The Oregon Corporate Resolution for PPP Loan is a legal document that is required by the Small Business Administration (SBA) for companies in Oregon seeking a Paycheck Protection Program (PPP) loan. This resolution is drafted by the company's board of directors or members to formally authorize the company to apply for and receive the loan. The purpose of the Oregon Corporate Resolution for PPP Loan is to ensure that the loan application process and disbursement of funds are conducted in a legally compliant manner. It serves as evidence that the company's leadership has approved and authorized the loan application, providing a layer of protection and accountability for the company. The resolution typically includes essential details such as the company's name, legal structure (corporation, LLC, etc.), and identification of the specific individuals who are authorized to act on behalf of the company during the loan application process. These individuals may include the company's president, CEO, or other designated representatives. Additionally, the resolution will outline the specific loan amount being applied for and may include any necessary supporting documents, such as financial statements or tax returns, depending on the lender's requirements. It will also state the purpose for which the loan will be used, typically to cover payroll expenses, utilities, rent, or mortgage interest. Different types of Corporate Resolutions for PPP Loans in Oregon may exist based on the specific requirements of different lenders. Some lenders may have additional requirements or specific forms that need to be completed, while others may accept a more general template or format. It is crucial for companies to consult with their lender or legal advisor to ensure that the resolution meets the specific requirements of the lender they are working with. In summary, the Oregon Corporate Resolution for PPP Loan is a legally binding document that authorizes a company in Oregon to apply for and receive a PPP loan. It demonstrates the company's compliance with SBA regulations and provides clarity and accountability regarding the loan application process.
Oregon Corporate Resolution for PPP Loan
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How to fill out Oregon Corporate Resolution For PPP Loan?
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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
If you received a PPP loan that was $50,000 or less, you are exempt from having to maintain your employee and compensation levels in order to receive loan forgiveness. Your loan must still be spent on approved costs and you will still need to document that you spent at least 60% of your funds on payroll expenses.
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.
Yes. PPP loans (the full principal amount and any accrued interest) may be fully forgiven, meaning they do not have to be repaid. If you do not apply for forgiveness, you will have to repay the 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).
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.
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.
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.
