Newsletter from

Steve Richardson & Company

Certified Public Accountants

April 3, 2020

All Existing
Paycheck Protection Program Loan (PPPL) Applications
Will Need to be Re-done – Fast!

To Our Clients and Friends:

At midnight last night, the SBA issued a new application for the PPP Loan. All existing applications will need to be redone.

Following is a link to the new application (as of April 3, 2020):
https://srcocpa.sharefile.com/d-s4c2d296f82b4a1a9
The last page of this application is a letter appointing me as your authorized representative. It must be completed by you; this is important.

Re-do or replace your existing applications quickly. If you have not done an application, the new application process will allow you to move up in the first-come-first served order. This “midnight” change in the rules has the effect of leveling the field or resetting the order in which applications are received.

There are limited funds:
Do your applications as quickly as possible!

Authorized Representative
Please note on page 2 of the application that there is only one signature box for the ‘Authorized Representative’. I’ve already put my name on the form. When you send this form to me for my review, I will sign off and send it back to you or make arrangements to get it to your bank.

The SBA is telling us that the business owner cannot also be the ‘Authorized Representative’. The SBA wants to have an ‘Authorized Representative’, who is not the owner, make certain representations. If you will note at the middle of page 2 of the application the heading, “Certifications”.

These “Certifications” must be made by “The Authorized Representative.” I have already initialed these boxes pending my review.

As an authorized representative, I can also help defend the application during the underwriting process.

Sincerely,

Steve Richardson, CPA