Allevity Blog

Payroll Protection Program Loan Preparation Questions

Apr 3, 2020

Here are answers to the more frequent questions we've received from business leaders like you.


Where Can I Find The Payroll Info Needed to Apply For the Paycheck Protection Program?

Just call your friendly Allevity Payroll Tech!  We've got the reports ready to run.  We'll turn them around for you in a flash.

 

I Can't Find My Form 940 Return in Document Storage.  Where Is It?

The 940 return is in the same package as your Q4 941 returns.  It's usually around the 5th or 6th page.  If you can't find it, give us a quick call.


For the Paycheck Protection Program Loan, are Owner and Officer Salaries Included in the Analysis?

Yes!  Keep in mind that you'll need to exclude all wages over $100,000 per employee.  For sole proprietors, independent contractors, and self-employed individuals, that could be wage, commission, income, net earnings from self-employment, or similar compensation.  Your lender can give you more specifics.

 

Is There a List of SBA Lenders?

We have yet to locate a definitive list.  We recommend connecting with your business bank.  If they aren't an SBA lender, they'll likely have relationships with SBA lenders.

 

I Need to Pay Emergency Paid Sick Leave under Families First.  What Do I Do?

We'll need to set you up for the Emergency Paid Sick Leave tax credit, so call your Allevity payroll specialist as soon as possible.  We'll set up your account to track the data properly, resulting in the proper tax credit to your business.  Your payroll specialist will give you specific information on how to proceed from there.


Do you have more questions?

Keep them coming!  Just shoot an email to marketing@allevity.com.  We'll continue to answer the most common questions in our updates.  If you need specific guidance, don't hesitate to reach out to your Allevity HR Representative.

Allevity is dedicated to taking care of the needs of our clients, and to be a resource for you during these difficult times.  We're here for you.  Together we'll get through this.

Stay safe!

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