Tag: Tag: List of Banks accepting Payroll Protection Program Applications Today

I am very frustrated by my local bank that they have not even invited me to apply for PPP. However, a friend shared some online resources where I was able apply. So far I have two of these in “underwriting” but not signed yet.

As far as I understand, you can apply as much as you want. Just be sure to only sign one. I am still very confident that CompanionLink will get accepted and get funding for two months of our payroll.

Today (April 16) funding is out until Congress and the Treasury make a deal. I am confident a deal will be made for this very important program.

Here are some other tips I have learned in my application process:

The loan amount is 2.5 times 2019 Monthly payroll. The best number to use is from your W-3 form, line 5, plus State and Local Taxes line 17 and 19. Although this is less than “Payroll” this is easy to prove because this is already on your W-3 Form.
Document staff who earned over 100K in 2019, and subtract the Salary over 100k from your total.
Make a PDF of everything, and store them on your Personal computer so you can reply to an email any time of day or night. So far I have sent out the following documents; Canceled check, Drivers License picture front and back, Register from checking account, 2019 taxes as filed, 2019 Payroll statement, Payroll Statement from Feb 16 2020, W-3 from 2019, All W-2 and 1099 Misc from 2019, Corporate Founding Documents, 2019 941 Reports (4-quarters).