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CARES Act Resources for Small Businesses & Individuals

What you need to know about the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

CARES Act -- Preliminary Loan Application Checklist

Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. 

Check with us, or check with your bank, before submitting anything. You may be able to do everything over the phone. 


Proposed Loan Amount

The following guideline should be used for calculation of the total Loan Amount Proposed:

Average eligible monthly payroll costs, excluding compensation above $100,000 in wages (based on prior 12 months) multiplied by 2.5 (represents months) – plus – the balance of any SBA Loan closed between 1/31/2020 and when this loan will be [made] [issued? granted?], if applicable – OR – $10 million,
whichever is less.


Use of Proceeds

Allowable uses of the loan funds include eligible payroll support (eligible employee salaries, which exclude compensation above $100,000 in wages, paid sick or medical leave, insurance premiums), interest paid on a mortgage (excluding any prepayment of or payment of principal), rent or lease payments, and utility payments.



You may or may not need all of these documents, but you should have them handy when speaking with the lender so you can answer all the required questions.

  • Completed Application 
  • Articles of Incorporation/Organization of each borrowing entity
  • Bylaws/Operating Agreement of each borrowing entity
  • Copies of all owners’ Driver’s Licenses
  • Payroll Expense Verification documents to include:
  • IRS Form 940 and 941
  • Payroll Summary Report with corresponding bank statement.

          − If a Payroll Summary Report is not available, Employee Pay Stubs as of February 15, 2020 (or corresponding period) with corresponding bank statement, and,
         − Breakdown of payroll benefits (vacation, allowance for dismissal, group healthcare benefits, retirement benefits, etc.)

  • 1099s (for independent contractors)
  • Certification that all employees live within the United States. If any do not, provide a detailed list with corresponding salaries of all employees outside the United States
  • Trailing 12-month Profit and Loss Statement (as of the date of application) for all applicants month by month
  • Most recent Mortgage Statement or Rent Statement (Lease)
  • Most recent utility bills (Electric, Gas, Telephone, Internet, Water)


Here is a link to the application form.  

If you need our help with the preparation of any of this information, call or email us for assistance.

CARES Act and COVID-19 Articles

IRS Issues Guidance on Implementing Payroll Tax Deferral

National Restaurant Association Proposes Changes to PPP Loans

What Employers Need To Know About The Social Security Tax Deferral

Significant Changes Made to the PPP by Act H.R. 7010

Employers May Defer Payment of Certain Payroll Taxes

PPP Loan Forgiveness: What Borrowers Can Do Now

$320 Billion Additional Funding for PPP Signed By President Today!

Stimulus Payments: What You Need To Know

Today IRS Unveiled New Tool For Taxpayers To Find Out When Their Check Will Arrive

IRS Extends More Tax Deadlines to July 15


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    1570 S Canfield Niles Road
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