Kentucky Corporate Resolution for PPP Loan is a legal document that outlines the decision-making process and authority of a corporation in the context of obtaining a Paycheck Protection Program (PPP) loan. This resolution is specific to corporations registered in the state of Kentucky seeking financial support through the PPP program, which was launched in response to the COVID-19 pandemic. A corporate resolution is a formal document that reflects the decisions and actions taken by a corporation's board of directors or shareholders. In the case of PPP loans, this resolution is required by lending institutions as a means to verify that the corporation is authorized to apply for and receive financial assistance. The resolution typically includes key information such as the corporation's name, address, and tax identification number. It specifies the resolution's purpose, which in this case is to authorize the corporation to apply for a PPP loan. The document also outlines the powers and responsibilities of the officers or individuals tasked with applying for the loan on behalf of the corporation, such as the Chief Financial Officer or Treasurer. Moreover, the resolution may include provisions and clauses specific to the PPP program, ensuring compliance with the requirements established by the Small Business Administration (SBA), the federal agency administering the PPP. These provisions could pertain to the certification of eligibility, the permissible use of loan funds, and adherence to the forgiveness provisions. Different types of Kentucky Corporate Resolution for PPP Loan may vary based on the corporation's structure. For example, if the corporation is a closely held corporation, the resolution may require the consent and signatures of all shareholders, whereas in a publicly traded corporation, it may only involve the board of directors' approval. To summarize, the Kentucky Corporate Resolution for PPP Loan is a legal document specific to corporations registered in Kentucky that authorizes the corporation to apply for a PPP loan. It outlines the decision-making process, powers, and responsibilities of the individuals involved, and ensures compliance with the program's requirements.
Kentucky Corporate Resolution for PPP Loan
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How to fill out Corporate Resolution For PPP Loan?
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Even if your business is set up as an S or C corporation, you may qualify for the PPP loan.
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.
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).
In short, Paycheck Protection Program loan forgiveness is not automatic. You must submit a request to for loan forgiveness through the lender through which you applied for your PPP loan OR if your loan is for $150K or less and your lender has opted-in, through the SBA's new SBA PPP Direct Forgiveness Portal.
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
Thankfully, the Kentucky General Assembly has now stepped in. Under HB 278, (i) expenses funded with a forgiven PPP loan may be deducted on the borrower's Kentucky income tax return, and (ii) forgiveness of a PPP loan will not, for purposes of Kentucky income, create taxable income.
Expenses Paid with PPP Loan Proceeds Now Deductible in Kentucky. On March 15, 2021, Kentucky Governor Andy Beshear signed into law House Bill 278, which allows expenses paid with PPP loan proceeds to be tax deductible for Kentucky income tax purposes, providing much needed relief for taxpayers.
Kentucky is a static conformity state and adopts the Internal Revenue Code (IRC) as of December 31, 2019. Consequently, Kentucky will not conform to the suspension of the 80% NOL limitation, the expanded interest deduction temporarily available under IRC section 163(j), and other federal changes in the CARES Act.
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.
CARES Act conformity.Kentucky also does not allow NOL carry back deductions by corporate or personal income taxpayers. So, it does not recognize the 5-year carry back period enacted by the CARES Act for NOLs from tax years after 2017 and before 2021.
