Skip to content

PPP Loans: Everything You Need to Know

PPP Loans: Everything You Need to Know

RBSK Partners PC believes every business should consider applying for a PPP loan due to hardships faced because of the COVID-19 pandemic. Look below for the details of how to prepare:

.

Who Should Apply for PPP LoanWhoAll businesses with fewer than 500 employees should consider applying for a Paycheck Protection Program (PPP) Loan. 

*An employer is generally eligible for PPP loans under the CARES Act even if the employer is also receiving sick/family leave tax credits under FFCRA; however, the amount of “payroll costs” included in the loan will not include the amount of wages/expenses for required sick/family leave under FFCRA and the loan proceeds may not be used for wages/expenses for required FFCRA sick/family leave for which a tax credit is allowed. 

Additionally, If you have already received an EIDL loan (between January 31, 2020, and April 3, 2020), you can still apply for a PPP loan so long as you use them for different expenses. You can also refinance an EIDL loan into a PPP loan but note that if you do get a PPP loan, the $10,000 grant will be subtracted from the PPP forgiveness amount

.

When to Apply for PPP LoanWhen: On April 3, 2020 small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses. On April 10, 2020 independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses.

.

Where to Apply for PPP LoanWhere: You must file with an SBA approved bank. To find an SBA approved local lender click here.

.

How to Apply for PPP LoanHow: You have two options to complete your application process:

  1. You may elect to retain RBSK Partners PC in an advisory capacity, thereby allowing us to facilitate the application process for you, assist in post-loan verification process to secure forgiveness in cooperation with your bank or,
  2. You can self-apply for the PPP loan in conjunction with your bank. To find the application click here. To find the borrower's guide click here.

?.

Why You Should Apply for a PPP LoanWhy: Due to the COVID-19 pandemic, businesses may be experiencing financial hardships to cover payroll and certain other expenses. The PPP loan may assist you during this time.

.

What You Need to Apply for PPP LoanWhat: At this time, RBSK understands the legislation to mean that you will need the following to prepare to file for the PPP loan:

  1. An SBA approved bank that will be ready to file your application on the 3rd or 10th.
    *It's important to note that all institutions may not be ready to file your application by these dates. If your lender is not ready, we strongly suggest that you consider an alternative lender. Time is of the essence when filing.
  2. Your fully completed application.
  3. All of 2019 Payroll Tax Returns and current year (if filed) including Forms 941, UC-1, and 940.
  4. Payroll Summary by employee for the time period of March 1, 2019 to February 29, 2020.
  5. Within the Payroll Summary, employees with compensation greater than $100,000 must be identified.
  6. Healthcare costs and premiums, retirement expense (401k match) and other taxable compensation by employee for the time period March 1, 2019 to February 29, 2020.
  7. The number of employees of any sort you employed as of February 15, 2020 (Full-time, part-time, intern etc.).
  8. RBSK needs information about your lending institution: the name of your bank, the branch location, your contact person's name, contact's phone number and contact's email.

*Your bank may require documents in addition to this list.

.

Next steps for PPP Loan  Next steps? Please call John Seale at 812-222-1509 or email him at jseale@rbskpartners.com if you have any questions regarding the PPP loan application process. 

.

.

By electing to use RBSK Partners PC in an advisory capacity, we do not guarantee loan forgiveness eligibility nor acceptance of your application. Eligibility results vary due to specific circumstances. Please contact us if you have any further questions.  

.


For more information visit our COVID-19 Guidance Center.


Where to Find Info About COVID-19Tips of where to get your information about the virus
Centers for Disease Control and Prevention CDC.gov
Indiana State Department of Health News ISDH.in.gov
World Health Organization WHO.int

Where to find local updates about the virus
Decatur County Health Department Facebook Page
Bartholomew County Health Department Facebook Page
Ripley County Health Department Facebook Page
Franklin County Health Department Facebook Page
North Vernon Plain Dealer & Sun Homepage

We are committed to serving clients with care, and we are confident we are taking precautionary measures to promote the health and safety of our staff and clients. We know that this is a stressful time for everyone, and we hope that you, your family and our community stay safe.

Contact RBSK Payroll

Please call us at 812-222-1559 if you have any questions


We offer custom packages that are cost-effective - but in order to give you an accurate price we need to know a little more about your business. Get your customized quote today!
Learn More...
We offer payroll solutions that meet your business's needs and enable you to spend time doing what you do best-- run your company.
Learn More...
We offer services to help make sure that your employees have access to their documents when they need them, without needing to ask you.
Learn more...
We offer a custom program to manage your time clock - which allows us to reduce time theft, buddy punching and give you the ability to control the streamlined process.
Learn more...
Labor law posting can change any time of the year and it's mandatory that employers stay up-to-date. Our team keeps you automatically updated with notifications that specifically impact you.
Learn More...

© RBSK Payroll 2021

var metricValue = '123'; ga('set', 'metric1', VideoPlays);