Message from Mike Rogers, SVP – Regional Sales Manager for Meadows Bank:
“Right now there are primarily two options available to you to combat the business downturn caused by the Covid-19 pandemic. First off you can go directly to SBA.gov and apply for an SBA Disaster Loan. These loans do not involve a bank and are on very favorable terms, better than what any bank could provide.
Secondly, the President, at the end of last week signed into law the “Care Act”. In addition to proving payment relief on existing SBA Loans, you can also apply for a loan that will cover 2.5 times one month’s payroll. If these funds are used to keep employees potentially 100% of the loan can be forgiven. Since this was just signed into law banks don’t yet know what the SBA will require to be included in an application nor do we know what loan documents the SBA will require to close one of these loans. I can take an educated guess, so if you could provide me with the following I think that would be a good start:
- Are you an existing loan or deposit customer with Meadows Bank?
- 2019 Business Tax Return, if not yet available 12/31/19 Balance Sheet and Income Statement
- Last 4 quarters of payroll tax info (Form 941?)
- Is there some sort of payroll report you could run for the year end 2019 and Interim Period that shows payroll and benefits by employee.
- Verification of number of employees (full time equivalent for each of the last 12 months)
Sorry I can’t be more specific, hope to get additional clarification from the SBA very soon.”
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