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This is the loan program that can actually turn into a grant if you maintain employment and spend the money the right way.  

SBA website on the program:

https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp

This article give a very good description of the program.

https://www.forbes.com/sites/peterjreilly/2020/03/28/paycheck-protection-programdevilish-detailssome-uncertainty/#1160218652fc

And a description of CARES Act as a whole (including the Paycheck Protection Program).

https://www.natlawreview.com/article/summary-cares-act

You will need the following information to make the calculation (for the 12 month period prior to loan being disbursed)

  • Payroll
  • Health insurance paid by Employer
  • Retirement paid by Employer

Our understanding is that you will need to go through an SBA approved lender ( Most of the larger banks are) and they will be using the existing 7a program to do this.

As far as documents go-and this is just a guess right now:

  • Last 2 years tax returns that have been filed-if 2019 not filed then a 2019 Balance Sheet and Income Statement
  • Possibly payroll tax reports for 12 month period being used for loan amount calculation
  • Copies of Health insurance invoices/canceled checks to show where it was paid for 12 month period.
  • Personal Financial Statement (although no personal guarantee is supposed to be required) as well as last 2 years personal tax returns.
  • Loan application ( My understanding is that the SBA is in process of designing this)

Call your regular Bank and ask if they are an SBA lender and ask to be notified when they will start receiving applications and put all the requested documents into PDF format so they can be easily transmitted when the applications process starts.