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Background:
Colorado
Dentist
Owned practice since July 2019
LLC
Colorado
Dentist
Owned practice since July 2019
LLC
About the loan:
You’re given 2.5x your normal monthly payroll on all employee salaries (excluding amounts above $100k for employees that make $100k)
Over the next 8 weeks, whatever you spend on payroll/rent/utilities will be forgiven
You’re given 2.5x your normal monthly payroll on all employee salaries (excluding amounts above $100k for employees that make $100k)
Over the next 8 weeks, whatever you spend on payroll/rent/utilities will be forgiven
So for the actual application:
Much easier than expected. A few questions and uploading some documents.
Much easier than expected. A few questions and uploading some documents.
Documents:
Evidence of payroll
940, 941, 944 plans
Drivers license
Proof of health insurance and retirement plans
Evidence of payroll
940, 941, 944 plans
Drivers license
Proof of health insurance and retirement plans
Here’s the weird part:
My business was formed in July 2019
My understanding was that as a *new* business, my 2.5x multiplier would be an avg of Jan 2020 and Feb 2020
PNCs app didn’t adjust for this, still asked for 1 yr of payroll (April-June 2019 was $0)
My business was formed in July 2019
My understanding was that as a *new* business, my 2.5x multiplier would be an avg of Jan 2020 and Feb 2020
PNCs app didn’t adjust for this, still asked for 1 yr of payroll (April-June 2019 was $0)
Even though I had 3 months of $0 payroll (because my business didn’t exist), PNC app seemed to just ignore these months when calculating my avg
ie: it didn’t calculate in and average $0, it acted like it those months didn’t exist
ie: it didn’t calculate in and average $0, it acted like it those months didn’t exist
So at the end the app generated a PDF application & I had to download, sign, and re-upload back to the website
It had at the top my avg monthly payroll, the 2.5x multiplier; and then a loan amount
I assume PNC will double check all the docs I uploaded for accuracy
It had at the top my avg monthly payroll, the 2.5x multiplier; and then a loan amount
I assume PNC will double check all the docs I uploaded for accuracy
I also gave my bank info right in the app so they have what they need to deploy the $ ASAP
Once the app was done, I got emailed a copy with an app # but no definitive timeline on what’s next or how long
Once the app was done, I got emailed a copy with an app # but no definitive timeline on what’s next or how long
One weird thing is that I don’t “pay myself” through my payroll software like I do my employees
I just literally write a check to myself once a month and sometimes will write an extra just for investing
So I added all of that in as payroll, too, since I’m the only owner
I just literally write a check to myself once a month and sometimes will write an extra just for investing
So I added all of that in as payroll, too, since I’m the only owner
One thing I’ve heard is that your 8 weeks of forgiveness starts when you get accepted or when you take the $
Which means you’d theoretically want to delay it as long as you can so you can get back to actually paying a full payroll to get max forgiveness
Which means you’d theoretically want to delay it as long as you can so you can get back to actually paying a full payroll to get max forgiveness
