Several large banks including Chase are not yet ready with their applications. They say due to inadequate guidance from the Feds.
Some banks are asking clients to send them a list of documents – payroll reports for 2019, 2019 tax return and/or Financials, Payroll Tax Reports and a bunch of Certifications (assuming that match the SBA loan doc).
The SBA loan form can be obtained at their website but it only really has the Certifications and summary information. Many banks are saying – “DO Not Send us the SBA Loan form”.
Stay in close touch with your banker and be as ready as possible with payroll and related info.
If you need direct assistance with the application and pulling documents, QBO can do for a fee ranging from $950 to $1,250 depending upon the difficulty of pulling together your info.
If you just need us to pull a report from QB’s for you that is of course free.
Thanks and good luck!
04/03/2020
By: Gary Grottke, CPA, Quality Back Office
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