SBA Paycheck Protection Plan (PPP) round 2 goes live on Monday 4/27 at 10:30 a.m. PPP’s are applied for through SBA lenders. To find PPP lenders use lnkd.in/eM4xSbF or visit the MA SBA website sba.gov/ma to find a listing of local PPP approved lenders.
What to expect when applying
Your average monthly income or payroll
Make sure you have this information ready to enter on your application.
Provide the necessary payroll and tax documents
It’s important to upload the exact documents required. Incorrect documents will result in a delay of your application.
If you have employees:
- If you filed at least one W-2, yourself included, you’ll need to have prepared either your 2019 940, 941 (quarterly forms), 944, or W-3.
If you don’t have employees:
- You’ll need to have a prepared 2019 1040 Schedule C form to upload. Your taxes don’t have to be filed yet.
What are the terms of the PPP loans?
– 1% fixed interest rate
– Up to $10 million
– 24-month term
– 6-month payment deferment
– 100% forgiveness if certain conditions are met
– Open to most businesses with 500 employees or fewer
Please contact us if you need assistance.