The SBA and Department of Treasury have released new guidance and given clarification on how numbers are calculated for the PPP Loan and what qualifies.
We also have new guidance on the 10k advance. They are now granting They will grant $1,000 per employee (on W2) UP TO $10,000 max as an advance. This will be forgivable.
There are still banks processing these and new non-traditional lenders are now being qualified as well such as QuickBooks, Kabbage, and even Paypal. Keep checking around! Here is a better resource by the SBA to search for available PPP lenders:
1. You will need to prepare the following documents:
2. The figures for the loan qualification are calculated as follows:
3. You will need to apply for forgiveness in 60 days according to the sources we are reading.
4. Additional loans are available through the SBA and the loan figures from this PPP Loan and the EIDL Loan must all tie together.