SBA Lender Notification
Update from Corporate Solutions
So that everyone is on the same page, we totally understand that the Payroll Protection Program (PPP) loan guidelines and application are processes mostly foreign to bankers, credit unions, and other financial institutions. Add to this that the guidelines, forms and procedures are literally changing on a daily basis and it’s no wonder that certain confusions exist. That is why we are working with our Industry Association, National Association for Professional Employer Organizations (NAPEO) to stay on top of the ever changing info and to share any developments we can with our clients and their lenders. Hopefully, by doing so, we re making available resources and information that the clients and bankers may not yet be aware of.
We have attached a letter SBA Lender Notification, Small Businesses and PEO Relationship, Payroll Protection Program (PPP) Documentation Explanation you can pull this off and give it to your lender.
So, in a nutshell, the payroll reports that we are generating for the clients (to be used with their PPP loan submissions) is acceptable “payroll and payroll tax information/reports” and provides the needed info for PPP lender to process the loan requests for their clients.
FYI…we got word this morning that one of our clients that used the payroll info that we provided to them, has received word from their banker that their PPP loan has been approved.
Please stay safe and healthy and do not hesitate to contact CSI with any questions.
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