April 2, 2020
While the title references payroll, in fact, the program includes rent, utilities, and mortgages which should account for a majority of businesses’ operational costs.
Included with the form is a fact sheet that we recommend that everyone read, but we also recommend that you ask the following questions as you traverse the application process.
While the application does request that the applicant provide 12 months of data regarding the relief that is being requested, there is no defined format. We recommend that when you speak to the lender, that you get clarity as to the format so as to reduce risks in delays in your process.
Is it possible that the lender will only approve certain aspects of the application, such as payroll, but rejecting rent? Or is it an all-inclusive fail/pass model?
If there is an issue during the application process, can a business re-apply? If yes, will the failed application influence the new application?
What level of detail/documentation by loan type is required to be provided to the lender to have the loan forgiven? What is the frequency of the reporting?
Overall, we recommend that you discuss the application with your financial advisor.
Good luck and know that Metro 1 is here to provide whatever assistance we can through these difficult times.