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Economic & Community Development News

Posted on: April 28, 2020

04/28/20: Guidance Update—PPP and EIDL Funding

Trumbull Economic Development

The Small Business Administration (SBA) Payment Protection Program (PPP) and the Economic Injury Disaster Loan Emergency Advance Program (EIDL) funding is still available. If your business has a pending PPP application, re-contact your lender to check its status. If your business has a pending EIDL application, SBA will resume processing them on a first-come, first-served basis.

If your business has not yet applied for a PPP loan, we encourage you to contact SBA-approved banks, credit unions, and other lenders to do so, given that the SBA now has set aside loan funds for smaller lenders, and to prepare the paperwork to maximize your chances of getting one:

  • Establish a true business bank account with a lending entity (if possible)
  • Confirm your business’s legal status:
    • Are its business filings current with the Secretary of State?
    • Are business payroll taxes properly filed and current with the Department of Revenue Services?
    • Are all licenses and operating permits current?
  • Review the PPP Application (Paycheck Protection Program-Application)
    • Prepare to submit the following documentation (which may vary by lender):
    • Up to 3 years of Business Income Tax Returns (2019 if available, 2018, and 2017)
    • Color copies of driver’s license(s) of all owners with 20%+ share in the business:
      • The front and back of a valid driver’s license for each owner
      • Each driver’s license must not have expired
    • Acceptable payroll documents (listed in apparent order of preference):
      • All applicants:
        • Business account bank statements
        • Any other document that can prove business payroll expenses
      • Small businesses:
        • 941 Quarterly Tax Filings (2019, 2020 Q1)
        • 944 Annual Tax Filings (2019)
        • Payroll register for the most recent 12 months
        • Business bank statements for the most recent 12 months
      • 1099 Independent Contractors or self-employed individuals:
        • IRS 1040 Schedule C
        • 1099s (under which you were paid)
        • Income and expense reports for 2019

Any additional support documents requested by the lender.

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