@ COPYRIGHT 2020. INTERCAPITAL.US

PPP2 Eligibility

  • Business must have less than 300 employees
  • Business types include, Sole Proprietors, Self-Employed, LLC, Corporations, Partnerships, Not for Profits
  • Business must be able to show a 25% decline in income for any Quarter in 2020 compared to the same Quarter in 2019
  • If your business has an NAICS code beginning with 72, the 300 employee limit is calculated per location
  • Loans are based on the average number of employees per pay period for the previous 12 months
  • PPP loans will be generally 2.5 times the average monthly payroll, subject to a maximum of $2,000,000
  • PPP loans of 3.5 times the average monthly payroll (capped at $2,000,000) is available to businesses whose NAICS code starts with 72; hotels, casinos, food service contractors, caterers, restaurants, see NAICS lookup for more information
  • Employees are both part-time and full-time employees and can also be agency staff you employ
  • The borrower cannot be owned more than 20% by a Chinese or Hong Kong company or a company that has significant operations in China or Hong Kong
  • The borrower cannot have any board members that is a Chinese resident
  • The borrower cannot receive an advance for the program set aside for shuttered performing venues - theaters, music clubs and so on.
  • The covered period for the loan is 8 and 24 weeks

Use of PPP2 Funds

  • Payroll
  • Rent
  • Worker PPE
  • Loan interest
  • Utilities
  • Payment to supplies
  • Other operational expenses billing and accounting functions, inventory and so on
  • Payment to repair property damage - not covered by insurance which was caused by looting or rioting
  • Expenses related to business improvements made to comply with safety protocols
  • Payments for software that facilitates business operations

Document List

We encourage all clients to start gathering documents as soon as possible. Our firm, will compile and then upload your documents, after we confirm eligibility based on the SBA guidelines.

  • Copy of Photo ID for all owners who own 20% of the business or more
  • 2019 and 2020 Profit and Loss Statements to show revenue loss during 2020
  • 2019 Business Tax Returns
  • For partnerships – include IRS Form 1065 and Schedule K-1
  • For sole proprietors – include IRS Form 1040 Schedule C
  • Articles of Incorporation / Business Organizational Documents
  • payroll Reports with a list of gross wages, paid time off, and taxes assessed for all employees for all 12 months of 2020
  • 2020 Employer IRS Documents (including one of the following for all 4 quarters of 2020):
  • Form 941: Employer’s Quarterly Federal Tax Return
  • Form 944: Employer’s Annual Federal Tax Return (for smallest employers)
  • Form 940: Employer's Annual Federal Unemployment (FUTA) Tax Return
  • Form W-3: Transmittal of Wage and Tax Statements
  • Documentation to support Health Insurance and Retirement expenses incurred as a part of payroll expenses (for example: a statement from insurance or retirement company)
How to Apply

Please submit the following pre-qualification information.
We will connect you to the lender and process the application for you at no cost.

 

Apply Now PPP

Is your business performance based? (music club, theater, etc.)
Business Address *
Business Address
City
State/Province
Zip/Postal
Received PPP1?
Applied for PPP forgiveness?
300 or less employees in 2019 or 2020?
25% decline in gross income compared to 2019?
Staff?
NAICS code begin with 72?
Any Chinese resident on your board?
Is 20% or more of the business owned by a Chinese or Hong Kong company or a company with operations in China or Hong Kong?
TOP