Payroll Protection Act - Google Sheets Template

The CARES Act features a government-backed, fully forgivable loan called the Payroll Protection Act designed to help businesses cover critical costs such as payroll, rent, and healthcare costs to name a few.

There is a lot of confusion about the program but my goal is to help other business owners be prepared for the loan process.

Use the Payroll Protection Action Google Sheet Template to help you gather the documents needed along with helpful resources. I've included Instructions, Checklist, and Resources.

This loan is being administered by your bank, not the SBA direct so you will need to contact your bank for details and instructions. DO THIS IMMEDIATELY.

Use the Google Sheet Template to keep track of the information you will be required to submit such as:

1. Payroll Reports - 2019 & 2020 YTD
2. 2019 tax return or 2019 P&L + Balance Sheet
3. Economic Injury Loan Funds (if applicable)
4. Group Health Care Benefits
5. Retirement Benefits

Regarding the confusion on whether it’s 4 months of costs vs 8 weeks. The loans are based on 4 months’ costs. However, the section relative to Loan Forgiveness is more restrictive. 

The amount forgiven is limited to the costs incurred for payroll, rent, mortgage obligations and utilities for the 8 week period starting with the date the SBA loan originated.

You can apply for a larger loan that appears to be subject to a 4% interest rate with no penalty for prepayment with terms is up to 10 years.

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Disclaimer: my lawyer said I needed to put this in so here it is...The information provided is for general informational purposes only. All information is in good faith, however, we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information provided.