We've learned a few things over the course of the past couple of days that I wanted to share with everyone.
Hey all!

We've learned a few things over the course of the past couple of days that I wanted to share with everyone. We will continue to do what we can to support our clients throughout this process and will be working hard this week to offer more guidance. Many of us have been working around the clock to prepare many of our clients for this process. If you have not heard from us but have requested help, we have been working through processes internally to prepare the most accurate information for your loan application. It has been a moving target at times but we feel confident at this stage that the CPA community and the banks are on the same page about how calculations are done and what information is needed.

There has been a ton of confusion and frustration but most importantly PROGRESS in the last few days.

First and foremost I have to say this:  Our banking community has stepped up BIG TIME. Many of the bankers I've worked with in my career have been working around the clock to respond to emails and phone calls and update their customer base with whatever information has been available. Bank leadership had to roll out brand new processes almost overnight and get all hands on deck to process as many applications as possible. There have been many conversations had with bankers well beyond midnight on a variety of occasions. Thank you all for continuing to do your best through a difficult and sometimes impossible situation.

Every bank has a slightly different approach to handling submissions. There are a few that have an online system up and rolling but most are getting applications and supporting documents sent directly to their bank contact and they are submitting to their respective SBA team internally.

Here are a few constants that you'll need right away (EVERY BANK):

1.) Completed application. There have been a few versions of this, so make sure you've got the most recent version.

2.) Payroll Records. You will need a) Payroll Summary Reports per month. January 2019- March 2020 and b) Payroll Tax Forms to verify Payroll (941 and 940).

3.) Copies of drivers licenses for all applicants.

4.) Calculation of number of employees. You can choose full-time equivalents from 2-15-19 to 6-30-19 or full-time equivalents from January 1, 2020 to February 29, 2020.

5.) Confirmation/proof of any other payroll related expenses (health insurance, retirement benefits, unemployment taxes etc.).

Some banks are requiring the following:

1.) Articles of Organization - Incorporation Documents
2.) Operating Agreement - Bylaws
3.) DUNS number (Dunn and Bradstreet)
4.) Income tax returns

We need to remember though that this application process can have multiple stages. There may still be more questions and documents requested once the SBA begins to process all of the applications. Our guidance has not changed. CONTINUE TO BE PREPARED FOR MORE REQUESTS. I feel strongly that our entire initial checklist that we provided will eventually be needed (either for application or baseline for beginning of forgiveness calculation).

We'll likely continue to be in touch with you over the course of the coming weeks as various other requirements may be distributed from the SBA. The more prepared you are to respond and get them the necessary information, the smoother the process will be.

Thank you all for your patience as we navigate this together. We will continue to do everything in our power to support our clients and our community as the process continues to evolve.


Tim Petrey, CPA, CGMA
Managing Partner
330.759.8522 ext. 103

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