Paycheck Protection Program application and required documents (CARES Act)
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is the largest stimulus package ever signed in U.S. history. This article breaks down everything you need to know about the Paycheck Protection Program application process.
Certification that all employees live within the United States
If any do not, provide a detailed list with corresponding salaries
Trailing twelve-month profit and loss statement (as of the date of application) for all applicants
Most recent mortgage or rent statement
Most recent utility bills
(This list is courtesy of our friends over at Petra Coach.)
Getting these documents together today — and getting them to your lender — will assure that your application will be handled as quickly as possible.
What is the application timeline for the Paycheck Protection Program?
According to the U.S. Treasury, small businesses and sole proprietorships can apply starting on April 3, 2020. Independent contractors and those who are self-employed can start applying on April 10.
Both of these dates refer to applications going through current SBA lending financial institutions. Other regulated lenders will be able to make loans as well — as soon as they are approved and enrolled in the PPP.
The Paycheck Protection Program will be available through June 30, 2020.
What are the next steps for SMBs?
The PPP offers businesses a lifeline during this turbulent time. Every business affected by COVID should speak to their lender, legal counsel, and financial professionals as soon as possible.
Business leaders should begin assembling the necessary paperwork so there are no impediments once the application process opens.
You’ll want your application to be on the top of the pile.
While the PPP is the centerpiece of the stimulus bill’s relief for small businesses, there are other programs rolling out as well.
There are Economic Injury Disaster Loans (EIDL), which also offer small business grants of up to $10,000 that do not need to be repaid. Find out more and apply here.
For businesses to survive and prosper during this unprecedented time, leaders need to avail themselves of every resource that’s out there.
Careful planning today can make sure your business is poised to move smoothly through the crisis.
How should SMBs focus their digital sales and marketing strategies through this pandemic?
World-renowned speaker, best-selling author of They Ask, You Answer, and IMPACT partner Marcus Sheridan urges all small and mid-sized businesses to keep the following key points in mind, before making any drastic changes to their strategies:
Your competitors are going to strip down content marketing to next to nothing, creating a giant opportunity for you to gain search rankings and mindshare. Plus, more than ever, your sales team is going to need more tools in their toolbox.
The marketplace in every industry is going to be looking for leaders. You can not risk your competition coming in and owning the conversation.
"Because of pain, we’re going to be forced to do things we’ve never done before, which leads to unique innovations.” We must say, “We’re going to figure this out because it’s the only choice we have.”