A Delaware Corporate Resolution for PPP Loan is a legal document executed by the board of directors or the shareholders of a Delaware corporation to authorize the company to apply for and receive a Paycheck Protection Program (PPP) loan. This resolution is crucial as it demonstrates the corporation's consensus and approval in pursuing financial assistance under the PPP program. The resolution typically outlines specific details such as the loan amount, purpose of the loan, and any relevant terms and conditions. It may also mention the officers or executives responsible for submitting the loan application on behalf of the corporation. The resolution serves as official documentation providing evidence of the corporation's intention to secure a PPP loan and ensures compliance with regulations and corporate governance requirements. There are two primary types of Delaware Corporate Resolutions for PPP Loan: 1. Board of Directors Resolution: This type of resolution is passed by the corporation's board of directors. It authorizes the corporation to apply for and accept a PPP loan, along with any necessary amendments to the corporation's bylaws or other governing documents if required. The resolution may include specific instructions relating to loan terms, collateral, repayment, etc. 2. Shareholders Resolution: In cases where the corporation's shareholders have control over significant decision-making, a shareholders' resolution may be required. Similar to the board of directors' resolution, this document authorizes the corporation to proceed with obtaining a PPP loan and may involve amending the corporation's bylaws or other governing documents, as needed. Both types of resolutions act as formal authorization documents, allowing the corporation to access critical financial support through the PPP loan program. It is essential to consult with legal counsel or corporate experts who can guide corporations through the resolution preparation and execution process to ensure compliance with Delaware corporate laws, PPP program requirements, and overall governance best practices.
Delaware Corporate Resolution for PPP Loan
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How to fill out Delaware 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...?
Even if your business is set up as an S or C corporation, you may qualify for the PPP loan.
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
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.
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
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.
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.
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 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.
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).
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