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Champion Empowerment Institute has partnered with Oxford Voss Commercial Capital to process the Payroll Protection Program SBA loans.

We want to make sure businesses have quality mentors, highly-experienced with government form compliance, to help through the Payroll Protection Program application process.

Our clients, business associates, and friends will all benefit from the quality customer service that our team has delivered for over 30 years!  We help you with the loan application so you can more rapidly receive your Payroll Protection Program funding. And we won’t charge you a penny to help gather and file these complicated forms! 

Here are the loan application steps:

  1. Review the information below in the PPP Program Details and in the PPP Loan Details At-A-Glance PDF to become familiar with the program and to review the documents you will need to apply.
  2. Download the PPP Loan Documentation Worksheet to figure your total payroll expenses and make sure you have all your documents gathered.
  3. Download then complete your PPP Loan Application.
  4. Print, sign and scan your application then email your supporting documentation, completed worksheet, and loan application to PPPapplication@ChampionEmpowerment.com.
  5. Champion Empowerment will review the documents to ensure they are completed correctly before submitting them so that your funds arrive as early as possible.  If you are working from home, be sure to include a phone number where you can be reached!
  6. We submit your forms and email your confirmation.
  7. Once the SBA approves your file, the funding simultaneously arrives in your bank account. It’s very important to get in the queue with a complete and an SBA compliant file to expedite your funding.

Together, we will get through this! We look forward to helping you get the money you need for business continuation!

PPP Loan Details At-A-Glance

   PPP Applicant Info

PPP Loan Documentation Worksheet

   PPP Excel Worksheet

PPP Loan Application

   PPP Application

PPP Program Details

The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone.

The loan amounts will be forgiven as long as:

  • The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and
  • Employee and compensation levels are maintained.

Payroll costs are capped at $100,000 on an annualized basis for each employee. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.

Loan payments will be deferred for 6 months.

Loan Overview

  • Your lender will be focus is 100% on PPP loans
  • All SBA fees waived
  • 1% Interest Rate (100 basis points) fixed for the life of the loan
  • First payment due 6 months after loan disbursement unless documentation for up to 100% loan forgiveness is received and approved by the SBA (we are providing a tracking sheet for this)
  • No collateral or personal guarantee required
  • Maturity: Regular “7a terms, conditions, and processes” which includes a 2-year maturity date with no penalties for early repayment of loan balances that are not approved for loan forgiveness
  • Covered Period: 2/15/2020 to 6/30/2020
  • All loans will be processed by all lenders under delegated authority and lenders will be permitted to rely on certifications of the borrower in order to determine eligibility of the borrower and the use of loan proceeds.

Where can I apply?

You can apply through Champion with our approved SBA lender or with any existing SBA lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. Many lenders may require you having an existing SBA loan with them before they will work with you for a PPP loan.  Champion’s lender has no restrictions for who can apply.

Who can apply?

All businesses – including nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors – with 500 or fewer employees can apply. Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries (click HERE for additional detail).

For this program, the SBA’s affiliation standards are waived for small businesses (1) in the hotel and food services industries (click HERE for NAICS code 72 to confirm); or (2) that are franchises in the SBA’s Franchise Directory (click HERE to check); or (3) that receive financial assistance from small business investment companies licensed by the SBA. Additional guidance may be released as appropriate.

What determines eligibility?

You are eligible for a PPP loan if you have 500 or fewer employees whose principal place of residence is in the United States, or are a business that operates in a certain industry and meet the applicable SBA employee-based size standards for that industry, and you are:

  1. A small business concern as defined in section 3 of the Small Business Act (15 USC 632), and subject to SBA’s affiliation rules under 13 CFR 121.301(f) unless specifically waived in the Act;
  2. A tax-exempt nonprofit organization described in section 501(c)(3) of the Internal Revenue Code (IRC), a tax-exempt veterans organization described in section 501(c)(19) of the IRC, Tribal business concern described in section 31(b)(2)(C) of the Small Business Act, or any other business; and
  3. You were in operation on February 15, 2020 and either had employees for whom you paid salaries and payroll taxes or paid independent contractors, as reported on a Form 1099-MISC.

You are also eligible for a PPP loan if you are an individual who operates under a sole proprietorship or as an independent contractor or eligible self-employed individual, you were in operation on February 15, 2020.

You must also submit such documentation as is necessary to establish eligibility such as payroll processor records, payroll tax filings, or Form 1099-MISC, or income and expenses from a sole proprietorship. For borrowers that do not have any such documentation, the borrower must provide other supporting documentation, such as bank records, sufficient to demonstrate the qualifying payroll amount.

You are ineligible for a PPP loan if, for example:

  1. You are engaged in any activity that is illegal under federal, state, or local law;
  2. You are a household employer (individuals who employ household employees such as nannies or housekeepers);
  3. An owner of 20 percent or more of the equity of the applicant is incarcerated, on probation, on parole; presently subject to an indictment, criminal information, arraignment, or other means by which formal criminal charges are brought in any jurisdiction; or has been convicted of a felony within the last five years; or
  4. You, or any business owned or controlled by you or any of your owners, has ever obtained a direct or guaranteed loan from SBA or any other Federal agency that is currently delinquent or has defaulted within the last seven years and caused a loss to the government.

Will I owe any fees?

  • There will be no up-front guarantee fee payable to SBA by the Borrower;
  • There will be no lender’s annual service fee (“on-going guaranty fee”) payable to SBA;
  • There will be no subsidy recoupment fee; and
  • There will be no fee payable to SBA for any guarantee sold into the secondary market.

What do I need to apply?

You will need to complete the Paycheck Protection Program Loan Application (SBA Form 2483) and submit the application with the required documentation to an approved lender that is available to process your application by June 30, 2020.

The lender will need to verify:

  • The business was in operation on February 15, 2020:  Please, provide your articles of incorporation, your corporate annual report, or a business license.
  • The borrower (business) had employees for whom the borrower paid salaries and payroll taxes on February 15, 2020:  Please, provide the payroll detail report for the last payroll before February 15, 2020
  • Last payroll register before applying for the PPP loan listing all paid employees and payroll 940 and 941 tax filings documents . (The most recent payroll register must list all paid employees and their rate of pay including wages, commissions, tips and other compensation)
  • Monthly average of payroll costs
  • Payroll reports or equivalent documentation of payroll costs covering EITHER calendar year 2019 or the preceding 12-months prior to applying for the PPP loan
  • Documentation of wages in excess of $100,000 that will be deducted from “eligible” compensation
  • Documentation of excluded payroll taxes IF these expenses were included in your gross total for payroll expenses (Employer paid FICA: social security and Medicare paid)
  • Documentation of payroll processing fees (moved from below to be closer to payroll expenses)
  • Documentation of company match for any retirement accounts
  • Documentation of company-paid health insurance benefits

Self-employed people who do not have a payroll should provide the following alternate documents:

  • Documentation of EITHER calendar year 2019 or the preceding 12 months of gross revenues, cost of goods sold, expenses, net profit and/or any payments made to yourself as “payroll”
  • Documentation that you are current on all federal, state and local taxes
  • Documentation of approved retirement program payments
  • Documentation of health insurance benefits
  • Documentation of mortgage interest or office lease
  • Documentation of utilities

What other documents will I need to include in my application?

Our lender is also asking for the following documents:

  • Color copies of the front and back of a valid driver’s license for EACH owner with at least 20% ownership
  • Voided check (for the account you wish to transfer the funds from your PPP loan)
  • Most recent company tax return
  • 2019 P&L
  • The 2020 Year-to-Date Profit and Loss Report
  • The last four (4) Form 941 documents

Do I need to first look for other funds before applying to this program?

No. We are waiving the usual SBA requirement that you try to obtain some or all of the loan funds from other sources (i.e., we are waiving the Credit Elsewhere requirement).

How long will this program last?

Although the program is open until June 30, 2020, we encourage you to apply as quickly as you can because there is a funding cap and lenders need time to process your loan.

How many loans can I take out under this program?

Only one. The Administrator, in consultation with the Secretary, determined that no eligible borrower may receive more than one PPP loan. This means that if you apply for a PPP loan you should consider applying for the maximum amount. While the Act does not expressly provide that each eligible borrower may only receive one PPP loan, the Administrator has determined, in consultation with the Secretary, that because all PPP loans must be made on or before June 30, 2020, a one loan per borrower limitation is necessary to help ensure that as many eligible

borrowers as possible may obtain a PPP loan. This limitation will also help advance Congress’ goal of keeping workers paid and employed across the United States.

What can I use these loans for?

You should use the proceeds from these loans on your:

  • Payroll costs, including benefits;
  • Interest on mortgage obligations, incurred before February 15, 2020;
  • Rent, under lease agreements in force before February 15, 2020; and
  • Utilities, for which service began before February 15, 2020.

What counts as payroll costs?

Payroll costs include:

  • Salary, wages, commissions, or tips for employees whose principal place of residence is in the United States (capped at $100,000 on an annualized basis for each employee);
  • Employee benefits including costs for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payments required for the provisions of group health care benefits including insurance premiums; and payment of any retirement benefit;
  • State and local taxes assessed on compensation; and
  • For a sole proprietor or independent contractor: wages, commissions, income, or net earnings from self-employment, capped at $100,000 on an annualized basis for each employee.

What part of payroll does not qualify?

  • Compensation of employee with annual salary over $100,000
  • Federal employment taxes imposed or withheld between February 15, 2020 and June 30, 2020, including the employee’s and employer’s share of FICA (Federal Insurance Contributions Act) and Railroad Retirement Act taxes, and income taxes required to be withheld from employees
  • Compensation of employees who do not reside in the US
  • Qualified sick or family leave for which credit is allowed under Families First Coronavirus Response Act
  • Independent contractors who have the ability to apply for a PPP loan on their own so they do not count for purposes of a borrower’s PPP loan calculation

How large can my loan be?

Loans can be for up to two months of your average monthly payroll costs from the last year plus an additional 25% of that amount. That amount is subject to a $10 million cap. If you are a seasonal or new business, you will use different applicable time periods for your calculation. Payroll costs will be capped at $100,000 annualized for each employee.

The following methodology, which is one of the methodologies contained in the Act, will be most useful for many applicants.

Step 1:  Aggregate payroll costs from the last twelve months including state and local taxes.

Step 2:  Add the annual total of any payroll processing fees and/or costs.

Step 3:  Add the annual total of any employer-paid medical benefits.

Step 4:  Add the annual total of company match for retirement benefits.

Step 5:  Subtract any compensation paid to an employee in excess of an annual salary of $100,000 and/or any amounts paid to an independent contractor or sole proprietor in excess of $100,000 per year.

Step 6:  Subtract the total of all compensation paid to an employee whose primary residence is not in the United States.

Step 7:  Subtract the annual total of all federal income taxes, social security, and Medicare included in Step 1.

Step 8:  Calculate the adjusted annual payroll total from Steps 1-6.

Step 89:  Calculate average monthly payroll costs (divide the amount from Step 7 by 12).

Step 10:  Multiply the average monthly payroll costs from Step 8 by 2.5.

Step 11:  Add the outstanding amount of an Economic Injury Disaster Loan (EIDL) made between January 31, 2020 and April 3, 2020, less the amount of any “advance” under an EIDL COVID-19 loan (because it does not have to be repaid).

The examples below illustrate this methodology.

Example 1 – No employees make more than $100,000

Annual payroll: $120,000
Less Federal Taxes: $11,000
Less Social Security Paid: $6,420
Less Medicare Paid: $1,630
Adjusted Annual Total:  $100,950
Average Monthly Payroll: $8,412
Multiply Average Monthly Payroll by 2.5 = $21,030
Maximum Loan Amount is $21,030

Example 2 – Some employees make more than $100,000

Annual Payroll: $1,500,000
Subtract compensation amounts in excess of an annual salary of $100,000: $1,200,000
Less Federal Taxes: $138,600
Less Social Security Paid: $80,250
Less Medicare Paid: $20,400
Adjusted Annual Total:  $960,750
Average Monthly Qualifying Payroll: $80,062.50
Multiply Average Monthly Qualifying Payroll by 2.5 = $200,156.25
Maximum loan amount is $200,156.25

Example 3 – No employees make more than $100,000, outstanding EIDL loan of $10,000.

Annual Payroll: $120,000
Less Federal Taxes: $11,000
Less Social Security Paid: $6,420
Less Medicare Paid: $1,630
Adjusted Annual Total:  $100,950
Average Monthly Payroll: $8,412
Multiply Average Monthly Payroll by 2.5 = $21,030
Add EIDL Loan of $10,000 = $31,030
Maximum Loan Amount is $31,030

Example 4 – Some employees make more than $100,000, outstanding EIDL loan of $10,000

Annual Payroll: $1,500,000
Subtract compensation amounts in excess of an annual salary of $100,000: $1,200,000
Less Federal Taxes: $138,600
Less Social Security Paid: $80,250
Less Medicare Paid: $20,400
Adjusted Annual Total:  $960,750
Average Monthly Qualifying Payroll: $80,062.50
Multiply Average Monthly Qualifying Payroll by 2.5 = $200,156.25
Add EIDL Loan of $10,000 = $210,156.25
Maximum loan amount is $210,156.25

How can PPP loans be used?

The proceeds of a PPP loan are to be used for:

  • Payroll costs (as defined in the Act and in 2.f.);
  • Costs related to the continuation of group health care benefits during periods of paid sick, medical, or family leave, and insurance premiums;
  • Mortgage interest payments (but not mortgage prepayments or principal payments);
  • Rent payments;
  • Utility payments;
  • Interest payments on any other debt obligations that were incurred before February 15, 2020; and/or
  • Refinancing an SBA EIDL loan made between January 31, 2020 and April 3, 2020. If you received an SBA EIDL loan from January 31, 2020 through April 3, 2020, you can apply for a PPP loan. If your EIDL loan was not used for payroll costs, it does not affect your eligibility for a PPP loan. If your EIDL loan was used for payroll costs, your PPP loan must be used to refinance your EIDL loan. Proceeds from any advance up to $10,000 on the EIDL loan will be deducted from the loan forgiveness amount on the PPP loan.

However, at least 75 percent of the PPP loan proceeds shall be used for payroll costs. For purposes of determining the percentage of use of proceeds for payroll costs, the amount of any EIDL refinanced will be included. For purposes of loan forgiveness, however, the borrower will have to document the proceeds used for payroll costs in order to determine the amount of forgiveness.

How much of my loan will be forgiven?

The amount of loan forgiveness can be up to the full principal amount of the loan and any accrued interest. That is, the borrower will not be responsible for any loan payment if the borrower uses all of the loan proceeds for forgivable purposes described below and employee and compensation levels are maintained. The actual amount of loan forgiveness will depend, in part, on the total amount of payroll costs, payments of interest on mortgage obligations incurred before February 15, 2020, rent payments on leases dated before February 15, 2020, and utility payments under service agreements dated before February 15, 2020, over the eight-week period following the date of the loan. However, not more than 25 percent of the loan forgiveness amount may be attributable to non-payroll costs.

Proceeds from any advance up to $10,000 on the EIDL loan will be deducted from the loan forgiveness amount on the PPP loan.

You will also owe money if you do not maintain your staff and payroll.

  • Number of Staff: Your loan forgiveness will be reduced if you decrease your full-time employee headcount.
  • Level of Payroll: Your loan forgiveness will also be reduced if you decrease salaries and wages by more than 25% for any employee that made less than $100,000 annualized in 2019.
  • Re-Hiring: You have until June 30, 2020 to restore your full-time employment and salary levels for any changes made between February 15, 2020 and April 26, 2020.

How can I request loan forgiveness?

You can submit a request to the lender that is servicing the loan. The request will include documents that verify the number of full-time equivalent employees and pay rates, as well as the payments on eligible payroll, mortgage interest, lease, utility, and other debt interest obligations that existed prior to February 15, 2020. You must certify that the documents are true and that you used the forgiveness amount to keep employees and make eligible mortgage interest, rent, and utility payments. The lender must make a decision on the forgiveness within 60 days.

What is the interest rate on a PPP loan?

The interest rate will be 100 basis points or one (1) percent fixed rate.

When do I need to start paying interest on my loan?

You will not have to make any payments for six months following the date of disbursement of the loan. However, interest will continue to accrue on PPP loans during this six-month deferment. The Act authorizes the Administrator to defer loan payments for up to one year. The Administrator determined, in consultation with the Secretary, that a six-month deferment period is appropriate in light of the modest interest rate (one percent) on PPP loans and the loan forgiveness provisions contained in the Act.

When is my loan due?

Your first payment is due 6 months after the loan is disbursed and must be paid within 2 years.

Can I pay my loan earlier than 2 years?

Yes. There are no prepayment penalties or fees.

Do I need to pledge any collateral for these loans?

No. No collateral is required.

Do I need to personally guarantee this loan?

No. There is no personal guarantee requirement. ***However, if the proceeds are used for fraudulent purposes, the U.S. government will pursue criminal charges against you.***

What do I need to certify?

On the Paycheck Protection Program Application (SBA Form 2483), an authorized representative of the applicant must certify in good faith to all of the below:

  • The applicant was in operation on February 15, 2020 and had employees for whom it paid salaries and payroll taxes or paid independent contractors, as reported on a Form 1099-MISC.
  • Current economic uncertainty makes this loan request necessary to support the ongoing operations of the applicant.
  • The funds will be used to retain workers and maintain payroll or make mortgage interest payments, lease payments, and utility payments; I understand that if the funds are knowingly used for unauthorized purposes, the federal government may hold me legally liable such as for charges of fraud. As explained above, not more than 25 percent of loan proceeds may be used for non-payroll costs.
  • Documentation verifying the number of full-time equivalent employees on payroll as well as the dollar amounts of payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities for the eight week period following this loan will be provided to the lender.
  • Loan forgiveness will be provided for the sum of documented payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities. As explained above, not more than 25 percent of the forgiven amount may be for non-payroll costs.
  • During the period beginning on February 15, 2020 and ending on December 31, 2020, the applicant has not and will not receive another loan under this program.
  • I further certify that the information provided in this application and the information provided in all supporting documents and forms is true and accurate in all material respects. I understand that knowingly making a false statement to obtain a guaranteed loan from SBA is punishable under the law, including under 18 USC 1001 and 3571 by imprisonment of not more than five years and/or a fine of up to $250,000; under 15 USC 645 by imprisonment of not more than two years and/or a fine of not more than $5,000; and, if submitted to a federally insured institution, under 18 USC 1014 by imprisonment of not more than thirty years and/or a fine of not more than $1,000,000.
  • I acknowledge that the lender will confirm the eligible loan amount using tax documents I have submitted. I affirm that these tax documents are identical to those submitted to the Internal Revenue Service. I also understand, acknowledge, and agree that the Lender can share the tax information with SBA’s authorized representatives, including authorized representatives of the SBA Office of Inspector General, for the purpose of compliance with SBA Loan Program Requirements and all SBA reviews.

What documentation do I need?

  • The business was in operation on February 15, 2020:  Please, provide relevant payroll reports, your corporate annual report, or a business license.
  • The borrower (business) had employees for whom the borrower paid salaries and payroll taxes
  • Last payroll register listing all paid employees on or before February 15, 2020
  • Most recent payroll register listing all paid employees (includes employees employed on February 15, 2020)
  • Payroll reports covering April 2019 – March 2020
  • Monthly average of payroll costs over last 12 months (April 2019 – March 2020) that includes the total payroll less individual wages over $100,000, federal income taxes, social security and Medicare paid by employees and the borrower
  • Documentation of company match for any retirement accounts
  • Documentation of company-paid health insurance benefits
  • Documentation of payroll processing fees

What happens if PPP loan funds are misused?

If you use PPP funds for unauthorized purposes, SBA will direct you to repay those amounts. If you knowingly use the funds for unauthorized purposes, you will be subject to additional liability such as charges for fraud. If one of your shareholders, members, or partners uses PPP funds for unauthorized purposes, SBA will have recourse against the shareholder, member, or partner for the unauthorized use.

Why use Champion Empowerment Institute as your agent for FinWise?

  • Speed: get your money faster!
  • We use banks focused on PPP loans
  • Quality customer service: we know traditional lenders and banks will be overwhelmed so we are making this available to our business partners, clients and friends to have Champion’s proven quality service coupled with a stable business-friendly lender!
  • Capacity: again, traditional lenders will be overwhelmed with applicants and have already had difficulties with daily customer service at local branches (many of which have closed) so we offer an alternative solution that minimizes your time in applying for this valuable loan that will aid in your business continuation!

We are here to be your Champions for business continuation!

(800) 808-8725

PPPapplication@ChampionEmpowerment.com