TMC is your partner and we are here to help.

We recognize the immense challenges facing small businesses as a result of the Coronavirus crisis. It is our goal to be as helpful and as supportive as possible to get through this difficult time. Please find information regarding the Paycheck Protection Program (PPP).

Paycheck Protection Program Loan

CARES expands the SBA 7(a) program with the PPP Loan – specifically designed to enable businesses to retain their employees during this time of crisis and uncertainty. With initial PPP funds exhausted in two weeks, the SBA opened a second round of funding.

Hours before the second round of funding was due to close on July 3rd, President Trump signed the “PPP Extension Act” which consists of the same exact language that passed the Senate on June 30th. Small businesses now have until August 8th to apply for a PPP loan.

How to Apply: You can apply with any 7a lender. TMC is only able to provide loans to our current clients via email invitation.  If you have not received an email or are not a TMC client, we apologize, but we must ask that you find another lender as we are unable to help. Please reach out to your bank of account and if they are unable to help, try: Fountainhead Commercial, Liberty SBF, Square, PayPal, BlueVine and Intuit Quickbooks.

Eligible Businesses – those with fewer than 500 employees, including 501(c)(3)s, that were operational on, or before Feb. 15, 2020

Loan amount – 2.5 times your average monthly payroll over the past 12 months, up to maximum of $10 million.

Other terms – rate 1% fixed, 5 year term, no fees, no prepayment penalty, no personal guaranty, no collateral

Use of loan proceeds – payroll, health benefits, rent, mortgage payments (limited to interest no principal) and utilities. This loan is designed to help you retain your employees and keep a roof over your head.

Payment deferment – all loans will have payments deferred for at least the first 6 months

Loan forgiveness –  the amount used for eligible uses listed above in an 24-week period during the “covered period” ( February 15 – Dec. 31,2020) will be forgiven.  The government will write a check to the lender for that amount.

In the event not all of the original loan was used for the purposes above, the remainder will be turned into a 5-year term loan with the same 1% interest rate.

Loan Application Notes

It is important to submit your application accurately. Please pay particular attention to the certifications in the application forms that PPP borrowers are required to make under penalty of perjury. Both the lender and SBA will rely on your certification. It is important that you understand and correctly respond to these items in the application form.

Please see this step by step guide to help you along.

The application link will take you to an online PPP application portal. To start, you will be required to add your loan number. Please follow this format: XXX XXX XXXX

If you do not use spaces, your loan number will not register.

Once you enter the portal you will be required to complete several tabs.

Tab 1: General Information

Tab 2: Loan Details

You will be prompted to download the SBA Paycheck Protection Application Form 2483, which should be physically signed, scanned and uploaded in the space provided in the “Loan Details” tab.

Fillable fields in this form can be completed electronically. Be sure each entire field is visible to the reader (reduce font size if necessary).

It is important to submit your 2483 application accurately.

• List all 20% or more owners of the Applicant. (Attach a separate sheet if necessary)
• List of all businesses affiliated with Applicant and describe the relationship on a separate sheet identified as “Addendum A.”
  • You must provide information about any Affiliates of the Applicant Business that are under common management.
  • You must provide information about any other businesses owned by any of the owners with greater than 20% ownership in the Applicant Business.
  • Create an “Addendum A” and list the name of the Affiliate, the Tax ID# and the Industry. Upload the Addendum onto the “Job Details & Tax Returns” tab.
• Physically initial and sign the application form in designated areas (Historically, SBA has not accepted typed initials on their forms)
• Upload a color copy, both front and back of a current Driver’s license for all business owners with 20% or more ownership.
• Be mindful of the “yes” and “no” questions on the application.  Read each carefully.

The 2483 form should then be physically signed, scanned and uploaded in the space provided in the “Loan Details” tab.

Loan Amount: Fill out the  “Payroll Calculator” PPP Loan Calculation Spreadsheet available within the online portal. This Excel spreadsheet is designed to help you calculate eligible payroll costs to determine your loan amount. Complete the PPP calculator spreadsheet and upload it in the space provided in the “Loan Details” tab.

Tab 3: Job Details & Tax Returns

Upload the following:

• All IRS Form 941’s for 2019 and, if available, the first quarter of 2020. If you do not file an IRS form 941 please upload the annual filing from 2019
• Monthly payroll records from Jan 2019 to present. Records should include individual employee head count and any other eligible expenses deemed as payroll costs.

For a detailed explanation of eligible payroll costs, refer to pages 8-11 of SBA’s Interim Final Rule.

All supporting materials, including, payroll documents, current drivers’ licenses of all 20% or more owners, and supplemental owner and affiliate addendums should be uploaded in the space provided in the “Job Details & Tax Returns” tab.