Authorization of Officers: It identifies and designates specific officers or individuals within the corporation who are authorized to act on the corporation's behalf during the loan application process. Their powers may include signing relevant loan documents, submitting the application, providing supporting documents, and communicating with the lender. 4. Terms and Conditions: This section may outline any specific terms and conditions that the corporation agrees to comply with during the loan application and repayment process. It may include requirements related to loan forgiveness, use of loan funds, and general compliance with PPP guidelines. 5. Record Keeping and Certifications: The resolution may include instructions for maintaining adequate records related to the PPP loan application and any necessary certifications required by the Small Business Administration (SBA) or the lending institution. Different types of District of Columbia Corporate Resolutions for PPP Loan may exist based on the specific requirements or preferences of the corporation. These variations may include: 1. Small Business Corporation Resolution for PPP Loan: This type of resolution may be tailored specifically for small businesses that operate as corporations and seek PPP loans. 2. Nonprofit Corporation Resolution for PPP Loan: Nonprofit organizations that are incorporated in the District of Columbia may use this resolution to authorize and document their intent to apply for PPP loans. 3. Publicly-Traded Corporation Resolution for PPP Loan: Publicly-traded corporations based in the District of Columbia may have unique considerations and requirements when applying for PPP loans. A resolution addressing these aspects could be utilized. Remember, the District of Columbia Corporate Resolution for PPP Loan should be drafted with legal advice and customized to meet the corporation's needs while complying with applicable regulations and requirements.
District of Columbia Corporate Resolution for PPP Loan
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How to fill out Corporate Resolution For PPP Loan?
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The properly filled-out form must contain the following information:The name of the organization;The maximum and minimum loan amounts;The names, titles, and signatures of four officers referred to this Resolution;The place of the meeting during which the Resolution was adopted;The exact date of that meeting;More items...?
The 60/40 split is still in effect: To receive maximum loan forgiveness, borrowers must spend at least 60% of their loan on eligible payroll costs, and no more than 40% on eligible non-payroll costs. SBA wrote in an interim final rule: At least 60% of the PPP loan proceeds shall be used for payroll costs.
Requirements include:Copies of canceled checks.Bank statements with ACH information.Utility bills.Mortgage statements.Lease agreements.List of all employees on your payroll during the covered period.Evidence that your employees were kept on payroll or rehired upon receiving the loan.More items...?
However, the government attempted to simplify the forgiveness process throughout 2020, and Congress in December 2020 ultimately approved a COVID-19 relief measure mandating no more than a one-page forgiveness form for borrowers of up to $150,000.
Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.
A board resolution, also sometimes called a corporate resolution, is a formal document that makes a statement about an issue that is so important that the board wants to have a record of it. A resolution is a document stands as a record if compliance comes in to question.
On June 5, 2020, President Trump signed into law new updates to PPP loan forgiveness requirements, extending the covered period to 24 weeks, and reducing the minimum loan funding that must be spent on payroll to 60%.
What is the resolution of the board of directors SBA?Organization name.Minimum and maximum loan amounts.These officers' names, titles, and signatures.When and where the Resolution took place.That meeting's exact date.Signature of the secretary attesting to the genuineness of signatures and names provided by officers.18-Aug-2021
Borrowers can apply for a Second Draw PPP Loan until March 31, 2021, through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, eligible non-bank lender, or Farm Credit System institution that is participating in PPP.
The resolution of board of directors is the convenient form that satisfies this requirement. The completed form signifies that the board of directors is aware of the fact that the finances are requested, of the exact sum, and has authorized the organization indicated in the document to receive funds.
