Quote:
Originally Posted by Spgm5
If you take your monthly average of your payroll, utilities, insurance, rent, mortgage interest from previous 12 months and multiple that by 2.5. That's a ball park of how much you'll be eligible for.
If spent on the items listed above, up until June 30th, all can be forgiven. Whatever isn't spent gets applied to a 10 year loan at 4%
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It's my understanding that the loan amount is directly related to payroll only- 2019 monthly average payroll. 2019 annual payroll/12 months x 2.5. this value should give you the estimated loan amount. Nowhere on the application does it mention other expenses. The 2.5 multiplyer is so the additional funds can be used to cover other expenses outside of payroll.
https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses.
All the important links and PDF's can be found in the link above. The important ones for us (borrowers) are these:
https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf
https://www.sba.gov/document/sba-form--paycheck-protection-program-borrower-application-form
And of course fill out your respective bank application online.
BTW WELLLS FARGO PORTAL IS UP