Thanks
From: Lewis Bergman
Sent: Monday, April 20, 2020 11:20 AM
To: AnimalFarm Microwave Users Group
Subject: Re: [AFMUG] OT guvmnt loan
I doubt this attachment will make it through but here is a checklist from the
SBA for PPP forgiveness.
Just in case the attachment is stripped, here it is below:
This information will be needed to present to the bank or SBA for Loan
Forgiveness:
1.. Copies of payroll tax reports file with the IRS (including Forms 941,
940, state income and unemployment tax filing reports) for the the 8 week
period following the original of the loan.
2.. Copies of payroll reports for each pay period for the 8 week period
following the origination of the loan. Gross wages including PTO (which might
include vacation, sick, and other PTO) should be reflected.
3.. Documentation reflecting the health insurance premiums paid by the
company under a group health plan including owners of the company for the 8
week period following the origination of the loan should be provided. Copies of
the monthly invoices should suffice.
4.. Documentation of all retirement plan funding by the employer for the 8
weeks following the origination of loan should be sufficent. Copies of
workpapers, schedules and remittances to the retirement plan administrator
should be available.
5.. Copies of all lease agreements for real estate and tangible personal
property should be presented along with proof of payment during the 8 week
period followiing the loan origination date.
6.. Copies of all statement of interest paid on debt obligations incurred
prior to February 15, 2020 indicating payment amounts and proof of payment for
the 8 week period following the loan origination date.
7.. Copies of cancelled checks, statements or other evidence of utilities
paid during the "covered period" for the 8 week period following the loan
origination date.
I hope that's right. The copy/paste was mangled so I had to reconstruct it.
Hopefully, the attached PDF makers it.
On Mon, Apr 20, 2020 at 10:03 AM Josh Luthman <j...@imaginenetworksllc.com>
wrote:
It's my understanding that in 8 weeks all you have to do is prove you did
payroll for 75% of the amount loaned. In your case, show 90k came out of the
account to payroll. The reports that the payroll company does, I'm told,
should suffice.
Josh Luthman
Office: 937-552-2340
Direct: 937-552-2343
1100 Wayne St
Suite 1337
Troy, OH 45373
On Sun, Apr 19, 2020 at 12:17 PM <ch...@wbmfg.com> wrote:
Lewis,
Are you taking any special measures to be able to prove you used the loan
proceeds for approved uses?
Kinda hard when they get comingled with other funds in a general checking
account.
I think we put them in a separate savings account.
From: Lewis Bergman
Sent: Saturday, April 18, 2020 6:09 PM
To: AnimalFarm Microwave Users Group
Subject: Re: [AFMUG] OT guvmnt loan
$10k? How many people do you have? I think I got nearly $500k between all
the companies.
On Sat, Apr 18, 2020, 7:01 PM <ch...@wbmfg.com> wrote:
Got our supposedly to be forgiven $10K loan today. We shall see...
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