SEK

Recent News & Blog

Recent News & Blog / Small businesses - prepare for your SBA CARES Act loan now!

We anticipate that the influx of applications for Small Business Administration's (SBA) CARES Act funding will create a backlog for the banks. To ensure timely processing, we encourage you to contact your banks now to begin the application process. While applications will be accepted based on each bank's timetable, companies should begin to pull information together NOW. As you gather your documents, here is a preliminary list of items you may need for funding:

  • 2019 IRS Quarterly 940, 941 or 944 payroll tax reports.
  • Last 12 months of Payroll Reports beginning with your latest payroll date.
    1. Payroll report must show the following for the time period above:
      • Gross wages for each employee, including the officer(s) if paid W-2 wages.
      • Paid time off for each employee.
      • Vacation pay for each employee.
      • Family medical leave pay for each employee.
      • State and Local taxes assessed on the employee’s compensation for each employee.
  • 1099s for 2019 for independent contractors that would otherwise be an employee of your business.
    1. Do NOT include 1099s for services.
  • Documentation showing total of all health insurance premiums paid by the Company under a group health plan.
    1. Include all employees and the company owners.
  • Document the sum of all retirement plan funding that was paid by the Company (do not include funding of employee deferrals from paychecks).
    1. Include all employees, including company owners.
    2. 401K plans, Simple IRA, SEP IRAs.

Note: We are proactively preparing payroll reports for all SEK payroll and payroll tax clients.

If you have any immediate questions, please contact your Client Relationship Manager (CRM).

We’d love to talk!

SEK is proud to provide Guidance You Can Count On. Complete the form below, and the team member best suited to help you will be in touch soon.

Requested Services
One file only.
64 MB limit.
Allowed types: pdf, doc, docx.
Back to Top