South Carolina Corporate Resolution for PPP Loan
Description
How to fill out Corporate Resolution For PPP Loan?
You can spend time online searching for the legal document template that meets both federal and state criteria that you require. US Legal Forms offers a vast collection of legal forms that have been evaluated by professionals.
You are able to download or print the South Carolina Corporate Resolution for PPP Loan from my service.
If you already have a US Legal Forms account, you can Log In and click on the Obtain button. After that, you can complete, modify, print, or sign the South Carolina Corporate Resolution for PPP Loan. Every legal document template you acquire is yours indefinitely.
Complete the transaction. You can use your credit card or PayPal account to pay for the legal form. Choose the format of the document and download it to your device. Make changes to the document if necessary. You can complete, modify, sign, and print the South Carolina Corporate Resolution for PPP Loan. Download and print thousands of document templates using the US Legal Forms site, which offers the largest collection of legal forms. Utilize professional and state-specific templates to meet your business or personal needs.
- To obtain another copy of a purchased form, go to the My documents tab and click on the corresponding button.
- If you are using the US Legal Forms website for the first time, follow the simple instructions below.
- First, ensure that you have selected the correct document template for your area/town that you choose. Review the form description to verify you have selected the appropriate form.
- If available, utilize the Review button to examine the document template as well.
- To find another version of the form, use the Research field to search for the template that meets your needs and requirements.
- Once you have identified the template you wish to obtain, click Get now to continue.
- Select the pricing plan you desire, enter your details, and register for a free account on US Legal Forms.
Form popularity
FAQ
Even if your business is set up as an S or C corporation, you may qualify for the PPP loan.
If you applied for your PPP loan via Womply, you can check loan application status at . If you did not apply through Womply, you will need to contact your SBA-approved lender and request a status update.
Act 147 of 2020, which adopted IRC conformity through December 31, 2019, specifically provides that for tax year 2020 paycheck protection program (PPP) loans that were forgiven and excluded from gross income under the CARES Act are excluded for South Carolina income tax purposes and to the extent the federal government
2019 or 2020 IRS Form 940 or four quarterly Form 941s. Form 990 showing health insurance and/or retirement plan benefits to employees. State quarterly wage unemployment insurance tax reporting forms for each quarter. Parsonage report (if applicable)
Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.
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).
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
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.
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.
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.
