The Illinois Corporate Resolution for PPP Loan is an official document that outlines the decisions and actions taken by a corporation in the state of Illinois regarding the Paycheck Protection Program (PPP) loan. This resolution is typically adopted by the corporation's board of directors or its shareholders, depending on the corporate governance structure. The purpose of the Illinois Corporate Resolution for PPP Loan is to authorize the corporation to apply for and receive the PPP loan, which is a government initiative designed to help small businesses affected by the COVID-19 pandemic. It allows the corporation to access the financial assistance provided under the PPP, which can be essential in maintaining employee payroll, covering rent and utilities, and other permitted expenses. The resolution includes key details such as the corporation's legal name, address, and federal employer identification number (VEIN). Additionally, it provides a clear statement of the corporation's intent to apply for the PPP loan and its commitment to complying with all the requirements and conditions associated with the program. Furthermore, the resolution may also designate a specific officer or officers who have the authority to act on behalf of the corporation in matters related to the PPP loan. This could include signing loan documents, providing financial statements, applying for loan forgiveness, and any other necessary actions throughout the loan process. In some cases, there may be different types of Illinois Corporate Resolution for PPP Loan, based on the specific circumstances of the corporation. For example, there could be variations in the resolution for corporations structured as C-Corporations, S-Corporations, or Limited Liability Companies (LCS). Each type of corporation may have unique rules and regulations to follow when applying for the PPP loan, and the resolution will reflect these specific requirements. Overall, the Illinois Corporate Resolution for PPP Loan is a critical document that ensures the corporation has the necessary authorization and direction to proceed with the loan application and follow the appropriate procedures. It also helps facilitate transparency and compliance with state and federal regulations governing the PPP loan program.
Illinois Corporate Resolution for PPP Loan
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How to fill out Corporate Resolution For PPP Loan?
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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.
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