TMC is your partner and we are here to help.

We recognize the immense challenges facing small businesses as a result of the Coronavirus crisis. It is our goal to be as helpful and as supportive as possible to get through this difficult time. Please find information regarding the Paycheck Protection Program (PPP). Please note: TMC is unable to accept any PPP requests.

Paycheck Protection Program Loan

CARES expands the SBA 7(a) program with PPP Loan – specifically designed to enable businesses to retain their employees during this time of crisis and uncertainty.

• How to Apply: Any 7a lender can administer the loan. Check with your bank. TMC is unable to accept applications.

• Eligible Businesses – those with fewer than 500 employees, including 501(c)(3)s, that were operational on, or before Feb. 15, 2020

• Loan amount – 2.5 times your average monthly payroll over the past 12 months, up to maximum of $10 million.

• Other terms – rate 1% fixed, 2 year term, no fees, no prepayment penalty, no personal guaranty, no collateral

• Use of loan proceeds – payroll, health benefits, rent, mortgage payments (limited to interest no principal) and utilities. This loan is designed to help you retain your employees and keep a roof over your head.

• Payment deferment – all loans will have payments deferred for at least the first 6 months

• Loan forgiveness –  the amount used for eligible uses listed above in an 8-week period during the “covered period” ( February 15 – June 30,2020) will be forgiven.  The government will write a check to the lender for that amount.

• In the event not all of the original loan was used for the purposes above, the remainder will be turned into a 2-year term loan with the same 1% interest rate.

Application Notes

• It is important to submit your application accurately.

• Please pay particular attention to the certifications in the application forms that PPP borrowers are required to make under penalty of perjury. Both the lender and SBA will rely on your certification. It is important that you understand and correctly respond to these items in the application form.

Collect the additional required documentation

• Support for your average monthly payroll calculation. For a detailed explanation of eligible payroll costs, refer to pages 8-11 of the SBA PPP Interim Final Rule.

• Supporting documents should include payroll processor records, payroll tax filings, or Form 1099-MISC, or income and expenses from a sole proprietorship

• For example: IRS Forms 941 for 3/31/19, 6/30/19, 9/30/19 and 12/31/19 and

• ADP records without employee names to provide calculation for compensation in excess of $`100,000 that is excluded from the PPP loan amount calculation

• Documentation showing that you had employees for whom you paid salaries and payroll taxes on or around 2/15/20.

Please download the SBA’s PPP Loan Calculation Spreadsheet to help calculate estimated loan amount and view a consolidated needs list.