Vermont Corporate Resolution for PPP Loan
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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).
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.
The maximum loan amount for Second Draw PPP loans is 2.5 times the average monthly payroll costs for 2019 or 2020 up to $2 million. Businesses with a NAICS code beginning in 72 (generally hospitality businesses) may receive up to 3.5 times the average monthly payroll costs.
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
Even if your business is set up as an S or C corporation, you may qualify for the 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.
How much can a business owner borrow from PPP? The amount your small business can borrow on a PPP loan is equal to 250% of your average monthly payroll costs for the last year or the 12 months directly preceding your PPP loan application. The maximum amount you can borrow is $10 million.
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)
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.
If you applied for your PPP loan via Womply, you can check loan application status at . If you did not apply through Womply, you will need to contact your SBA-approved lender and request a status update.
