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<aside> ℹ️ We created this template based on the internal document that we used to organize and submit our PPP application through Bank of America. Your application requirements may be different depending on your business and your lender.

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<aside> ⚠️ Disclaimer: We're not tax lawyers or accountants

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Background

Refer to the U.S Treasury’s Website on Assistance for Small Businesses for official guidelines

Instructions (Bank of America)

<aside> ⚠️ Assumptions:

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  1. See BoA's Required Document Reference Sheet:

    Required docs

  2. Prepare the require documents (obviously)

  3. Submit documents via Intralinks

Templates & Documents

PPP Documents

Max Loan Amount Calculator

See below for the calculator. The numbers in the table are just placeholders. And now, some disclaimers:

<aside> ⚠️ This calculator assumes you are not a seasonal business or a new business. If your business is seasonal or new (i.e. started paying employees after Feb. 15, 2019), you should refer to the official guidelines for how to calculate your loan amount.

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<aside> ℹ️ Regular businesses (i.e. not seasonal or new, as described above) can either select the 2019-calendar year (Jan 1 - Dec 31, 2019) or the 1-year period prior to today's date (e.g., Apr 1, 2019 - Mar 31, 2020). Use full months in your selection.

There's inconsistent guidance on what period should be used, so you should customize it based on your advise from your PPP lender or a CPA.

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<aside> ℹ️ A note about Federal Employment Taxes: If you use the 2019-calendar year as your look-back period, this line-item can be ignored (just put 0). If you use the 1-year period prior to today's date, this line-item should equal the total Federal Employment taxes from Feb 15 - Jun 30, 2020

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PPP Loan Calculator

<aside> ℹ️ Take the SUM of Avg. Monthly Payroll * 2.5, then calculate your loan:

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