FAQ#: 207 published 4-23-2020
Effective Date: This rule is effective April 14, 2020.
t. What certifications need to be made?
On the Paycheck Protection Program application, an authorized representative of the applicant must certify in good faith to all of the below: (1)
i. The applicant was in operation on February 15, 2020 and had employees for whom it paid salaries and payroll taxes or paid independent contractors, as reported on a Form 1099-MISC.
ii. Current economic uncertainty makes this loan request necessary to support the ongoing operations of the applicant.
iii. The funds will be used to retain workers and maintain payroll or make mortgage interest payments, lease payments, and utility payments; I understand that if the funds are knowingly used for unauthorized purposes, the Federal Government may hold me legally liable such as for charges of fraud. As explained above, not more than 25 percent of loan proceeds may be used for non-payroll costs.
iv. Documentation verifying the number of full-time equivalent employees on payroll as well as the dollar amounts of payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities for the eight week period following this loan will be provided to the lender.
v. Loan forgiveness will be provided for the sum of documented payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities. As explained above, not more than 25 percent of the forgiven amount may be for non-payroll costs.
vi. During the period beginning on February 15, 2020 and ending on December 31, 2020, the applicant has not and will not receive another loan under this program.
vii. I further certify that the information provided in this application and the information provided in all supporting documents and forms is true and accurate in all material respects. I understand that knowingly making a false statement to obtain a guaranteed loan from SBA is punishable under the law, including under 18 U.S.C. 1001 and 3571 by imprisonment of not more than five years and/or a fine of up to $250,000; under 15 U.S.C. 645 by imprisonment of not more than two years and/or a fine of not more than $5,000; and, if submitted to a federally insured institution, under 18 U.S.C. 1014 by imprisonment of not more than thirty years and/or a fine of not more than $1,000,000.
viii. I acknowledge that the lender will confirm the eligible loan amount using tax documents I have submitted. I affirm that these tax documents are identical to those submitted to the Internal Revenue Service. I also understand, acknowledge, and agree that the Lender can share the tax information with SBA's authorized representatives, including authorized representatives of the SBA Office of Inspector General, for the purpose of compliance with SBA Loan Program Requirements and all SBA reviews.
Reference Resource: SBA-2020-0015-0001
Comment Date: Comments must be received on or before May 15, 2020.
To submit your comment on this topic here: SBA-2020-0015-0001
Secured Federal USDA Single Family Housing Repair Loans up to $40,000 for 20 years at 1 percent interest and Grants of up to $10,000.
FAQ#: 453 published 4-19-2022 1 min. 50 seconds read
How to help homeowners with their construction projects without requiring a license in Louisiana ยง309. Construction Management [Formerly ยง119]
FAQ#: 456 published 4-19-2022 3 min. 35 seconds read
SBA Reconsideration Loan: My home was hit by Hurricane Sally I am in need of an SBA loan to repair my home. Please reconsider my denied application.
FAQ#: 459 published 4-18-2022 2 min. 44 seconds read
How to calculate your Wind, Snow, Tornado and Seismic risk assessment and apply that information to better home building.
FAQ#: 458 published 3-5-2022 2 min. 31 seconds read
It costs nothing to create a membership with TruckAndTools.Com. With a membership you can browse research documents and get a weekly update sent directly to you. >> Click here to become a TruckAndTools.Com member today!
How do I know if my mortgage is federally backed or federally secured? COVID-19 Housing Assistance Program Appeals Process.
FAQ#: 460 published 1-13-2022 2 min. 50 seconds read
Reconsideration of Declined Loan Applications SBA Economic Injury Disaster Loan (EIDL)
FAQ#: 235 published 4-23-2020 updated 1-4-2022 4 min. 48 seconds read
Did your state inform you that you qualify for federal assistance only to later deny you assistance based on state created policy or procedure? Is your home listed as being in one of the most impacted areas? Do you have proof your state accepted you into the federally funded HUD CDBG-DR grant program? Contact us about your experience.
Reconsideration of Declined EIDL add Personal Financial Statement Disaster Programs SBA Form 413D (03-18) to your document list.
FAQ#: 403 published 8-6-2020 updated 12-31-2021 1 min. 54 seconds read
FEMA Resource for Substantially damaged homes
FAQ#: 384 published 4-25-2021 updated 12-31-2021 1 min. 27 seconds read
LA, FL, TX, PR, NC are receiving billions in US taxpayer dollars to mitigate against future flood disasters. We are looking to help your county or parish find the best clearing and dredging people. Contact us about your experience.
Insurance company issued a two-party check for hurricane damage repairs but my mortgage handler is holding the money from me. Why are they doing this?
FAQ#: 455 published 12-30-2021 3 min. 44 seconds read
TruckAndTools.Com - Google News
Read full articles from TruckAndTools.Com and explore endless topics, magazines and more on your phone or tablet with Google News. TruckAndTools.Com - Google News.