Frank J. Aloia, Jr. shares tips for businesses affected by COVID-19

RE: Coronavirus Aid, Relief and Economic Security Act (CARES): Paycheck Protection Program

April 3, 2020 at 6:21 p.m.

Dear Clients and Friends:

Last night, the SBA made another revision to the PPP application.  In case your bank has not already advised you of the same, the updated (and I presume, final) application is available here: Paycheck-Protection-Program-Application-3-30-2020-v3 (2).

Also available here is the SBA’s “What the Borrower Needs to Know and Do” guide: PPP--IFRN FINAL - What the Borrower Needs to Know and Do - pgs 5-18[6].  Please read this completely and carefully as it outlines all of the information you will need to submit to your bank for our confirmation, review and submittal to the SBA. It is very important that you provide all of the information as I have been advised the SBA will “kick back” incomplete applications.

  1. Please confirm you are eligible to apply for the PPP Loan (pgs. 5-8 on the IFR). Again, available to download here: PPP--IFRN FINAL - What the Borrower Needs to Know and Do - pgs 5-18[6].
  2. After you have determined you are eligible, please calculate the maximum amount you can borrow by using the methodology provided (pgs. 8-10 on the IFR).
  3. Please be sure you understand what qualifies as “payroll costs” and what is excluded (pgs. 10-11). Your payroll provider (Paychex, ADP, etc.) and/or accountant may be of assistance in collecting/providing what you need and help check these items off your list.
  4. Please understand the certifications that you will be attesting to on the application (pgs. 17-18).

If you need help making any of these determinations, or if you have any questions, please contact me and I will assist you. Your bank should also be providing you with specific submission instructions to submit the completed PPP application and your payroll/financial documentation electronically.  If you haven’t received any such instructions, call your banker, or review the applicable bank’s website.


Frank J. Aloia, Jr.

Senior Partner

Aloia, Roland, Lubell & Morgan, PLLC

2222 Second Street, Fort Myers, FL 33901

March 31, 2020 at 11:22 p.m.

Dear Clients and Friends:

As I've actively studied and researched, a portion of the CARES stimulus package is known as the Paycheck Protection Program (“PPP”), and provides low interest loans to small businesses adversely affected by the Coronavirus pandemic, and the resulting economic shutdown. This $350 Billion Fund has been set aside to help businesses maintain cash flow and payroll so as to prevent or limit employee layoffs. Presently, the PPP provides financial resources for just over four (4) months’ (2/15/2020  to 6/30/2020) of certain operating costs (payroll; rent; insurance; utilities, etc.).

In the "Links & Resources" section below, I've been advised by at least one banking client that the “US Small Business Administration’s Paycheck Protection Program Application” is the finalized form that will be used to process these loan applications. I am further advised that applications are not yet being accepted by the SBA (or the banks that will facilitate the loans), but that the window for doing so could be as early as Friday, April 3, 2020, but likely Monday, April 6, 2020.

Please use these next few days to complete the forms lists below (PPP and Beneficial Ownership Form), and assemble the needed financial documents to support your loan application.

At present, I am being advised that the financial documentation most of you need to assemble as part of the loan application process is as follows:

  • Last Three years Corporate Tax Returns.
  • 2019 Profit & Loss Statement.
  • 2020 interim P&L statement.
  • Most recent four quarters of Payroll Tax - Form 941.
  • Verification of the number of employees and payroll incurred over the most recent 12-month period.  Will need to break-out all employees earning over $100,000 annually.
  • Corporate Organizational Documents
  • Company Operating Agreement (If you do not have one of these, we can help you write one up)
  • Beneficial Ownership Disclosure disclosing all of the owners of more than 20% of the business.


  • Make sure your financials are up to date.
  • Have good PAYROLL documentation.
  • Be patient with your lenders as they are going to get a crush of applications.

As previously stated, if you meet certain delineated requirements (using the funds for payroll/overhead (rent, insurance, utilities, mortgage interest payments); and not lay off employees) the obligation to repay any such awarded loan will be forgiven.  If the loan is either partially or fully forgiven, the forgiven funds are NOT taxable to you as income.

For an in-depth FAQ, please click here.

Links & Resources

For guidance, schedule a call or video conference today

Please contact us at (239) 791-7950 or [email protected], so we can assist with these or other legal matters.

Frank Aloia

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We are available to discuss the options with you.

Aloia, Roland, Lubell & Morgan, PLLC is a full-service law firm with practice areas in business and real estate law, commercial litigation, wills, trusts and estate planning, personal injury, class action litigation and family law. Established in 2004 and led by senior partners, Frank Aloia, Jr.Ty RolandEvan Lubell and Jack Morgan III, the firm has deep roots in Southwest Florida, proudly serving its community with eight attorneys and more than 20 support staff.