UPDATE: This program was full 30 minutes after launch and is no longer accepting applications.
The County of Los Angeles in partnership with Goldman Sachs 10,000 Small Businesses Initiative and Community Reinvestment Fund, USA (CRF) has created a new application portal for small businesses seeking to apply for the Federal Paycheck Protection Program (PPP), a forgivable loan product created by the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act.
After successfully submitting an inquiry, loan processers at CRF will follow up directly with business owners to obtain necessary documents and information to process the loan request. All eligible business owners who have been unable to apply for a PPP loan through a bank or other financial institutions are encouraged to submit an inquiry. We urge you to apply at your earliest opportunity.
Business owners who access the application portal will initially submit an inquiry with CRF. Business owners should be prepared to provide the following information on their business:
- General Business Information (legal name, legal structure, Tax-ID, date of formation, address)
- Business Ownership structure (for-profit organization)
- Names, percent owned, address, hone, email and SSN for all owners.
- Articles of Incorporation/Organization
- By Laws/Operating Agreement
- All owners Driver’s Licenses (front and back)
- Business sand personal tax returns for 2018 or 2019
- Trailing twelve-month profit and loss statements (as of the month before your application).
- Payroll Reports, Tax forms or journals for 2019 and 2020, such as:
- 2019 or other 12-month Payroll Journals (some services have a PPP Payroll report you can download–check with your payroll service.
- 2019 and 2020 Forms 941 (Employers Quarterly Federal Tax Return)
- 2019 W-3 (Transmittal of Wage and Tax Statements)
- List of employees and their pay if any received more than $100,000 in the last 12 months.
- Recent payroll report that shows the number of employees as of February 15, 2020 (one that includes that date).
- Accounting records and documents for 2019 and 2020 Year to Date. You will need to summarize other eligible ‘payroll costs’ that can increase your loan amount
- Group Health Benefits and Insurance
- Retirement Benefit expense
- State and Local Taxes on Compensation (like unemployment taxes)
- 1099-Misc payments in the last 12 months to Ind. Contractors, if any.
- Last 3 months bank statements showing payroll and related expenses being paid.
Frequently asked questions and more information can be found on the program’s info sheet at: https://crfusa.com/app/uploads/2020/04/PPP-FAQs.pdf
If you have any additional questions, please contact the Los Angeles County Disaster Help Center at 1-833-238-4450.