- The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 24 week period after the loan is made; and
- Employee and compensation levels are maintained.
Loan payments will be deferred for 6 months.
- Save the PPP application to yoru computer before filling it out
- Resave after completion
- Upload the PPP application securely using the form below along with the required payroll documents
- For most companies, use (i) your last twelve months of payroll or (ii) your full year 2019 payroll. We recommend that you prepare both calculations and consult with your lender for guidance on the appropriate time frame due to conflicting views between the Treasury Department guidance and the sample PPP Loan instructions on this.
- For seasonal businesses, use a 12 week period between February 15, 2019 and June 30, 2019*.
- For new companies, use January 1, 2020 to February 29, 2020*.
- Sole Proprietorship – Net Income from 2019 (line 31 on Schedule C) divided by 12 or an eight week period between February 15, 2019 and June 30, 2019 (divided by 2 to get monthly average)
What documents do I need to provide with application (Independent Contractors cannot be included in calculation):
- 940 IRS Form
- 941 IRS Form (4 of them to capture full 12 months)
- W3 (S Corp)
- Schedule C from 2019 (self-employed, independent contractor, sole proprietor)
- Mid Minnesota will send you an email with the SBA approval.
- A few days after SBA approval notification email, the loan documents will follow.
Completed PPP application
Payroll documentation from previous year