How to get ready for the next round of PPP funding

While the Small Business Administration and the Treasury are preparing the guidance for the next round of PPP funding under the new $900 billion stimulus package, the CT Small Business Development Corporation (SBDC) recommends that borrowers begin compiling the following documentation:

• 2019 Business Tax Returns complete with all schedules and 2019 Financials by quarter
• 2020 Business Tax Returns complete with all schedules and 2020 Financials by quarter – draft /estimates may be acceptable
• 2020 State payroll forms, all four quarters (form 941)
• Verification of the number of employees and payroll incurred over the most recent 12-month period identifying employees payroll compensation in excess of $100,000
• Forms 1099-Misc for self-employed individuals

The timing on when the Small Business Administration (SBA) will start accepting new applications is unclear, with experts saying it could be just a few short days to more than a few weeks.
 
Chelsea Groton will notify businesses when they are ready to accept applications; communication will come in the form of email blasts, social media channels, and the bank's website (check here often).
 
More information should be available on the SBA website soon, but in the meantime the Connecticut Small Business Development Center (SBDC) will host multiple webinars to help you understand what information you may need to apply for a PPP loan. Click here to register for one of the webinars.
 
If you have questions specific to your individual financial situation, please consult with your tax advisor, accountant and any other professional advisors.