UPDATE | SBA LOAN | Paycheck Protection Act - Client Memo - April 3, 2020

Integrity HR Management Client Memo

To: Clients

From: Integrity HR Management

Date: April 3, 2020

Re: SBA Loan Applications – Paycheck Protection Act

Integrity HR Management is committed to helping clients apply for government assistance available under the CARES Act and all other COVID-19 related assistance available.

In preparation for the Paycheck Protection Act loan application process many of our clients have requested various payroll reports and tax documentation. Specifically, many banks have requested 941, W3 and Texas Workforce Filings.

As a client of a PEO, your employee tax filings are combined with all of our client’s employees. In accordance with the law, Integrity HR Management is required to file all employee tax documentation under its own Employer Identification Number. Employee tax documentation is not filed under client Employer Identification Numbers and therefore tax documentation is not available on a per client basis. 

The Small Business Administration is not requiring banks to collect tax documentation from applicants. Late yesterday, the SBA issued interim final rules declaring that payroll records and bank statements can be used to confirm applicant eligibility.

Like most of us, banks are trying to stay informed of the constant updates to the regulations of the CARES act.  We expect most banks are now aware of the last-minute changes to the application requirements. If your bank is still requiring tax documentation, please refer them to the latest version of the interim final rules that can be found here - https://integrityhrm.blogspot.com/2020/04/update-sba-loans-paycheck-protection.html. 

Please do not hesitate to contact our office at 830-331-1300 if you have any questions or concerns.