Paycheck Protection Program Loans

Money and surgical mask
At Advisors Insurance Agency, our team is not just a group of insurance agents. We are Advisors working hard to find personalized coverage for individuals and businesses.  We are  active members of the local community.  We are a small business that works to serve and support other small businesses in the Upstate of SC.  Now more than ever we are doing our part to be "Where Coverage Meets Community."  

During these uncertain times, many small business owners are struggling to operate and pay their bills and employees. The COVID-19 pandemic has caused many businesses to alter their hours, change the way they serve their clients, and/or close their doors completely.  Please know that we are here to assist you and provide resources as best we can.

One such resource is a Paycheck Protection Program Loan through Lendio.  According to the Lendio website, Paycheck Protection Program Loans "will help small businesses, including sole proprietors and independent contractors, and private nonprofits maintain payrolls and continue necessary payroll-related payments like rent and utilities." Don't worry, we are here to assist you with this process.
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What Payroll Costs are Included?

  • Salaries, wages, commissions, or similar compensation (up to $100,000 annual compensation as prorated for the covered period)
  • Payment of cash tip or equivalent
  • Vacation, parental, family medical, or sick leave
  • Severance payment
  • Health care benefits, including insurance premiums
  • Retirement benefits
  • State or local tax assessed on said compensation 
  • Payments of wages, commission, or similar compensation to any independent contractors that is $100,000 or less per year (as prorated for the covered period) 

What Payroll Costs are NOT Included?

  • Federal income tax and payroll tax contributions
  • Compensation of any employee whose principal residence is outside the US
  • Qualified sick and family leave wages covered by tax credits under the Families First Coronavirus Response Act 

What Do I need To Get Started?

In order to apply for one of these loans, you will need to complete an application.  There are other required documents and forms.  The list might look long, but it's better to be prepared than to start the process only to find out you are missing a required item.  So here we go...
  1. SBA Form 1919, completed and signed by each owner 
  2. 3 years of personal tax returns for each owner (signed and dated) 
  3. 3 years of corporate tax returns (including K1s) for each entity owned (signed and dated) 
  4. Personal Financial Statement SBA form 413, joint, signed by both spouses if borrower is married 
  5. Signature on IRS Form 4506T – one form for personal returns, one form for each entity 
  6. Copy of Articles of Incorporation, By‐Laws, Operating Agreement, Resolutions, of each borrowing entity 
  7. Copy of driver’s license for each owner 
  8. Copy of business insurance policy (fire/hazard, public liability and worker’s compensation) 
  9. Trailing twelve-month profit and loss statement (as of the date of application) for all applicants 
  10. Most recent mortgage statement or rent statement (lease) 
  11. Most recent utility bills (electric, gas, telephone, internet, water 
  12. Monthly payroll costs for the 12 months preceding the loan 

Who to Contact

Be sure to contact your business banker for assistance and guidance. 

To get started with Lendio, contact Andy Ronemus.  You can reach Andy by phone at (706) 752-7126 or email. 



Remember, we are here to help you! Do not hesitate to contact us with questions and concerns. Working together is the best way to get through these difficult times.

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