Lendistry – Payroll Protection Program

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Lendistry, an online lender, is now accepting applications for the Paycheck Protection Loan Program. Even though the Small Business Administration (SBA) has stopped accepting applications for the Paycheck Protection Program, there is an expectation additional funds will be authorized this week for the CARES Act.

You can complete your PPP application today, no later than Tuesday and, if they are able, they will submit your application to the SBA should additional funds become available. Given the large demand for any such additional funds, and limits on our funding capacity, not every qualified Paycheck Protection Program applicant will receive a loan.

Items needed are the following:

Lendistry Application – apply -> www.mylendistry.com (Click on Apply Now under SBA PPP)

Photo ID (we will request later on)

[embeddoc url=”https://www.mdouniversity.org/wp-content/uploads/2020/04/1SBA-PPP-Checklist-Sole-Proprietor.pdf” download=”all”]

Proof of payroll for 12 months (Feb 15^th 2019 – Feb 15^th, 2020) including the following (see attached)

[embeddoc url=”https://www.mdouniversity.org/wp-content/uploads/2020/04/2SBA-PPP-Payroll-Resource-Guide.pdf” download=”all”]

Corporate documents

Beneficial Owner form (attached)

[embeddoc url=”https://www.mdouniversity.org/wp-content/uploads/2020/04/4Certification-of-Beneficial-Ownership-Document-SBAv-4-2-2020.pdf” download=”all”]

SBA PPP Application (attached)

[embeddoc url=”https://www.mdouniversity.org/wp-content/uploads/2020/04/3PPP-Borrower-Application-Form.pdf” download=”all”]

We welcome you to apply on mylendistry.com and ask you to please keep safe during these unprecedented times.

Information required with loan application.

1)	Copies of payroll tax reports file with the IRS (including Forms 941, 940, state income and unemployment tax filing
	reports) for the entire year of 2019 and first quarter of 2020 (if available) should be presented.
2)	Copies of payroll reports for each pay period for the preceding 12 months. Such reports should include gross wages
	including PTO (which might include vacation, sick, and other PTO). This includes payroll should include reports through
	the pay period preceding the origination of the SBA loan.
3)	Documentation reflecting the health insurance premiums paid by the company under a group health plan including
	owners of the company for the immediately preceding 12 months prior to the date of the PPP loan origination
	Copies of the monthly invoices should suffice.
4)	Documentation of all retirement plan funding by the employer for the immediately preceding 12 months.
	Copies of work papers, schedules and remittances to the retirement plan administrator should be sufficient.