SBA Paycheck Protection Program

Our portal is now OPEN, so yes, we will now be taking PPP loan first draw AND second draw applications.

Please begin the submission process by clicking the button below:

Submit Your Application

Paycheck Protection Program (PPP) Loans

Below are the portions of the law that relate to small businesses. Our team has spent significant time over the last few weeks working on this legislation and what it will mean to the small business community.

Here is what we know, so far:

  • Small businesses with 300 or fewer employees that have sustained a 25 percent (or more) revenue loss in any quarter of 2020 are eligible to apply for a second draw PPP loan. $284.45B is available for this.
  • The maximum second draw PPP loan will be $2MM or 2.5x average monthly payroll like with the initial, first draw PPP loans (3.5x if a business is in NAICS Code 72).
  • For second draw PPP loan applicants seeking up to $150k, there will be a simple certification process attesting to the qualifying, quarterly revenue reductions, thus expediting these submissions.
  • It provides full tax deductibility of business expenses on forgiven PPP loans (on both first and second draw loans).
  • It expands forgivable expenses (beyond the original eligibility) to include supplier costs (such as accounting and IT expenses) and investments in software, facility modifications, and personal protective equipment.
  • The loan forgiveness process for first draw and second draw PPP loans less than $150K will be simplified to a one-page certification (business owners will still need to provide the number of employees retained, amount spent on payroll, and total loan amount).

Fountainhead PPP Loans Checklist

PPP Round Two

For all 2nd Draw PPP Loan Requests

Under $150,000 PPP Loans
  • Entity Formation Documents, if applicable
  • Driver’s License (or passport) on all owners of 20% or more of the borrowing entity
  • 2019 or 2020 IRS Form 940/1120S (whichever year the borrower chooses to base their loan on)
  • Payroll summary report (or W2’s on all employees) for the corresponding year, which reflect all employee annual wages, taxes withheld, etc. (in order to comply with SBA’s guidelines to filter-out compensation above $100k for loan amount calculations)
  • Any other corresponding documentation that you wish to include in the loan amount calculation, such as receipts for employees’ health insurance paid by the company
  • Email Wire Info Document (download sample is on our portal)
Over $150,000 PPP Loans
  • Entity Formation Documents, if applicable
  • Driver’s License (or passport) on all owners of 20% or more of the borrowing entity
  • 2019 or 2020 IRS Form 940/1120S (whichever year the borrower chooses to base their loan on
  • IRS Form 941 (quarterly payroll tax forms) for all four quarters of 2019 and 2020 (Q4 as well, if available)
  • 2019 Business Tax Returns
  • Quarterly P&L Financial Statements for 2019 and 2020 OR just the comparative quarters showing at least a 25% revenue reduction (i.e. Q2 2019 vs. Q2 2020).  PLEASE sign the front page of these and initial each additional page.
    • If you have affiliate entities, you must also provide quarterly P&L Financial Statements for the same periods above for each entity. The SBA requires Lenders include the affiliates’ revenue in the reduction calculation
  • Payroll summary report (or W2’s) for the corresponding period, which reflect all employee annual wages, taxes withheld, etc. (in order to comply with SBA’s guidelines to filter-out compensation above $100k for loan amount calculations)
  • Any other corresponding documentation that you wish to include in the loan amount calculation, such as receipts for employees’ health insurance paid by the company
  • Wire Info Document (download sample is on our portal)