Maine Corporate Resolution for PPP Loan
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How to fill out Corporate Resolution For PPP Loan?
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FAQ
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.
Yes. PPP loans (the full principal amount and any accrued interest) may be fully forgiven, meaning they do not have to be repaid. If you do not apply for forgiveness, you will have to repay the loan.
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.
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
For PPP loans issued after June 5, 2020, borrowers are given six months to spend the cash. They don't have to start repaying the loan until 10 months after the spending period ends. Borrowers have a pretty lengthy grace period to apply for loan forgiveness, Sheehy said.
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).
Even if your business is set up as an S or C corporation, you may qualify for the PPP loan.
In short, Paycheck Protection Program loan forgiveness is not automatic. You must submit a request to for loan forgiveness through the lender through which you applied for your PPP loan OR if your loan is for $150K or less and your lender has opted-in, through the SBA's new SBA PPP Direct Forgiveness Portal.
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)
