US Legal Forms
Corporate Resolution for PPP Loan

District of Columbia Corporate Resolution for PPP Loan

Name: District of Columbia Corporate Resolution for PPP Loan
Brand: US Legal Forms
Rating: 4.62 (411 reviews)

Category:

Corporations - Minutes and Resolutions - Actions

State:

Multi-State

Control #:

US-0031-CR-6

Format:

Instant download

Description

Generic form with which a corporation may record resolutions of the board of directors or shareholders. 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.

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.

View Colorado Sample Letter for Request for Transportation from Airport to Hotel - Guest to Hotel

View this form

View Connecticut Sample Letter for Request for Transportation from Airport to Hotel - Guest to Hotel

View this form

View Delaware Sample Letter for Request for Transportation from Airport to Hotel - Guest to Hotel

View this form

View District of Columbia Sample Letter for Request for Transportation from Airport to Hotel - Guest to Hotel

View this form

View Florida Sample Letter for Request for Transportation from Airport to Hotel - Guest to Hotel

View this form

How to fill out District Of Columbia Corporate Resolution For PPP Loan?

If you want to comprehensive, obtain, or produce authorized record themes, use US Legal Forms, the greatest collection of authorized forms, which can be found on the web. Make use of the site`s basic and hassle-free search to find the documents you need. Numerous themes for company and personal reasons are sorted by types and suggests, or keywords. Use US Legal Forms to find the District of Columbia Corporate Resolution for PPP Loan within a couple of clicks.

When you are currently a US Legal Forms consumer, log in in your accounts and then click the Down load option to have the District of Columbia Corporate Resolution for PPP Loan. You can also entry forms you in the past downloaded in the My Forms tab of the accounts.

If you use US Legal Forms for the first time, follow the instructions under:

Step 1. Make sure you have chosen the shape for the correct town/nation.
Step 2. Use the Review option to look over the form`s articles. Do not overlook to read the description.
Step 3. When you are unsatisfied using the kind, utilize the Lookup discipline on top of the monitor to locate other variations from the authorized kind template.
Step 4. Once you have found the shape you need, select the Get now option. Choose the pricing program you prefer and put your references to register on an accounts.
Step 5. Method the financial transaction. You can use your bank card or PayPal accounts to accomplish the financial transaction.
Step 6. Pick the format from the authorized kind and obtain it on your own device.
Step 7. Comprehensive, change and produce or signal the District of Columbia Corporate Resolution for PPP Loan.

Each authorized record template you acquire is your own forever. You have acces to each and every kind you downloaded with your acccount. Select the My Forms area and select a kind to produce or obtain once again.

Remain competitive and obtain, and produce the District of Columbia Corporate Resolution for PPP Loan with US Legal Forms. There are many skilled and condition-specific forms you can use for your company or personal requirements.

Form Rating

4.62

Satisfied(411)

Form popularity

FAQ

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.

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.

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

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%.

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.

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.

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.

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...?

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.

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...?

Interesting Questions

More info

FMA Template for Board Resolution Authorizing Loan (docx) ? This template willNonprofits in the District of Columbia can now apply for low-interest ... The Hatch Act restricts the political activity of individuals principally employed by state, District of Columbia, or local executive agencies and who work ...Small Business Administration (SBA)States, territories, and the District of. Columbia.borrower's eligibility for a PPP loan, the. Lastly, the new rule creates no appeal right on what the SBA calls its non-PPP ?7(a) loans,? which provide financing for general business ... PPP helped thousands of D.C.-area restaurants, but hasn't brought anyby the Small Business Administration, which administered the loan ... When the SBA first released the PPP loan application on April 2, 2020,in the Federal District Court for the District of Columbia in a ... This meeting minutes template will allow you to complete the board resolution documentation necessary to obtain SBA loan forgiveness. 25 PC. District of Columbia, Hawai'i, Iowa, Maryland, Massachusetts, Minnesota,a PPP loan from the SBA is the only way to stay in business. PPP loans can be used to cover a number of business expenses,before Judge James E. Boasberg of the District Court for the District of Columbia, ... Tenley, a partner and leader of the Government Contracts practice, is an indispensable resource for AGG'sWashington, District of Columbia 20006.

District of Columbia Corporate Resolution for PPP Loan

Description

Related forms

How to fill out District Of Columbia Corporate Resolution For PPP Loan?

Show more info

Form Rating

Form popularity

FAQ

What is a board resolution letter for SBA loan?

What is the deadline for 2nd PPP loan forgiveness 2021?

How do I fill out an SBA board of resolution?

What is the new covered period for PPP loan forgiveness?

What is a board of resolution letter?

What are the new PPP forgiveness rules?

Will PPP loans under 150000 be forgiven?

What supporting documents are needed for PPP loan forgiveness?

What are the new guidelines for PPP loan forgiveness?

How do I fill out an SBA resolution?

Interesting Questions

What is the purpose of OTR Tax Notice 2021-04?

Where can in-person appointments for OTR's Walk-In Center be made?

How can one obtain a Certificate of Clean Hands?

Which agency administers the Paycheck Protection Program (PPP)?

Who can provide technical support and assistance to District businesses applying for PPP?

More info

Trusted and secure by over 3 million people of the world’s leading companies