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Higher Priority for PPP loans

 February 26, 2021

Starting yesterday the SBA will make companies with less than 20 employees a PRIORITY for processing PPP loans.

This means if you are already in process with us to get a First or Second PPP, you will move up the list !!

If you are considering a PPP for first or second time, then NOW IS THE TIME to apply.

Shires Financial is here to help. Working with our SBA Funding Advisory, Realta Solutions, between now and March 11th (next 14 days), we will process and prioritize as many PPP as we can into the system. Attached is a document provided by Jeff at Realta Solutions to help you understand how the program works and how the calculations are determined, PPPs as well as EIDLs.

Here’s what you need to have ready if this is your First or Second PPP:

First PPP (or EDIL) :

  • Completed and filed 2019 Federal Taxes 1040 with Schedule C or your Business 1120-S.
  • Clean color photocopy (not scanned) official govt ID (Drivers License, Passport, etc).
  • Copy of a voided check from the bank account you use for your business.
  • JAN & FEB 2019 and JAN & FEB 2020 Bank Statement copies (front page is fine).
  • Your Business must be filed and paid in ‘Good Standing” with the State it is registered with.
  • Credit Score of 540 or higher as averaged for the top 3 agencies. Credit Karma and other score reporting are not acceptable.
  • Throughout the process other documentation may be requested, but this is the minimum to get started.

Second PPP:

  • All of the above plus, you must show a decrease in gross revenue / income. Comparing 2019 to a decrease in 2020.
  • The decrease must be 25% or higher for the full year OR for one 3-month same quarter comparing 2019 to 2020.
  • If you meet this decrease criteria, then you will need a Profit & Loss statement for each year representing the Revenue/Income and the Expenses. 

For those of you who already have PPPs and EDILs in process with us and Realta Solutions, then we will be providing a full update of the status, next steps and any open items we need by the end of business tomorrow 12/26/2021.

For those of you who would like to get started, let us know ASAP, as the overall PPP program ends 03/31/21.

And for those who want to apply for an Economic Injury Disaster Loan (EIDL) that program is still open and should be available until 12/31/21. Credit score above 540 is the key criteria along with providing the other items listed on the PPP bullets above.

related posts:

Shires Financial Blog: An Apology from the IRS


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