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The SBA does not lend the money directly, they simply back the loan provided by the lender.<\/p>
As part of their application, the borrower will be asked to verify a couple of things like:<\/p>
Their current economic uncertainty because of which the loan is necessary to support their ongoing operations.<\/p>
The funds from the loan will be used either to retain workers and maintain payroll or to make the mortgage, lease, and utility payments and not other things.<\/p>
Provide documents that verify the total number of full-time equivalent employees on payroll and the dollar amounts of payroll costs, the borrower’s covered mortgage interest payments, their covered rent payments, and after getting this loan covered utilities for the 24 weeks.<\/p>
The lender will calculate the eligible loan amount using the tax documents submitted. They need to affirm that the tax documents are identical to those submitted to the IRS.<\/p>
If the borrowers are applying for their second draw PPP loan, they have already used up the funds from their first draw PPP loan.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t