Oklahoma Corporate Resolution for PPP Loan
Description
How to fill out Corporate Resolution For PPP Loan?
Selecting the appropriate legal document template can be a challenge.
It goes without saying that there are numerous templates available online, but how will you acquire the specific legal form you require.
Utilize the US Legal Forms website.
First, ensure you have chosen the correct form for your specific city/county. You can preview the form using the Review button and read the form summary to confirm it is the right one for your needs.
- This service offers a wide array of templates, such as the Oklahoma Corporate Resolution for PPP Loan, suitable for both business and personal use.
- All forms are reviewed by professionals and comply with both state and federal regulations.
- If you are already registered, Log In to your account and click the Acquire button to locate the Oklahoma Corporate Resolution for PPP Loan.
- Use your account to browse the legal forms you have previously purchased.
- Visit the My documents section of your account to obtain another copy of the document you need.
- If you are a new user of US Legal Forms, here are some simple guidelines to follow.
Form popularity
FAQ
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).
Requirements include:Copies of canceled checks.Bank statements with ACH information.Utility bills.Mortgage statements.Lease agreements.List of all employees on your payroll during the covered period.Evidence that your employees were kept on payroll or rehired upon receiving the loan.More items...?
Loans are still available through the PPP program. As of July 7, there is still $130 billion available for small business loans, according to officials.
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
The resolution of board of directors is the convenient form that satisfies this requirement. The completed form signifies that the board of directors is aware of the fact that the finances are requested, of the exact sum, and has authorized the organization indicated in the document to receive funds.
A board resolution, also sometimes called a corporate resolution, is a formal document that makes a statement about an issue that is so important that the board wants to have a record of it. A resolution is a document stands as a record if compliance comes in to question.
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.
What is the resolution of the board of directors SBA?Organization name.Minimum and maximum loan amounts.These officers' names, titles, and signatures.When and where the Resolution took place.That meeting's exact date.Signature of the secretary attesting to the genuineness of signatures and names provided by officers.18-Aug-2021
Even if your business is set up as an S or C corporation, you may qualify for the PPP loan.
