New Mexico Corporate Resolution for PPP Loan
Description
How to fill out Corporate Resolution For PPP Loan?
You might spend hours online searching for the appropriate legal document template that meets your state and federal requirements.
US Legal Forms provides thousands of legal templates that are reviewed by experts.
You can conveniently obtain or create the New Mexico Corporate Resolution for PPP Loan through their service.
If available, utilize the Review button to look through the document template as well.
- If you already have a US Legal Forms account, you can Log In and click the Download button.
- Then, you can complete, edit, print, or sign the New Mexico Corporate Resolution for PPP Loan.
- Every legal document template you download is yours permanently.
- To get an additional copy of a downloaded form, visit the My documents tab and click the relevant button.
- If this is your first time using the US Legal Forms site, follow the simple instructions below.
- First, ensure that you have selected the correct document template for your chosen county/city.
- Review the document description to confirm you have chosen the right one.
Form popularity
FAQ
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
You can access the documents along with the loan number on the treasury email or papers you've received when your first loan is approved. The report contains the complete details that you need in your second application.
A standard form of amendment agreement that can be used by lenders to modify the loan agreement to allow the borrower to obtain loans under the Paycheck Protection Program (PPP) and other Government stimulus programs.
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.
Forgivable expenses must be spent on eligible categories and adhere to the 60/40 rule. Eligible expenses must be incurred over your chosen covered period between 8 and 24-weeks starting from when your lender provides your first payment. You must maintain the number of employees on the payroll.
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.
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 SBA and the US Treasury have released a new forgiveness application for borrowers with Paycheck Protection Program (PPP) loans less than $50,000. In addition to simplifying the application, a borrower can receive forgiveness for their loan even if they have laid off employees since receiving their PPP loan.
Even if your business is set up as an S or C corporation, you may qualify for the PPP loan.
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).
