if you are curious about this program. Many things that were speculated in the bill are a bit different now that it is in writing and further interpretation in front of us. If, after reading these high level documents, you feel that you want to learn more specifics, please read the Borrower’s Information Sheet from SBA. This gets into even more details, but is only 4 pages long.

If you are to apply for this forgivable loan, you need to fully understand what you’ll need to do in order for it to be forgiven. Also note that forgiveness is not available for Sick Leave or FMLA wages. You get payroll tax credits for that payroll, so you can NOT double dip. This means you need to anticipate your employees WORKING between now and June 30 in order for the loan to be forgiven.

Your bank will likely have one similar or the same when you apply

You must attest to this, it is considered fraud if you are not stating this as fact. Seek legal advice if you do not understand what this means.

If you can continue to operate despite this speed bump and https://www.maxloan.org/installment-loans-fl these funds are “nice to have” but not “necessary” you may need to reconsider your desire to apply. These certifications are pretty strong to prevent criminal fraud charges.

THEREFORE, WHEN IT COMES TIME TO APPLY FOR THE PPP LOAN, AND YOU ARE FILLING IT OUT AND SIGNING IT – IT WILL BE UP TO YOUR BANKER TO PROVIDE YOU WITH GUIDANCE ON ANY INFORMATION THAT YOU NEED

WHO TO CONTACT TO APPLY: If after reading all of this, you are ready to move ahead with a PPP loan, CONTACT YOUR LOCAL BUSINESS BANK if your banker hasn’t already contacted you. If they do not seem educated on this program or interested in serving you, CONTACT ANOTHER BANK. The banks are getting paid up to 5% by the SBA (not directly from your loan) to administrate these PPP loans. No doubt, they will be very overwhelmed in the coming weeks.

THIS IS ABOVE EVERYTHING THAT YOU READ IN THIS ARTICLE, THESE LINKS, OR READ AND HEAR ANYWHERE ELSE. – IT IS THEIR APPLICATION AND THEY ARE THE ONES MAKING THE DETERMINATION ON YOUR PPP LOAN ACCEPTANCE. YOU ARE THE RESPONSIBLE PARTY WHEN YOU SIGN THE APPLICATION, THAT YOU UNDERSTAND ALL OF IT, AND ANY CONSEQUENCES THAT MAY COME FROM STATING INFORMATION INCORRECTLY ON THE APPLICATION WILL FALL UPON YOU, SO MAKE SURE THEY ARE GUIDING YOU APPROPRIATELY.

Also, independent contractors can apply for this PPP loan. Full guidance is not out on that yet, the SBA proposed it could be available to independent contractors as early as ount will likely be based on ‘net earnings’ (profit) from their self employment. The interpretation of net income and how that will remain the same during the forgiveness (GRANT) period will be interesting as details arise about that in the future.

Note: These guidelines are based on the official 880-page bill. The SBA has been given 30 days to issue official guidance regarding loan forgiveness. We’ll share updates as soon as we learn of them.

Update: This below article just came out – the State of Florida Unemployment apologizes that their website is not working to apply, and it cites reasons why:

WHAT ABOUT UNEMPLOYMENT FOR THE SELF EMPLOYED AND UNDER-EMPLOYED? The CARES Act (as stated in my previous correspondence) is supposed to ‘open up’ unemployment to self employed folks and those with fewer hours. The application should be online (the above article states that it not available online as of now in Florida). The FL unemployment instructions does not reflect this ability as of now, and it did not yet reflect this yet in my previous correspondence. So, there has been a lot of confusion about self-employed applicants, as the information is not yet on the FL unemployment site yet – nor details provided anywhere else other than the CARES Act. I have talked to other accountants in a few other states, and so far their states don’t have guidance on their web sites yet either.