We have discovered from communication with the SBA and local banks that this loan will be processed by local small business bankers. At this time the local banks are still trying to sort through the Payroll Protection Program process and work out the lending application/funding details. As is the case with most government programs, the concepts are passed at a very high level, and the details are left to be sorted out. Some local banks are saying they can take the paperwork, others are saying they are still working on this. Our suggestion is to communicate directly with your small business banker and work with them on preparing the paperwork they may require.
Our office is collecting information in real-time from local bankers and trying to provide as much guidance as possible to our clients.
Again, at this time, our guidance is to communicate with your small business banker, gather documents and fill out the forms they may have available so that you are ready to file the loan documents.
Possible Application Materials:
Applications must include documentation verifying the number of full-time equivalent employees on payroll and pay rates including:
- Payroll costs (including paid sick, medical, vacation family and costs related to the continuation of group health care benefits during periods of leave)
- Employee salaries, wage commission or other similar compensation, cash or tip
- Payments of interest on any mortgage obligation, not including prepayment or payment of principal on a mortgage obligation
- Allowance for dismissal or separation
- Payment of any retirement benefit
- Payment of State or local tax assessed on the compensation of employees
- Rent (including rent under a lease agreement)
- Utilities (distribution of electricity, gas, water, transportation, telephone or internet access)
Jeremy Klaven, CPA
#1 First Missouri Center, Suite 214
St. Louis, MO 63141
cell: (314) 583-6515
fax: (314) 754-9967