Risk & Business Magazine Spectrum Insurance Spring 2020 | Page 31

CARES ACT
and state income, payroll, and
unemployment insurance filings;
• Documentation verifying
payments on mortgage obligations,
lease payments, and utility
payments;
• A certification that the amount
for which forgiveness is requested
was used to retain employees,
make mortgage interest payments,
make lease payments, or make
utility payments; and
• Any other documentation SBA
determines necessary.
The lender must make a decision regarding
an application for loan forgiveness within
60 days after receipt of the application.
APPLYING FOR A PPP LOAN
PPP loans will be made by SBA-approved
lenders. Loan applications and supporting
documentation will be submitted directly
to these lenders. SBA is expected to issue
guidance to lenders, including details on
how to apply and the criteria SBA will use
to determine who will receive loans, within
15 days of enactment, although it may be
issued sooner.
Banks are taking action now to prepare for
the significant volume of applications they
expect to receive. Businesses should start
assembling documentation to expedite the
application process, including these items:
• Articles of incorporation/
organization;
•
• Bylaws/operating agreement;
•
•
•
Payroll expense verification
documents, including IRS Forms
941 and 944, payroll summary
reports and bank statements, and
summary of payroll benefits;
Trailing 12-month profit-and-loss
statement;
Mortgage or rent statements; and
Utility statements.
Advanced preparation will be critical for
businesses wanting to take advantage of
this loan program. +
FOR MORE INFORMATION ON SBA PPP LOANS, CONTACT JENNIFER
WOLFF, JOHN MCDONALD, OR KRISTIN ROEPER TO LEARN MORE.
833 E. MICHIGAN STREET, SUITE 1800 | MILWAUKEE, WISCONSIN 53202-5615
VISIT WWW.GKLAW.COM
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