North Side Federal CARES Act Information
Here is the latest information for small businesses regarding the Paycheck Protection Program section of the CARES Act. This information is provided to us by the Treasury Department.
North Side Federal is an approved SBA lender for this program. Due to volume, we are only accepting applications from current customers.
The loan is based on the average monthly payroll from 2019. To begin to process, you will need your W2's and your W3 ready.
A simplified example of the calculation: A business has three employees whose salary and health care costs totals shown on the 2019 W2 are $125,000 , $75,000 and $50,000. Since the benefit is capped at $100,000 per employee, the loan this business would be eligible for is the following:
$100,000 + $75,000 + $50,000 = $225,000 divided by 12 months = $18,750 average/mo.
$18,750 x 2.5 months = $46,875 eligible loan amount.
The borrower will need to justify this calculation with tax forms and make other assertations as found on the application.
For additional information, please call us at 773-561-7051.