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Information On The Federal Paycheck Protection Program

harding group payroll protection program information

Learn about the federal Payroll Protection Program, introduced in the recent CARES Act.

The Paycheck Protection Program is a part of the CARES Act recently passed into law by the Federal government. This program provides loans to small businesses and self-employed people that can be forgiven, which means that you don’t have to pay it back. It will be available to small businesses of less than 500 employees, sole proprietors, and self-employed individuals. The Harding Group has received many requests for help in applying to the Paycheck Protection Program since it was announced last week. Below we have compiled the information we know right now about the Paycheck Protection Program and how you can apply. 

Monitor the SBA Site

The website for the Small Business Administration (SBA) has the most detailed and up-to-date information on who is eligible to apply, how much you can borrow, and how much can be forgiven. More specifics are coming every day, so we encourage you to use the SBA as your ultimate resource for new Paycheck Protection Program facts. 

The Paycheck protection program Borrower Application Form

The Paycheck Protection Program application form is downloadable as a pdf on the SBA website. The application itself is relatively easy, and the only information you need on hand is your average monthly payroll and the number of employees. Your bank will have a list of supporting documents that you need to accompany the application. 

If you have already received or applied for an SBA Disaster Loan, that is fine as long as it was not for payroll. Before you sign for SBA Disaster Loan funds, work with your bank to make sure you are taking full advantage of the program that is best for you. 

How to Apply in 3 Steps

The process for applying for the Paycheck Protection Program is as follows: 

  • Complete the Application Form
  • Contact your bank to find out what additional information they need
  • Gather the required documentation
    • For payroll reports, including a report that gives you the average payroll, log into your ADP employer website. 
    • You may contact the Harding Group here if you would like more help. 

How to Get Your ADP Payroll Reports

First, log onto your employer ADP portal. Then, take the following steps to find your appropriate forms. 

Average Monthly Payroll

On the top menu, click “Reports.” Under Payroll, click “CARES SBA-PPT: Monthly Payroll Cost.” 

2019 Form 940 and Forms 941

On the top menu, click “Reports.” Then, under Taxes, click “Tax Records/Filings.”

Last 12 Months of Payroll Reports

On the top menu, click “Reports.” Under Payroll, click “Payroll Details.” You will have to do two reports: one for the months in 2019, and one for the months in 2020. 

trust the professionals at the harding group

Unlike other accounting firms, The Harding Group, located in Annapolis, MD, will never charge you for emails or phone calls and will strive for open communication with our clients. Whether you are interested in business advising, tax preparation, bookkeeping and accounting, payroll services, Training + support for QuickBooks, or retirement planning, we have the expertise and years of experience to help. We serve clients in Annapolis, Anne Arundel County, Baltimore, Severna Park, and Columbia. If you are ready to take the stress out of taxes, contact us online or give us a call at (410) 573-9991 for a free consultation. For more tax tips, follow us on Facebook, Twitter, YouTube, and LinkedIn.

This entry was posted on Tuesday, April 7th, 2020 at 4:12 pm. Both comments and pings are currently closed.

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