An Alaska Corporate Resolution for PPP Loan is a legally binding document that authorizes a corporation to apply for and secure a Paycheck Protection Program (PPP) loan. This resolution is generally required by banks or lenders when a corporation seeks financial assistance through the PPP initiative. The Alaska Corporate Resolution for PPP Loan outlines the specific details of the loan application, including the loan amount, purpose of the loan, and the individuals authorized to sign and submit the application on behalf of the corporation. The resolution also confirms that the board of directors or other authorized individuals have reviewed and agreed to comply with the terms and conditions of the PPP loan. There may be different types of Alaska Corporate Resolution for PPP Loan, depending on the specific circumstances and requirements of the corporation. Some common types may include: 1. General Corporate Resolution: This type of resolution is used for corporations with a simple ownership structure, where the board of directors authorizes a designated officer or officers to apply for and execute the PPP loan application. 2. Board Resolution: In corporations with a more complex ownership structure, a board resolution may be required. This resolution is typically passed during a board meeting, where the directors approve the application and empower specific officers to act on behalf of the corporation. 3. Special Resolution: In some cases, a special resolution may be necessary when additional approvals or specific conditions are required to secure the PPP loan. This resolution could include additional provisions or stipulations put forth by the lender or unique circumstances for the corporation. Overall, the Alaska Corporate Resolution for PPP Loan is a critical legal document that ensures the corporation's compliance and authorization to obtain financial assistance via the PPP loan program. It provides clarity and transparency regarding the corporation's intentions and designated individuals responsible for executing the loan application process.
Alaska Corporate Resolution for PPP Loan
Description
How to fill out Alaska Corporate Resolution For PPP Loan?
Are you currently in a situation where you require documents for either business or personal purposes nearly every day.
There are numerous legal document templates accessible online, but finding reliable versions can be challenging.
US Legal Forms provides a vast array of form templates, such as the Alaska Corporate Resolution for PPP Loan, designed to comply with federal and state regulations.
Once you find the correct form, click on Get now.
Choose the pricing plan you prefer, enter the required information to create your account, and complete the purchase using your PayPal or credit card.
- If you are already acquainted with the US Legal Forms website and have an account, simply Log In.
- Then, you can download the Alaska Corporate Resolution for PPP Loan template.
- If you do not have an account and wish to start using US Legal Forms, follow these steps.
- Find the form you need and verify that it is for the correct city/state.
- Utilize the Review option to inspect the form.
- Examine the summary to ensure you have selected the right form.
- If the form does not match what you are looking for, use the Search field to locate the form that meets your needs and requirements.
Form popularity
FAQ
PPP loans are guaranteed by the Small Business Administration, which will reimburse the lender if you (borrower) qualify for loan forgiveness. The lender will determine if you are eligible.
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.
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.
Forgivable expenses must be spent on eligible categories and adhere to the 60/40 rule. Eligible expenses must be incurred over your chosen covered period between 8 and 24-weeks starting from when your lender provides your first payment. You must maintain the number of employees on the payroll.
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)
Even if your business is set up as an S or C corporation, you may qualify for the PPP loan.
A standard form of amendment agreement that can be used by lenders to modify the loan agreement to allow the borrower to obtain loans under the Paycheck Protection Program (PPP) and other Government stimulus programs.
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
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.
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).
Interesting Questions
More info
What is FI PPA ? A Foreign Investment and Protections Project Agency (FI PPA) is a federal agency designed to ensure that the laws protecting investment and foreign ownership in property are followed, and that the rights of private investors are protected, so they are not adversely affected by government actions that could affect investment or foreign ownership. FI PPA provides a means of ensuring that laws protecting the rights of investors are properly implemented and enforced. What is required of an entity to be a FI PPA licensee ? FI PPA applicants must be licensed entities. This means that the business organization that holds the required licenses may not simply hold them for the purpose of doing business. The business organizations who hold the licenses must have a business plan which includes a plan for achieving compliance (filing a Statement of Compliance, for example). You must file Form LLC-9, Statement of Compliance (see the Section 8.
