How to Calculate Avg. Monthly Payroll Cost for Paycheck Protection Program Loans - PowerPoint PPT Presentation

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How to Calculate Avg. Monthly Payroll Cost for Paycheck Protection Program Loans

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The calculation of average monthly payroll cost is the basis of Paycheck Protection Program loans for small businesses since it concludes the loan amount you can apply for. At Merchant Advisors, we have reviewed thousands of PPP applications and discussedRead more – PowerPoint PPT presentation

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Title: How to Calculate Avg. Monthly Payroll Cost for Paycheck Protection Program Loans


1
How to Calculate Avg. Monthly Payroll Cost for
Paycheck
Protection Program Loans
2
The calculation of average monthly payroll cost
is the basis of Paycheck Protection Program loans
for small businesses since it concludes the loan
amount you can apply for. At Merchant Advisors,
we have reviewed thousands of PPP applications
and discussed the final rule published by the
SBA with our lending partners. Based upon the
discussion and PPP loan application analysis,
weve compiled a handy guide on how to precisely
calculate the average monthly payroll cost of
your business and guarantee the successful
submission of your PPP loan application to get
quick funding.
3
What to Include in Payroll Costs Calculation?
Here are some of the payroll costs you should
include when calculating it for the PPP
loan Gross wages and salary paid to employees
including overtime, bonuses, and reimbursements
capped at 100,000 per employee. Cash tips or
equivalent Vacation, parental, family, medical,
or sick leave Allowance for dismissal or
separation Payments made for group healthcare
benefits including insurance premiums Payment of
any retirement benefits State or local tax
assessed on the compensation of employees
www.onlinecheck.com
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5
Necessary Paperwork for the PPP Loan
While calculating your payroll cost for the PPP
loan application, its best to supplement your
loan application with the necessary paperwork.
Lenders are likely to serve and prioritize loan
applications that are made with the necessary
paperwork and are comprehensive and organized.
The necessary documents include your payroll
registers, tax, and financial statements. Its
recommended to obtain the necessary paperwork
that is typically required by the lenders to
process your application and to audit your
calculation in order to improve the turnaround
time. According to SBA, the payroll records are
adequate credentials to establish the average
monthly payroll of your business. Here are some
of the FAQs for the Payment Protection
Program you should read published by the Small
Business Administration (SBA) and the Dept. of
the Treasury. Apply for a PPP Loan Now
www.onlinecheck.com
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Calculate Loan Amount and Gross Monthly Payroll
After you obtain all the necessary documentation,
use them to calculate average monthly payroll for
the last 12 months and that concludes the loan
amount you can qualify for.  Calculating gross
monthly payroll and loan amount is easier for
businesses that are already working with PEOs
with a PPP-specific report.
www.onlinecheck.com
8
Submit Your PPP Loan Application
You can apply through Merchant Advisors using our
online application for a quick loan decision. If
you have developed a solid relationship with some
banks that are accepting PPP loan applications,
we recommend you to apply through them.
Banks Accepting PPP Loan Applications
Bank of America Chase Bank Wells Fargo
www.onlinecheck.com
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Regional and Local Banks Accepting PPP
Loan Applications
1.Ameris Bank 2.Atlantic Capital Bank 3.Celtic
Bank 4.Citizens Bank 5.FirstBank 6.First
Commonwealth Bank 7.First Home Bank 8.First
United Bank 9.Fulton Bank 10.Hanmi
Bank 11.Huntington Bank 12.Independent Bank
13.Liberty Bank 14.Live Oak Bank 15.Midwest
BankCentre 16.Old National 17.Peapack-Gladstone
Bank 18.Pinnacle Bank 19.PNC Bank 20.Sunflower
Bank 21.Umpqua Bank 22.Univest Bank and Trust
Co. 23.S. Bank 24.West Town Bank Trust
Credit Unions and Non-Bank Lenders Accepting PPP
Loan Applications
America First Credit Union Fountainhead SBF
LLC Ready Capital
www.onlinecheck.com
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