Congress as allocated $284 billion to this program once again! Lenders are predicting that they will start accepting applications Jan 7th 2021. It is not clear what documents will be utilized but it would be wise to gather the following items to be ready to claim your share:
Copy of Photo ID for all Owners that have 20% or more stake in the business
2019 and 2020 Profit and Loss Statements
2019 Business Tax Returns
Partnerships 1065 including schedule K
Sole Proprietors 1040 schedule C
Articles of Incorporation, DBA or Certificate of Formation
Payroll Reports with a list of gross wages - W3
1099 for Independent Contractors
Employee quarterly taxes
941 or 944
If you would like us to assist in compiling your documents such as tax returns and P&L statements, contact us today!