The Chamber of Commerce of Washington Heights & Inwood

Yeshiva University and the Chamber of Commerce of Washington Heights & Inwood Launch Small Business & Nonprofits Mentoring Program to Assist in PPP Applications

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The purpose of this Program is to assist Small Businesses in the Uptown and West Bronx area (13th Congressional District of NY) during the process of the new and reconstituted Paycheck Protection Program (PPP).

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The top of their class Students will target institutions that need Federal funding and capital sources to survive the pandemic, the volunteer program helps them navigate the approval and forgiveness process to survive and then elevate their financial/business processes to profit, grow employment, and contribute to the community’s revival. The program is ongoing and is sponsored by the educational institution, community-based nonprofit institution.

Our Target: Small Businesses and Nonprofits in the District

• As many qualified Small businesses as possible.

• The 12,000 or 60% of Companies that have 1+ Employee in our District.

• The 6,000 or more institutions (30%) in the District that already applied for prior PPP loans.

Our Goals:

• Increase the number of small businesses and nonprofits applying for PPP2 loans or another micro-    lending program from 6,000 in the prior iteration to +12,000.

• Market the Program by our Committee and the Congressman on social media and interviews.

• Use this experience with targeted clients to uplift their financial/business processes.

• Provide student/mentors with new skills and knowledge.

• Help students apply course work to real-life entrepreneurship.

Documents Required:

• Each lender may have different requirements, but some commonly required documents include:

  • Copy of Photo ID for all owners who own 20% of the business or more.

  • 2019 and 2020 Profit and Loss Statements to show revenue loss during the 2020 versus 2019 Business Tax Returns.

  • For partnerships – including IRS Form 1065 and Schedule K-1.

  • For sole proprietors – include IRS Form 1040 Schedule C

  • Articles of Incorporation / Business Organizational Documents

  • Payroll Reports with a list of gross wages paid time off, and taxes assessed for all employees for all 12 months of 2020

 

• 2020 Employer IRS Documents (including one of the following for all four quarters of 2020):

  • Form 941: Employer’s Quarterly Federal Tax Return

  • Form 944: Employer’s Annual Federal Tax Return (for smallest employers)

  • Form 940: Employer's Annual Federal Unemployment (FUTA) Tax Return

  • Form W-3: Transmittal of Wage and Tax Statements

  • Documentation to support Health Insurance and Retirement expenses incurred as a part of     payroll expenses (for example, a statement from insurance or retirement company)●    

Determine How Much You Can Apply For:

You can apply for up to $2 million or 2.5 times your monthly payroll, whichever is less. If you are a restaurant or a hotel, you can apply for 3.5 times your monthly payroll up to $2 million. Loans will be forgiven (meaning you do not need to pay them back) if you use them for eligible expenses, including 60% for payroll expenses and 40% for other qualified operating costs.

Even if you already received a PPP loan, you still may be eligible for a second award.

To be eligible, you must meet the following criteria:

• Show proof of 25% economic loss in at least one quarter during 2020.

• Have 300 employees or less.

• Have operated your business since on or before February 15, 2020.

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For help, businesses can contact The Chamber of Commerce of Washington Heights & Inwood for assistance at (212) 928-6595 or email us at wahichamber.info@gmail.com