Illinois Corporate Resolution for PPP Loan
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FAQ
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.
SBA Form 160, Resolution of Board of Directors is a form issued by the Small Business Administration (SBA) and filed with SBA Business Expansion loans - including Direct, Guaranteed, or Participation loans.
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.
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
PPP Money Nearly All Gone: Only $8 billion remains available. Source: CBS News, April 6, 2021.
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).
Notice: The Paycheck Protection Program (PPP) ended on . Existing borrowers may be eligible for PPP loan forgiveness.
Even if your business is set up as an S or C corporation, you may qualify for the PPP loan.
Passage of the PPP Extension Act on March 30, 2021, provided further guidance and deadline extension. Business owners can still apply for an EIDL loan but PPP loans are no longer available. Check eligibility before you apply. You can apply through an SBA-approved 7(a) lender.
