Pink Payroll

You can find two lenders who prior to April 17, 2020 were lending in 48 hours or less.  Because of the volume of questions, we are now offering complete info here, for puchase, with the names of the two lenders.

https://ericafilippo.clickfunnels.com/sales-letter-order-form1587390306004

Update April 2, 10:00 pm

Applications reportedly go live on April 3 for the PPP program.  Please work with your commercial bank to get questions answered and submit the application.  For example, Wells Fargo will only be online, and can be accessed HERE.  We cannot advise on the loan submission at Pink Payroll.

You will need payroll reports and, good news, we are ready to assist you, as we knew that 4/3/20 would be busy with report requests!

Protocol to help us expedite reports for all:
a) Please, do not email any individuals as they cannot respond to the request. We have clerks ready for your request. For quarterly reports, first check your email, as every quarterly was emailed to the account holder. If you cannot find them, then request by email.
b) Please do not call your request in. We will ask you to email, as the clerks doing the emails are not the individuals who answer the phone. Those individuals process your payroll and need to stay focused on payroll and tax.
c) If you think your request has been missed or delayed, then by all means, email and ask for your processor to assist, or call.

HOW TO GET YOUR REPORTS:

What report are we providing?  2019 Payroll Register.  It is a list of each employee's wages for 2019, in one sum per individual, then a total on the report.

1. For clients who were on iSolved last year, your report can be quickly accessed yourself. Click here for instructions.

2. For current clients who were on the Employer On The Go (or On Demand) software last year through 12/31, we have saved last year's report for you.  You may email our the payroll processing for that.  For all current clients with 3 or more employees in 2019, we spent all day on 4/2 saving a report for you.  Email payroll@ (the usual email for payroll submissions) to request the report.  

3.  If you aren't sure, please email your request in.

THE FINAL OFFICIAL PROGRAM DOCUMENTS as of 4/2/20:

Click HERE for the FINAL government document on the PPP program.  In there it states that you will provide prior year payroll documentation.  We saw a lot of banks guessing on the documentation, so you may have seen different requests.  The document specifically states, "preceding calendar year."

Click HERE for the official SBA Sample Application form.  It appears lenders can customize.

Click HERE for the form the lender submits to the US Government.

From the document, attached:

b. What do lenders have to do in terms of loan underwriting? Each lender shall: i. Confirm receipt of borrower certifications contained in Paycheck Protection Program Application form issued by the Administration; ii. Confirm receipt of information demonstrating that a borrower had employees for whom the borrower paid salaries and payroll taxes on or around February 15, 2020; iii. Confirm the dollar amount of average monthly payroll costs for the preceding calendar year by reviewing the payroll documentation submitted with the borrower’s application; and iv. Follow applicable BSA requirements:

We wish you luck in obtaining your PPP loan so you can continue with more of a safety net in your business.

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Update April 1, 5:15pm

We are issuing updates here rather than sending out a lot of new emails.

Yesterday afternoon, (Tuesday, March 31) the U.S. Treasury Department released guidance on the Paycheck Protection Program aimed at helping small businesses in our country. There are several key changes to the Paycheck Protection Program that differ from what was initially released. The banking industry is still waiting on final rulemaking from the SBA to determine the exact requirements to make a loan.

We’d like to highlight yesterday’s changes to ensure you fully understand what this loan program entails:
 

Another notable update will affect when you can apply, depending on what type of business you own.

• Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders. 
• Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.

We’re also sharing two helpful documents, described below.

The first is solid guidance from the U.S. Senate Committee on Small Business and Entrepreneurship. We encourage you to read through this document to understand all your options and know that while the Paycheck Protection Program may be a solution for some, there are additional loan programs that your businesses could qualify for.

This is an incredibly fluid program. Rules have still not formally been completely written, but we will do our best to provide you the information you need on how to best move forward. We care deeply about small businesses, which are the lifeline of this nation. We hope we can continue to be a source of information and guidance as we all navigate these unusual times.

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April 1, 2020, 9am

We are sure you've seen the news somewhere but we wanted all our clients and associates to have the information.

The Federal Government has begun to roll out this program. it could be a lifesaver for your business and the application is very easy to navigate.

I'll spare the details in this notice, best to get them at the link below and contact your local SBA lender to apply if its right for your business.

Paycheck Protection Program

We've also attached an advanced application below so you can actually get the information process started.

Attachments:
1.  SBA Application
2.  Checklist from PNC Bank - note this is informational only and from a bank out of our area.  We thought it was  nice checklist for you

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Please note:
For the information needed for the loan app, please be advised we may get hundreds of requests and your best resource is to first gather the information you have access to

Head over to this article with a video and instructions on where to find your reports to submit with your loan application:
https://pinkpayroll.freshdesk.com/a/solutions/articles/3000098740 

As an overview of reports, please quickly read below:

1) Quarterly Reports - emailed to every client. Check the account holders email

2) Online - 

a)  iSolved:  Reports >> Date Range Reports >> Periodic Payroll Register >> enter the dates, most likely 1/1/2019 to 12/31/19.  If you want individual reports, enter the dates and save those.

3) Reports requests - we will first direct you to the above 2, then support with online access. If we helped everyone today or tomorrow, it will take hours for some of you, and the rest will be left waiting.  So, we are going to help the most number of clients by assisting you to pull your own reports as the first priority.

b) Employer on the Go:  Reports Wizard >> follow the preselected items down to the date range >> enter the dates, most likely 1/1/2019 to 12/31/19.  If you want individual reports, enter the dates and save those >> Payroll Register is the report.

We appreciate you allowing us to support you during this time.
Thank you, Pink Payroll