The Coronavirus Aid, Relief and Economic Security (CARES
ACT) allocated $350 billion to help small businesses/churches
keep workers employed amid the pandemic and economic
downturn. Known as the Paycheck Protection Program,
the initiative provides 100% federally guaranteed loans to
small businesses/churches. These loans may be forgiven if
borrowers maintain their payrolls during the crisis or restore
their payrolls afterwards. LBMC and UMC have teamed up to
create an easy to follow guide on what you need to know to
take advantage of this opportunity.
Highlights of PPP
The PPP is rst-come, rst-served. Important to note, time
is of the essence to take advantage of this opportunity.
No more than 25% of the loan forgiveness amount may be
used for non-payroll costs. The SBA is supposed to issue
additional guidance on loan forgiveness.
At least 75% of the PPP loan proceeds SHALL be used for
payroll costs (including any EIDL loan that is renanced).
This is a new requirement and is important for businesses
who need the money to pay interest on mortgage, rent,
and utilities. If the funds are used for unauthorized
purposes, the SBA will direct the borrower to repay those
amounts.
Maximum loan amount is 2.5 times average monthly
payroll costs.
The number of employees must be no more than 500
and payroll costs are limited to employees who have their
principal place of residence in the United States.
Use for employee salaries, cost related to compilation
of group health benets, paid sick medical family leave
insurance premiums
Payroll Costs DO NOT include mortgage payments or
utilities.
All forms will have to go through a lender.
All forms have to be lled out on-line (Adobe PDF form –
and id certication)
Your bank may have additional forms they need you to ll
out.
Paycheck Protection
Program
For more resources, visit www.LBMC.com/COVID19
What You Need
1. 941’s for 2019
2. State Unemployment Tax Returns
for 2019, showing each individual’s
compensation, if applicable
3. Detailed payroll reports for 2019,
showing names, social security numbers,
compensation and FICA/MC and FIT
withholdings (also provide details in
Excel to limit individual compensation to
$100,000 per recipient)
4. Detailed subcontractor payments to
individuals for services only (by recipient)
for 2019, showing names, social security
numbers/EINs, and gross payments
5. Details of healthcare benets paid by
company (health, dental, vision) from
2019 including most recent invoice
6. Detailed listing of employer’s retirement
plan payments for 2019
7. Fill out and sign (manually) the 4506-T
Please note that your bank is the entity
that is making the decision on how much
the “payroll costs” are and how they
will compute it. These are only LBMC’s
suggested items which we feel they will
ask for. Please contact your banker to
determine what is needed.
LBMC is working with US Bank and will
coordinate for you. Please note that this
doesn’t guarantee that your loan will be
approved.
Who to Contact
We are here to help you with any additional
questions or to assist you with getting these
forms processed.
PPPTaxAdvisor@lbmc.com
Sa
mp
e
Paycheck Protection Program
Application Form
OMB Control No.: 3245-
Expiration Date: 06/30/2020
1
SBA Form 2483 (03/20)
(

Non-Profit Vet Org Tribal Ind. Cont. Self Employed
DBA or Tradename if applicable
Business Legal Name
Business Primary Address
Business TIN (EIN,SSN)
Business Phone
( ) -
Primary Contact
Email Address
Average Monthly Payroll:
$
X 2.5 equals Loan Amount:
$
Number of Jobs:
Purpose of the loan
(select more than one):
Payroll Rent / Mortgage Interest Utilities Other (explain):__________________
Applicant Ownership
List all owners of Applicant with greater than 20% ownership stakes. Attach a separate sheet if necessary.
Owner Name
Title
Ownership %
TIN (EIN,SSN)
Address
If questions (1) or (2) below are answered “Yes,” the loan will not be approved.
Question
Yes
No
1.
Is the Business or any owner presently suspended, debarred, proposed for debarment, declared ineligible, voluntarily excluded
from participation in this transaction by any Federal department or agency, or presently involved in any bankruptcy?
2. Has the Business, any of its owners, or any business owned or controlled by any of them, ever obtained a direct or guaranteed
loan from SBA or any other Federal agency that is currently delinquent or has defaulted in the last 7 years and caused a loss to
the government?
3. Is the Business or any owner an owner of any other business or have common management with any other business? If yes,
attach a listing of all Affiliates and describe the relationship as addendum A.
4. Has the Business received an SBA Economic Injury Disaster Loan between January 31, 2020 and April 3, 2020? If yes,
provide details on a separate sheet identified as addendum B.
Applicants who are individuals and all 20% or greater owners of the business must ans wing questions. If
questions (5) or (6) are answered “Yes” or question (7) is answered “No”, the loan will not be approved.
Question
Yes
No
5. Are you presently subject to an indictment, criminal information, arraignment, or other means by
which formal criminal charges are brought in any jurisdiction, or presently incarcerated, on probation
or parole?
Initial here to confirm your response to question 5
6. Within the last 7 years, for any felony or misdemeanor for a crime against a minor, have you: 1) been
convicted; 2) pleaded guilty; 3) pleaded nolo contendere; 4) been placed on pretrial diversion; or 5) been
placed on any form of parole or probation (including probation before judgment)?
Initial here to confirm your response to question 6
7. I am a U.S. Citizen OR I have Lawful Permanent Resident status
No
Initial here to confirm your response to question 7
x
Name of Church or Church related ministry
Physical Address
Trustee Chair name and contact information
Church's EIN
Note: If you need the non-profit group ruling for your church, visit www.umgroupruling.org
Total # of
employees
Check all categories that apply
N/A - nonprofit organization
Questions 1-4 are not applicable for churches
Add appropriate initials for questions 5-7
Sample
Paycheck Protection Program
Application Form
OMB Control No.: 3245-
Expiration Date: 06/30/2020
2
SBA Form 2483 (03/20)
By Signing Below, You Make the Following Representations, Authorizations, and Certifications
REPRESENTATIONS AND AUTHORIZATIONS
I represent that:
I have read the Statements Required by Law and Executive Order included in this form, and I understand them.
I will comply, whenever applicable, with the civil rights and other limitations in this form.
All SBA loan proceeds will be used only for business related purposes as specified in the loan application.
To the extent feasible, I will purchase only American-made equipment and products.
The Applicant is not engaged in any activity that is illegal under federal, state or local law.
For Applicants who are individuals and all Associates: I authorize the SBA to request criminal record information about me from criminal justice
agencies for the purpose of determining my eligibility for programs authorized by the Small Business Act, as amended.
CERTIFICATIONS
The Business and each 20% or greater owner must certify in good faith to all of the below by initialing next to each one:
_____ Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.
_____ The funds will be used to retain workers and maintain payroll or make mortgage payments, lease payments, and utility payments; I
understand that if the funds are used for unauthorized purposes, the federal government may pursue criminal fraud charges.
_____ Documentation verifying the number of full-time equivalent employees on payroll as well as the dollar amounts of payroll costs, covered
mortgage interest payments, covered rent payments, and covered utilities for the eight week period following this loan will be provided
to the lender.
_____ Loan forgiveness will be provided for the sum of documented payroll costs, covered mortgage interest payments, covered rent payments,
and covered utilities. Due to likely high subscription, it is anticipated that not more than twenty-five percent (25%) of the forgiven
amount may be for non-payroll costs.
_____ During the period beginning on February 15, 2020 and ending on December 31, 2020, the Applicant has not and will not receive another
loan under this program.
_____ I further certify that the information provided in this application and the information that I have provided in all supporting
documents and forms is true and accurate. I realize that knowingly making a false statement to obtain a guaranteed loan from SBA is
punishable under 18 USC 1001 and 3571 by imprisonment of not more than five years and/or a fine of up to $250,000; under 15 USC
645 by imprisonment of not more than two years and/or a fine of not more than $5,000; and, if submitted to a Federally insured
institution, under 18 USC 1014 by imprisonment of not more than thirty years and/or a fine of not more than $1,000,000.
_____
I acknowledge that the lender will calculate the eligible loan amount using tax documents I have submitted. I affirm that these
tax documents are identical to those I submitted to the IRS. I also understand, acknowledge and agree that the Lender can share
the tax information with SBA's authorized representatives, including authorized representatives of the SBA Office of Inspector
General, for the purpose of compliance with SBA Loan Program Requirements and all SBA reviews.
_________________________________________________________ ________________________
Signature of Authorized Representative of Business Date
Print Name Title
________________________________________________________ ________________________
Signature of Owner of Applicant Business Date
Print Name Title
Add appropriate initials by the Trustees
Trustee Chair
Member of Trustee Board
click to sign
signature
click to edit
click to sign
signature
click to edit
Sample
Paycheck Protection Program
Application Form
OMB Control No.: 3245-
Expiration Date: 06/30/2020
3
SBA Form 2483 (03/20)
Purpose of this form:
This form is to be completed by the Applicant and all individuals identified below and submitted to your SBA Participating Lender.
Submission of the requested information is required to make a determination regarding eligibility for financial assistance. Failure to submit the
information would affect that determination.
Instructions for completing this form:
For purposes of calculating “Average Monthly Payroll”, most Applicants will use the average monthly payroll for 2019, excluding costs over
$100,000 on an annualized basis for each employee. For seasonal businesses, the Applicant may elect to instead use average monthly payroll
for the time period between February 15, 2019 and June 30, 2019, excluding costs over $100,000 on an annualized basis for each employee.
For new businesses, average monthly payroll may be calculated using the time period from January 1, 2020 to February 29, 2020, excluding
costs over $100,000 on an annualized basis for each employee.
The first section and questions 1-4 request information about the Business. Questions 5-7 are to be completed, signed and dated by each
applicant who is an Individual as well as each 20% or greater owner of an Applicant Business. All parties listed below are considered owners of
the Applicant Business as defined in 13 CFR § 120.10, as well as “principals.”
For a sole proprietorship, the sole proprietor;
For a partnership, all general partners, and all limited partners owning 20% or more of the equity of the firm;
For a corporation, all owners of 20% or more of the corporation;
For limited liability companies, all members owning 20% or more of the company; and
Any Trustor (if the Applicant is owned by a trust).
Paperwork Reduction Act You are not required to respond to this collection of information unless it displays a currently valid OMB
Control Number. The estimated time for completing this application, including gathering data needed, is 8 minutes. Comments about this time
or the information requested should be sent to : Small Business Administration, Director, Records Management Division, 409 3rd St., SW,
Washington DC 20416., and/or SBA Desk Officer, Office of Management and Budget, New Executive Office Building, Washington DC
20503.
Privacy Act (5 U.S.C. 552a) Under the provisions of the Privacy Act, you are not required to provide your social security number. Failure to
provide your social security number may not affect any right, benefit or privilege to which you are entitled. (But see Debt Collection Notice
regarding taxpayer identification number below). Disclosures of name and other personal identifiers are required to provide SBA with
sufficient information to make a character determination. When evaluating character, SBA considers the person’s integrity, candor, and
disposition toward criminal actions. Additionally, SBA is specifically authorized to verify your criminal history, or lack thereof, pursuant to
section 7(a)(1)(B), 15 USC Section 636(a)(1)(B) of the Small Business Act (the Act).
Disclosure of Information: Requests for information about another party may be denied unless SBA has the written permission of the
individual to release the information to the requestor or unless the information is subject to disclosure under the Freedom of Information Act.
The Privacy Act authorizes SBA to make certain “routine uses” of information protected by that Act. One such routine use is the disclosure of
information maintained in SBA’s system of records when this information indicates a violation or potential violation of law, whether civil,
criminal, or administrative in nature. Specifically, SBA may refer the information to the appropriate agency, whether Federal, State, local or
foreign, charged with responsibility for, or otherwise involved in investigation, prosecution, enforcement or prevention of such violations.
Another routine use is disclosure to other Federal agencies conducting background checks but only to the extent the information is relevant to
the requesting agencies' function. See, 74 F.R. 14890 (2009), and as amended from time to time for additional background and other routine
uses. In addition, the CARES Act, requires SBA to register every loan made under the Paycheck Protection Act using the Taxpayer
Identification Number (TIN) assigned to the borrower.
Debt Collection Act of 1982, Deficit Reduction Act of 1984 (31 U.S.C. 3701 et seq. and other titles) SBA must obtain your taxpayer
identification number when you apply for a loan. If you receive a loan, and do not make payments as they come due, SBA may: (1) report the
status of your loan(s) to credit bureaus, (2) hire a collection agency to collect your loan, (3) offset your income tax refund or other amounts
due to you from the Federal Government, (4) suspend or debar you or your company from doing business with the Federal Government, (5)
refer your loan to the Department of Justice, or (6) foreclose on collateral or take other action permitted in the loan instruments.
Right to Financial Privacy Act of 1978 (12 U.S.C. 3401) The Right to Financial Privacy Act of 1978, grants SBA access rights to
financial records held by financial institutions that are or have been doing business with you or your business including any financial
institutions participating in a loan or loan guaranty. SBA is only required provide a certificate of its compliance with the Act to a financial
institution in connection with its first request for access to your financial records. SBA's access rights continue for the term of any approved
loan guaranty agreement. SBA is also authorized to transfer to another Government authority any financial records concerning an approved
loan or loan guarantee, as necessary to process, service or foreclose on a loan guaranty or collect on a defaulted loan guaranty.
Sample
Paycheck Protection Program
Application Form
OMB Control No.: 3245-
Expiration Date: 06/30/2020
4
SBA Form 2483 (03/20)
Freedom of Information Act (5 U.S.C. 552) Subject to certain exceptions, SBA must supply information reflected in agency files and
records to a person requesting it. Information about approved loans that will be automatically released includes, among other things, statistics
on our loan programs (individual borrowers are not identified in the statistics) and other information such as the names of the borrowers (and
their officers, directors, stockholders or partners), the collateral pledged to secure the loan, the amount of the loan, its purpose in general terms
and the maturity. Proprietary data on a borrower would not routinely be made available to third parties. All requests under this Act are to be
addressed to the nearest SBA office and be identified as a Freedom of Information request.
Occupational Safety and Health Act (15 U.S.C. 651 et seq.) The Occupational Safety and Health Administration (OSHA) can require
businesses to modify facilities and procedures to protect employees. Businesses that do not comply may be fined, forced to cease operations,
or prevented from starting operations. Signing this form is certification that the applicant, to the best of its knowledge, is in compliance with
the applicable OSHA requirements, and will remain in compliance during the life of the loan.
Civil Rights(13 C.F.R. 112, 113, 117) All businesses receiving SBA financial assistance must agree not to discriminate in any business
practice, including employment practices and services to the public on the basis of categories cited in 13 C.F.R., Parts 112, 113, and 117 of
SBA Regulations. All borrowers must display the "Equal Employment Opportunity Poster" prescribed by SBA.
Equal Credit Opportunity Act (15 U.S.C. 1691) Creditors are prohibited from discriminating against credit applicants on the basis of race,
color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to enter into a binding contract); because all
or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right
under the Consumer Credit Protection Act.
Debarment and Suspension Executive Order 12549; (2 CFR Part 180 and Part 2700) By submitting this loan application, you certify
that neither you nor any Associates have within the past three years been: (a) debarred, suspended, declared ineligible or voluntarily excluded
from participation in a transaction by any Federal Agency; (b) formally proposed for debarment, with a final determination still pending; (c)
indicted, convicted, or had a civil judgment rendered against you for any of the offenses listed in the regulations or (d) delinquent on any
amounts owed to the U.S. Government or its instrumentalities as of the date of execution of this certification.
Paycheck Protection Program
Borrower Application Form
1
SBA Form 2483 (04/20)
☐☐
(

Check One: Sole proprietor Partnership C-Corp S-Corp LLC
Independent contractor Eligible self-employed individual
501(c)(3) nonprofit 501(c)(19) veterans organization
Tribal business (sec. 31(b)(2)(C) of Small Business Act) Other
DBA or Tradename if Applicable
Business Le
g
al Name
Business Address Business TIN (EIN, SSN) Business Phone
( ) -
Primary Contact Email Address
Average Monthly Payroll: $ x 2.5 + EIDL, Net of
Advance (if Applicable)
E
q
uals Loan Re
q
uest:
$
Number of Employees:
Purpose of the loan
(select more than one):
Payroll Lease / Mortgage Interest Utilities Other (explain):__________________
Applicant Ownership
List all owners of 20% or more of the equity of the Applicant. Attach a separate sheet if necessary.
Owner Name Title Ownership % TIN (EIN, SSN) Address
If questions (1) or (2) below are answered “Yes,” the loan will not be approved.
Question Yes No
1. Is the Applicant or any owner of the Applicant presently suspended, debarred, proposed for debarment, declared ineligible,
voluntarily excluded from participation in this transaction by any Federal department or agency, or presently involved in any
bankruptcy?
2. Has the Applicant, any owner of the Applicant, or any business owned or controlled by any of them, ever obtained a direct or
guaranteed loan from SBA or any other Federal agency that is currently delinquent or has defaulted in the last 7 years and
caused a loss to the government?
3. Is the Applicant or any owner of the Applicant an owner of any other business, or have common management with, any other
business? If yes, list all such businesses and describe the relationship on a separate sheet identified as addendum A.
4. Has the Applicant received an SBA Economic Injury Disaster Loan between January 31, 2020 and April 3, 2020? If yes,
provide details on a separate sheet identified as addendum B.
If questions (5) or (6) are answered “Yes,” the loan will not be approved.
Question
Yes No
5. Is the Applicant (if an individual) or any individual owning 20% or more of the equity of the Applicant subject
to an indictment, criminal information, arraignment, or other means by which formal criminal charges are
brought in any jurisdiction, or presently incarcerated, or on probation or parole?
Initial here to confirm your response to question 5
6. Within the last 5 years, for any felony, has the Applicant (if an individual) or any owner of the Applicant 1)
been convicted; 2) pleaded guilty; 3) pleaded nolo contendere; 4) been placed on pretrial diversion; or 5) been
placed on any form of parole or probation (including probation before judgment)?
Initial here to confirm your response to question 6
7. Is the United States the principal place of residence for all employees of the Applicant included in the
Applicant’s payroll calculation above?
8. Is the Applicant a franchise that is listed in the SBA’s Franchise Directory?
OMB Control No.: 3245-0407
Expiration Date: 09/30/2020
Paycheck Protection Program
Borrower Application Form
2
SBA Form 2483 (04/20)
By Signing Below, You Make the Following Representations, Authorizations, and Certifications
CERTIFICATIONS AND AUTHORIZATIONS
I certify that:
I have read the statements included in this form, including the Statements Required by Law and Executive Orders, and I understand them.
The Applicant is eligible to receive a loan under the rules in effect at the time this application is submitted that have been issued by the
Small Business Administration (SBA) implementing the Paycheck Protection Program under Division A, Title I of the Coronavirus
Aid, Relief, and Economic Security Act (CARES Act) (the Paycheck Protection Program Rule).
The Applicant (1) is an independent contractor, eligible self-employed individual, or sole proprietor or (2) employs no more
than the greater of 500 or employees or, if applicable, the size standard in number of employees established by the SBA in 13
C.F.R. 121.201 for the Applicant’s industry.
I will comply, whenever applicable, with the civil rights and other limitations in this form.
All SBA loan proceeds will be used only for business-related purposes as specified in the loan application and consistent with the
Paycheck Protection Program Rule.
To the extent feasible, I will purchase only American-made equipment and products.
The Applicant is not engaged in any activity that is illegal under federal, state or local law.
Any loan received by the Applicant under Section 7(b)(2) of the Small Business Act between January 31, 2020 and April 3, 2020 was
for a purpose other than paying payroll costs and other allowable uses loans under the Paycheck Protection Program Rule.
For Applicants who are individuals: I authorize the SBA to request criminal record information about me from criminal justice agencies for the
purpose of determining my eligibility for programs authorized by the Small Business Act, as amended.
CERTIFICATIONS
The authorized representative of the Applicant must certify in good faith to all of the below by initialing next to each one:
_____ The Applicant was in operation on February 15, 2020 and had employees for whom it paid salaries and payroll taxes or paid independent
contractors, as reported on Form(s) 1099-MISC.
_____ Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.
_____ The funds will be used to retain workers and maintain payroll or make mortgage interest payments, lease payments, and utility payments,
as specified under the Paycheck Protection Program Rule; I understand that if the funds are knowingly used for unauthorized purposes,
the federal government may hold me legally liable, such as for charges of fraud.
_____ The Applicant will provide to the Lender documentation verifying the number of full-time equivalent employees on the Applicant’s
payroll as well as the dollar amounts of payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities
for the eight-week period following this loan.
_____ I understand that loan forgiveness will be provided for the sum of documented payroll costs, covered mortgage interest payments,
covered rent payments, and covered utilities, and not more than 25% of the forgiven amount may be for non-payroll costs.
_____ During the period beginning on February 15, 2020 and ending on December 31, 2020, the Applicant has not and will not receive another
loan under the Paycheck Protection Program.
_____ I further certify that the information provided in this application and the information provided in all supporting documents and
forms is true and accurate in all material respects. I understand that knowingly making a false statement to obtain a guaranteed loan
from SBA is punishable under the law, including under
18 USC 1001 and 3571 by imprisonment of not more than five years and/or a
fine of up to $250,000; under 15 USC 645 by imprisonment of not more than two years and/or a fine of not more than $5,000; and, if
submitted to a federally insured institution, under 18 USC 1014 by imprisonment of not more than thirty years and/or a fine of not
more than $1,000,000.
_____
I acknowledge that the lender will confirm the eligible loan amount using required documents submitted. I understand,
acknowledge and agree that the Lender can share any tax information that I have provided with SBA's authorized representatives,
including authorized representatives of the SBA Office of Inspector General, for the purpose of compliance with SBA Loan
Program Requirements and all SBA reviews.
_________________________________________________________ ________________________
Signature of Authorized Representative of Applicant Date
Print Name Title
click to sign
signature
click to edit
Paycheck Protection Program
Borrower Application Form
3
SBA Form 2483 (04/20)
Purpose of this form:
This form is to be completed by the authorized representative of the Applicant and submitted to your SBA Participating Lender. Submission of
the requested information is required to make a determination regarding eligibility for financial assistance. Failure to submit the information
would affect that determination.
Instructions for completing this form:
With respect to “purpose of the loan,” payroll costs consist of compensation to employees (whose principal place of residence is the United
States) in the form of salary, wages, commissions, or similar compensation; cash tips or the equivalent (based on employer records of past tips
or, in the absence of such records, a reasonable, good-faith employer estimate of such tips); payment for vacation, parental, family, medical, or
sick leave; allowance for separation or dismissal; payment for the provision of employee benefits consisting of group health care coverage,
including insurance premiums, and retirement; payment of state and local taxes assessed on compensation of employees; and for an
independent contractor or sole proprietor, wage, commissions, income, or net earnings from self-employment or similar compensation.
For purposes of calculating “Average Monthly Payroll,” most Applicants will use the average monthly payroll for 2019, excluding costs over
$100,000 on an annualized basis for each employee. For seasonal businesses, the Applicant may elect to instead use average monthly payroll
for the time period between February 15, 2019 and June 30, 2019, excluding costs over $100,000 on an annualized basis for each employee.
For new businesses, average monthly payroll may be calculated using the time period from January 1, 2020 to February 29, 2020, excluding
costs over $100,000 on an annualized basis for each employee.
If Applicant is refinancing an Economic Injury Disaster Loan (EIDL): Add the outstanding amount of an EIDL made between January 31, 2020
and April 3, 2020, less the amount of any “advance” under an EIDL COVID-19 loan, to Loan Request as indicated on the form.
All parties listed below are considered owners of the Applicant as defined in 13 CFR § 120.10, as well as “principals”:
For a sole proprietorship, the sole proprietor;
For a partnership, all general partners, and all limited partners owning 20% or more of the equity of the firm;
For a corporation, all owners of 20% or more of the corporation;
For limited liability companies, all members owning 20% or more of the company; and
Any Trustor (if the Applicant is owned by a trust).
Paperwork Reduction Act You are not required to respond to this collection of information unless it displays a currently valid OMB
Control Number. The estimated time for completing this application, including gathering data needed, is 8 minutes. Comments about this time
or the information requested should be sent to : Small Business Administration, Director, Records Management Division, 409 3rd St., SW,
Washington DC 20416., and/or SBA Desk Officer, Office of Management and Budget, New Executive Office Building, Washington DC
20503.
Privacy Act (5 U.S.C. 552a)Under the provisions of the Privacy Act, you are not required to provide your social security number. Failure to
provide your social security number may not affect any right, benefit or privilege to which you are entitled. (But see Debt Collection Notice
regarding taxpayer identification number below.) Disclosures of name and other personal identifiers are required to provide SBA with
sufficient information to make a character determination. When evaluating character, SBA considers the person’s integrity, candor, and
disposition toward criminal actions. Additionally, SBA is specifically authorized to verify your criminal history, or lack thereof, pursuant to
section 7(a)(1)(B), 15 USC Section 636(a)(1)(B) of the Small Business Act (the Act).
Disclosure of Information – Requests for information about another party may be denied unless SBA has the written permission of the
individual to release the information to the requestor or unless the information is subject to disclosure under the Freedom of Information Act.
The Privacy Act authorizes SBA to make certain “routine uses” of information protected by that Act. One such routine use is the disclosure of
information maintained in SBA’s system of records when this information indicates a violation or potential violation of law, whether civil,
criminal, or administrative in nature. Specifically, SBA may refer the information to the appropriate agency, whether Federal, State, local or
foreign, charged with responsibility for, or otherwise involved in investigation, prosecution, enforcement or prevention of such violations.
Another routine use is disclosure to other Federal agencies conducting background checks but only to the extent the information is relevant to
the requesting agencies' function. See, 74 F.R. 14890 (2009), and as amended from time to time for additional background and other routine
uses. In addition, the CARES Act, requires SBA to register every loan made under the Paycheck Protection Act using the Taxpayer
Identification Number (TIN) assigned to the borrower.
Debt Collection Act of 1982, Deficit Reduction Act of 1984 (31 U.S.C. 3701 et seq. and other titles) – SBA must obtain your taxpayer
identification number when you apply for a loan. If you receive a loan, and do not make payments as they come due, SBA may: (1) report the
status of your loan(s) to credit bureaus, (2) hire a collection agency to collect your loan, (3) offset your income tax refund or other amounts
due to you from the Federal Government, (4) suspend or debar you or your company from doing business with the Federal Government, (5)
refer your loan to the Department of Justice, or (6) foreclose on collateral or take other action permitted in the loan instruments.
Right to Financial Privacy Act of 1978 (12 U.S.C. 3401) – The Right to Financial Privacy Act of 1978, grants SBA access rights to
financial records held by financial institutions that are or have been doing business with you or your business including any financial
Paycheck Protection Program
Borrower Application Form
4
SBA Form 2483 (04/20)
institutions participating in a loan or loan guaranty. SBA is only required provide a certificate of its compliance with the Act to a financial
institution in connection with its first request for access to your financial records. SBA's access rights continue for the term of any approved
loan guaranty agreement. SBA is also authorized to transfer to another Government authority any financial records concerning an approved
loan or loan guarantee, as necessary to process, service or foreclose on a loan guaranty or collect on a defaulted loan guaranty.
Freedom of Information Act (5 U.S.C. 552) – Subject to certain exceptions, SBA must supply information reflected in agency files and
records to a person requesting it. Information about approved loans that will be automatically released includes, among other things, statistics
on our loan programs (individual borrowers are not identified in the statistics) and other information such as the names of the borrowers (and
their officers, directors, stockholders or partners), the collateral pledged to secure the loan, the amount of the loan, its purpose in general terms
and the maturity. Proprietary data on a borrower would not routinely be made available to third parties. All requests under this Act are to be
addressed to the nearest SBA office and be identified as a Freedom of Information request.
Occupational Safety and Health Act (15 U.S.C. 651 et seq.) – The Occupational Safety and Health Administration (OSHA) can require
businesses to modify facilities and procedures to protect employees. Businesses that do not comply may be fined, forced to cease operations,
or prevented from starting operations. Signing this form is certification that the applicant, to the best of its knowledge, is in compliance with
the applicable OSHA requirements, and will remain in compliance during the life of the loan.
Civil Rights (13 C.F.R. 112, 113, 117) – All businesses receiving SBA financial assistance must agree not to discriminate in any business
practice, including employment practices and services to the public on the basis of categories cited in 13 C.F.R., Parts 112, 113, and 117 of
SBA Regulations. All borrowers must display the "Equal Employment Opportunity Poster" prescribed by SBA.
Equal Credit Opportunity Act (15 U.S.C. 1691) – Creditors are prohibited from discriminating against credit applicants on the basis of race,
color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to enter into a binding contract); because all
or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right
under the Consumer Credit Protection Act.
Debarment and Suspension Executive Order 12549; (2 CFR Part 180 and Part 2700) By submitting this loan application, you certify
that neither the Applicant or any owner of the Applicant have within the past three years been: (a) debarred, suspended, declared ineligible or
voluntarily excluded from participation in a transaction by any Federal Agency; (b) formally proposed for debarment, with a final
determination still pending; (c) indicted, convicted, or had a civil judgment rendered against you for any of the offenses listed in the
regulations or (d) delinquent on any amounts owed to the U.S. Government or its instrumentalities as of the date of execution of this
certification.
The Coronavirus Aid, Relief, and Economic Security (CARES)
Act allocated $350 billion to help small businesses keep
workers employed amid the pandemic and economic
downturn. Known as the Paycheck Protection Program,
the initiative provides 100% federally guaranteed loans
to small businesses.
Importantly, these loans may be forgiven if borrowers
maintain their payrolls during the crisis or restore their
payrolls afterward.
The administration soon will release more details including
the list of lenders oering loans under the program. In the
meantime, the U.S. Chamber of Commerce has issued
this guide to help small businesses and self-employed
individuals prepare to file for a loan.
Here are the questions you may be asking—
and what you need to know.
Prepared by the U.S. CHAMBER OF COMMERCE
CORONAVIRUS
EMERGENCY L ANS
Small Business Guide and Checklist
Am I ELIGIBLE?
What will lenders be
LOOKING FOR?
You are eligible if you are:
A small business with fewer than 500 employees
A small business that otherwise meets the SBA’s size standard
A 501(c)(3) with fewer than 500 employees
An individual who operates as a sole proprietor
An individual who operates as an independent contractor
An individual who is self-employed who regularly carries on any
trade or business
A Tribal business concern that meets the SBA size standard
A 501(c)(19) Veterans Organization that meets the SBA size standard
In addition, some special rules may make you eligible:
If you are in the accommodation and food services sector (NAICS 72),
the 500-employee rule is applied on a per physical location basis
If you are operating as a franchise or receive financial assistance
from an approved Small Business Investment Company the normal
aliation rules do not apply
REMEMBER: The 500-employee threshold includes all employees:
full-time, part-time, and any other status.
In evaluating eligibility, lenders are directed to consider whether
the borrower was in operation before February 15, 2020 and had
employees for whom they paid salaries and payroll taxes or paid
independent contractors.
Lenders will also ask you for a good faith certification that:
1. The uncertainty of current economic conditions makes the loan
request necessary to support ongoing operations
2. The borrower will use the loan proceeds to retain workers and
maintain payroll or make mortgage, lease, and utility payments
3. Borrower does not have an application pending for a loan
duplicative of the purpose and amounts applied for here
4. From Feb. 15, 2020 to Dec. 31, 2020, the borrower has not
received a loan duplicative of the purpose and amounts applied
for here (Note: There is an opportunity to fold emergency loans
made between Jan. 31, 2020 and the date this loan program
becomes available into a new loan)
If you are an independent contractor, sole proprietor, or self-employed
individual, lenders will also be looking for certain documents
(final requirements will be announced by the government) such as
payroll tax filings, Forms 1099-MISC, and income and expenses from
the sole proprietorship.
What lenders will
NOT LOOK
FOR
That the borrower sought and was
unable to obtain credit elsewhere.
A personal guarantee is not
required for the loan.
No collateral is required for the loan.
Prepared by the U.S. CHAMBER OF COMMERCE
1
2
How do I calculate my average monthly
PAYROLL COSTS?
NON SEASONAL EMPLOYERS:
Maximum loan
=
2.5 x Average total monthly
payroll costs incurred during
the year prior to the loan date
For businesses not
operational in 2019:
2.5 x Average total monthly
payroll costs incurred for
January and February 2020
SEASONAL EMPLOYERS:
Maximum loan
=
2.5 x Average total monthly
payments for payroll costs for
the 12-week period beginning
February 15, 2019 or March 1,
2019 (decided by the loan
recipient) and ending
June 30, 2019
Prepared by the U.S. CHAMBER OF COMMERCE
sum of
INCLUDED
payroll costs
sum of
EXCLUDED
payroll costs
PAYROLL
COSTS
EXCLUDED Payroll Cost:
1. Compensation of an individual employee in excess of an annual salary
of $100,000, as prorated for the period February 15, to June 30, 2020
2. Payroll taxes, railroad retirement taxes, and income taxes
3. Any compensation of an employee whose principal place of
residence is outside of the United States
4. Qualified sick leave wages for which a credit is allowed under section
7001 of the Families First Coronavirus Response Act (Public Law 116–
5 127); or qualified family leave wages for which a credit is allowed
under section 7003 of the Families First Coronavirus Response Act
INCLUDED Payroll Cost:
1. For Employers: The sum of payments of any compensation with
respect to employees that is a:
salary, wage, commission, or similar compensation;
payment of cash tip or equivalent;
payment for vacation, parental, family, medical, or sick leave
allowance for dismissal or separation
payment required for the provisions of group health care benefits,
including insurance premiums
payment of any retirement benefit
payment of state or local tax assessed on the compensation
of the employee
2. For Sole Proprietors, Independent Contractors, and Self-Employed
Individuals: The sum of payments of any compensation to or
income of a sole proprietor or independent contractor that is a
wage, commission, income, net earnings from self-employment, or
similar compensation and that is in an amount that is not more than
$100,000 in one year, as pro-rated for the covered period.
How much can I
BORROW?
Loans can be up to 2.5 x the borrower’s
average monthly payroll costs, not to
exceed $10 million.
3
Borrowers are eligible to have their loans forgiven.
How Much?
A borrower is eligible for loan forgiveness equal to the amount the
borrower spent on the following items during the 8-week period
beginning on the date of the origination of the loan:
Payroll costs (using the same definition of payroll costs used to
determine loan eligibility)
Interest on the mortgage obligation incurred in the ordinary
course of business
Rent on a leasing agreement
Payments on utilities (electricity, gas, water, transportation,
telephone, or internet)
For borrowers with tipped employees, additional wages
paid to those employees
The loan forgiveness cannot exceed the principal.
How could the forgiveness be reduced?
The amount of loan forgiveness calculated above is reduced if there
is a reduction in the number of employees or a reduction of greater
than 25% in wages paid to employees. Specifically:
Reduction based on reduction of number of employees
Reduction based on reduction in salaries
What if I bring back employees or restore wages?
Reductions in employment or wages that occur during the period
beginning on February 15, 2020, and ending 30 days after enactment
of the CARES Act, (as compared to February 15, 2020) shall not reduce
the amount of loan forgiveness IF by June 30, 2020 the borrower
eliminates the reduction in employees or reduction in wages.
Will this loan be
FORGIVEN?
WHAT'S
NEXT?
PAYROLL
COST
Calculated
on page 2
Average Number of
Full-Time Equivalent
Employees (FTEs)
Per Month for the
8-Weeks Beginning
on Loan Origination
Option 1:
Average number of FTEs per month from
February 15, 2019 to June 30, 2019
Option 2:
Average number of FTEs per month from
January 1, 2020 to February 29, 2020
For Seasonal Employers:
Average number of FTEs per month from
February 15, 2019 to June 30, 2019
PAYROLL
COST
Calculated
on page 2
For any employee who did not earn during any pay period in 2019 wages
at an annualized rate more than $100,000, the amount of any reduction in
wages that is greater than 25% compared to their most recent full quarter.
Prepared by the U.S. CHAMBER OF COMMERCE
Look out for more
information about eligible
lenders and additional
guidance from the
SBA soon.
For more guidance
and resources for
small businesses, visit
uschamber.com/co
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