6 month loan that will be forgiven if used for these specific purposes:
Average monthly in 2019 multiplied by 2.5
Rent, Utilities, Property Taxes, Insurance pro-rated for the period starting February 15, 2020 and ending June 30,2020
Example: 2019 Payroll 180,000 (4 employees including owner)
180,000/12 = 15,000 * 2.5 = 37,500
Rent: 5000 per month; 166.67 per day x 106=17,668
Utilities, Taxes etc: 1000 per month; 33.33 x 106 = 3533 Forgivable Loan Amount: $60,000
In order to get the loan forgiven, you must request it from the Lender after June 30, 2020 and provide proof loan proceeds were used for eligible purposes (cancelled checks, payroll report etc.)Anticipated Documents Needed to Apply:
2017, 2018, 2019 Federal Tax returns for business and all owners (if 2019 Returns are not yet filed substitute 2016 and provide a profit and loss and balance sheet for the year ending 12/31/2019;
- Personal Financial Statement (Jointly if you are married)
- Payroll Report for Year ending 2019
- Copy of Utility Bills, Property Tax Bills, Insurance Costs etc.
You can upload this information to us securely by clicking the Upload Link to securely send to Anchor Banc below, enter your information and then drag and drop the documents into the upload box; We will confirm receipt when they are loaded into our server.