Hello all,

What a year this week has been... wow.

I want to share a few things with you about what I've learned in the last few days.

The ONLY thing you can do as of TODAY is get your documents together for loan processing. I have had some form of communication with most of our banks in Northeast Ohio and Western PA. They are working very hard to build their respective systems internally to start processing loan apps. What everyone needs to remember is that this is a HUGE undertaking and you need to be patient with the process. You DO NOT want to be the first application submitted. You want to submit a COMPLETE and ACCURATE application as soon as possible. Until each bank distributes the exact process all we can do is collect data and be ready when they give us instructions.

Many banks have distributed a rough idea of what will be needed and they are all well within the checklist provided below:

1.) Articles of Incorporation/Organization for each borrowing entity
2.) Bylaws/ Operating Agreement for each borrowing entity
3.) Copies of all owners' Drivers Licenses
4.) Payroll Expense Verification Documents
a.) Payroll Summary for the last 18 months
b.) IRS Forms 940 and 941
c.) 1099s Issued
d.) PEO or Leased Employee Agreements and copies of trailing 12 month invoices
5.) Trailing 12 month Profit and Loss Statement
6.) Most recent Mortgage Statement (if you own your building)
7.) Copy of your lease agreement (if you rent your building)
8.) Last 3 months of utility bills
9.) Completed Bank Application (FINAL VERSION not yet available) - We’ve heard from many banks that the form on the US Treasury website will be modified and is not the final version of the application.
10.) Personal Financial Statement (format not confirmed)

See links below for a few helpful items.

1.) Our webinar with The Business Journal on the stimulus package and loans from yesterday.

2.) Video made by Ohio Small Business Development Center on how to apply for Economic Injury disaster Loans (Different than payroll processing loans)

Stay tuned, stay patient and (most importantly) stay healthy.

Tim

PS-For those of you who know Harold (our founding partner), he has been logging in live on his porch in Florida on Facebook (Friday Evenings) performing live music, Rodney Dangerfield "Shticks" and interviews with his neighbors in his "community" down in Florida. You won't regret tuning in. 🙂