Payroll Protection Program and SBA Fund Application Assistance
This post was adapted from language provided by The Kresge Foundation.
Dear grant partner,
We wanted to make you aware of a time-limited opportunity that has been developed with several of our philanthropic partners: Southeast Michigan nonprofits to apply for the CARES Act Paycheck Protection Program (PPP) through Community Reinvestment Fund, USA (CRF). We have heard from many grantees that they have struggled to identify a bank partner and need technical assistance to access the resources available to nonprofits through the CARES Act. We know that funds are limited, so we encourage you to act immediately if this applies to you and if you are interested.
As an SBA lender, CRF is helping to address this challenge in partnership with the Apparatus Solutions team, who has been engaged to provide support through the application process and work with applicants directly once they have submitted their initial inquiries.
Please take a few moments to read the description below and consider whether your organization might benefit from this opportunity. If you believe your organization could benefit, instructions for beginning the application process are included below. If you have any critical questions prior to starting the process you can contact Joy DeFrance or Paul Trulik. (Additional information about PPP can also be found on the application page through the link below.)
Please note, if you have already started your PPP application process through another financial institution you should NOT move forward with this resource.
CRF Application for Paycheck Protection Program
Loans will be made pursuant to the Paycheck Protection Program (“PPP”) under the CARES Act.
This program provides urgent cash flow assistance to small businesses and nonprofits that have been negatively impacted by COVID-19. These loans can be partially or wholly forgiven for organizations that maintain or rehire their workforce and can be used for:
- Payroll costs;
- Interest on mortgages;
- Rent; and,
No collateral or personal guarantees are required. Neither the government nor lenders will charge organizations any fees.
Get Started: Submit your PPP Application
Step 1: Complete Paycheck Protection Program questionnaire
This is the first step of your application. Once you submit your questionnaire, we’ll review your information and invite you to join our secure customer portal to complete your application. A representative from Apparatus Solutions will reach out to you about next steps and application assistance.
Step 2: Prepare for Application
Please begin gathering the following information to help you complete your PPP loan application:
- General Business: Information (legal name, legal structure, Tax-ID, date of formation, address)
- Business Ownership structure (for-profit organization)
- Names, percent owned, address, home, email and SSN for all owners.
- Articles of Incorporation/Organization
- By-Laws/Operating Agreement
- All owners Driver’s Licenses (front and back)
- Business and personal tax returns for 2018 or 2019
- Trailing twelve-month profit and loss statements (as of the month before your application)
- Payroll Reports; Tax forms or journals for 2019 and 2020, such as:
- 2019 or other 12-month Payroll Journals (some services have a PPP Payroll report that you can download – check with your payroll service.
- 2019 and 2020 Forms 941 (Employers Quarterly Federal Tax Return)
- 2019 W-3 (Transmittal of Wage and Tax Statements)
- List of employees and their pay if any received more than $100,000 in the last 12 months.
- Recent payroll report that shows the number of employees as of February 15, 2020 (one that includes that date).
- Accounting records and documents for 2019 and 2020 Year to Date. You will need to summarize other eligible ‘payroll costs’
- Group Health Benefits and Insurance
- Retirement Benefit expense
- State and Local Taxes on Compensation (like unemployment taxes)
- 1099-Misc payments in the last 12 months to Ind. Contractors, if any.
- Last 3 months’ bank statements showing payroll and related expenses being paid.
- Use one of our calculators to estimate your Average Monthly Payroll Costs and Requested PPP Loan Amount.
Punita Dani Thurman
All loans subject to credit approval and final guidance from the SBA on the Paycheck Protection Program. Funds are limited and subject to availability.
The characteristics of the SBA Paycheck Protection Program are from the Coronavirus Aid, Relief and Economic Security (CARES) Act, which was signed into law by President Trump on March 27, 2020. The terms and information outlined in this email are subject to change upon further guidance from the U.S. Small Business Administration and the U.S. government.