HARVEST FINANCE PPP LOAN SOFTWARE
HARVEST FINANCE PPP LOAN FREE

Once the documentation is compiled, the small business owner is ready to submit the loan forgiveness application to the lender.

Worker protection expenditures (masks, sanitizer, etc.)Ĭovered items have expanded from the first iteration of PPP forgiveness, which focused primarily on salary expenses and rent, to items including PPE, software, and supplier costs.

Property damage costs related to vandalism or looting.

HARVEST FINANCE PPP LOAN SOFTWARE

Operation expenditures related to business software or cloud computing service.Utility payments (Provide copies of invoices and receipts, cancelled checks or account statements.).(Provide a copy of current lease agreement and receipts or cancelled checks verifying eligible payments.) (Provide a copy of lender amortization schedule and receipts verifying payments, or lender account statements.) Non-payroll expenses covered by PPP include: Payment receipts, cancelled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that the borrower included in the forgiveness amount.State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state.Payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941).Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the covered period.Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employees.Loan forgiveness applicants should be able to provide documentation for all payroll periods that overlapped with the covered period of the PPP loan. What type of documentation does small businesses need to apply for PPP loan forgiveness?ĭocumentation required to apply for PPP loan forgiveness may vary based on type of business.

Franchises on a location by location basisįor more information specific to Small Business Administration business size requirements visit SBA table-size standards.Ī breakdown of which forms are required for PPP forgiveness based on the type of business.

Small businesses with employee count of 500 or fewer.

Self-employed individuals, independent contractors, and sole proprietors.

What types of businesses are eligible for PPP loans? The reason is that 1099 workers and other self-employed contractors can apply for PPP independently. However, it is important to note that contractors and other 1099 workers do not count toward the payroll of a business. To calculate the compensation amount for part-time workers, take the average of hours worked multiplied by the employee’s hourly rate. Part-time employees do count toward total payroll for PPP calculations. For instance, if an employee’s total paid compensation is $125,000, then PPP will cover $100,000 of that individual’s compensation, the remaining $25,000 will not be covered by the program. However, anything above the $100,000 threshold his not covered. All employees regardless of salary above 100,000 are eligible to be counted in PPP loan forgiveness. PPP reimbursement covers salaries with a cap of $100,000. Payroll includes salaries, wages or similar forms compensation payment of cash tips or equivalent payment for vacations or parental, family, medical, or sick leave severance for dismissal or separation payments for employee benefits, including health insurance premiums payment of retirement benefits and state or local tax assessed on employee compensation of employees.

HARVEST FINANCE PPP LOAN FREE

Small business owners or their CPAs/accountants can apply for loan forgiveness by using AICPA’s free online platform. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments will no longer be forgiven, and borrowers will begin making loan repayments to their PPP lender.

Borrowers can apply for forgiveness any time up to the maturity date of the loan. Small business borrowers can apply for forgiveness once all the money from the loan for which the borrower is requesting forgiveness have been spent. How and when to apply for loan forgiveness Used at least 60% of the loan for covering payroll costs.Spent the loan proceeds on payroll costs and other eligible expenses and.Maintained employee and compensation levels in the same manner as required for the First Draw PPP loan.

Harvest finance ppp loan