CARES Act ADVISORY   I   Guidelines and Forms

On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act or the Act) (P.L. 116-136) to provide emergency assistance and health care response for individuals, families, and businesses affected by the coronavirus pandemic.  The Small Business Administration (SBA) received funding and authority through the Act to modify existing loan programs and establish a new loan program to assist small businesses nationwide adversely impacted by the COVID-19 emergency.

Over the past month, the federal government has passed the CARES Act and published some guidelines that supersede the act.  Below are the pertinent guidelines and forms that you will need to understand and complete in order to maximize your loan, forgiveness, and grant eligibility.


This is a link to the final version of the CARES Act that was passed into law.  We are using this publication of the act for all of our conversations and references by page and line.  If we are helping you with your application and forgiveness process, please use this publication as your starting point.

SBA  Funding Options

Official site:

The Paycheck Protection Program Information Sheet

This was one of the first guidelines issued and it is very useful.  Please read it over carefully.

SBA Paycheck Protection Program Loan Form

The CARES Act, through its Paycheck Protection Program, is making SBA loans available to eligible borrowers.  Here is the SBA Loan Application.  Keep in mind that your lending bank will, most likely, require additional information [see below].

EIDL [Economic Injury Disaster Loan] Loan and/or Grant

If you are applying for an EIDL loan and/or grant, this is the application form to use:




CARES Act ADVISORY   I   Interim Rules & FAQs as of May 4th

Frequently Asked Questions   .   April 28, 2020

Important to note that this is technically not legally binding, but they have generally been putting the exact same language from the FAQ into Interim Final Rules

Interim Final Rule   .   April 15, 2020

This interim final rule is one of the most important and provides the most complete guidance.  Keep in mind that this supersedes the CARES Act, so read it carefully.

Interim Final Rule   .   April 15, 2020

This interim final rule pertains to Applicable Affiliation Rules -

Affiliation Rules -

Interim Final Rule   .   April 20, 2020

This interim final rule provides Additional Eligibility Criteria and Requirements for Certain Pledges of Loans -


Interim Final Rule   .   April 28, 2020

This interim final rule provides Requirements for Promissory Notes, Authorizations, Affiliation, and Eligibility -

Interim Final Rule   .   April 30, 2020

This interim final rule provides Additional Criterion for Seasonal Employers -

Interim Final Rule   .   May 4, 2020

This interim final rule supplements the previously posted interim final rules by limiting the amount of PPP loans that any single corporate group may receive and provides additional guidance on the criteria for non-bank lender participation in the PPP, and requests public comment.

Interim Final Rule   .   May 4, 2020

This interim final rule supplements the previously posted interim final rules as it pertains to disbursements.


CARES Act ADVISORY   I   Lending Bank Guidelines

Keep in mind that it is the bank that is lending you the money - not the federal government.  The SBA is providing guidelines and funding for the banks, as well as guaranteeing the loans, but it is still the bank you are borrowing from, therefore, there guidelines are the ones you should follow and adhere to in full.

What payroll documents should you prepare?
For Businesses with Employees:  
2019 IRS Quarterly 940, 941 or 944 payroll tax reports and Payroll documents (previous 12 months or 2019)
For Independent Contractors:  
1099s for 2019 for independent contractors
Other Documents as Applicable:  
Health insurance premiums paid by the Company Owner under a group health plan Retirement plan funding that was paid by the Company Owner


About Forms 940, 941 or 944 Employer's Annual Federal Unemployment (FUTA) Tax Return

Use Form 940 to report your annual Federal Unemployment Tax Act (FUTA) tax.  Together with state unemployment tax systems, the FUTA tax provides funds for paying unemployment compensation to workers who have lost their jobs.


Most employers pay both a federal and a state unemployment tax.  Only employers pay FUTA tax.  Do not collect or deduct FUTA tax from your employees' wages.


IRS form 940 is an annual form that needs to be filed by any business that has employees.  This form reports the business’s federal unemployment taxes pursuant to the Federal Unemployment Tax Act (FUTA).   As noted, the business is responsible for the tax and does not come from employee wages.  This tax along with state unemployment programs pay for unemployment compensation to those worker who have lost their jobs.


IRS form 941 is the Employer’s Quarterly Federal Tax Returns.  All employers are required to withhold federal taxes from their employees compensation, which includes, Federal Income tax, Social Security tax and Medicare tax.   The IRS form 941 is the form used for reporting and paying these taxes to the United States Government.


Form 944 is designed so the smallest employers (those whose annual liability for social security, Medicare, and withheld federal income taxes is $1,000 or less) will file and pay these taxes only once a year instead of every quarter.

What is your Full-Time Equivalency Headcount?


FTE Calculator



Here is what M&T is requesting:

"While it isn’t required, it may be beneficial to include a cover memo as the front page to all supplemental information that is required as part of your application.   This would be advisable if you have a more complex situation (i.e. multiple affiliated entities).  The cover memo could include items such as the following:

Summary of payroll calculation and any assumptions to arrive at the loan amount. 

  • Details on the appendices.

  • A business with several affiliates should summarize:

    • Full name of affiliated entities, % owned, title, NAICS code, number of employees of affiliate and average revenue over the last three years. 

    • If the affiliate received EIDL funds, they will want to detail this too (specific use and time frame so it is clear).

  • Explanation of any aspects of the application that may require additional explanation.


To reiterate, this isn’t a requirement, but it may allow for our centralized team to more easily understand your application and avoid requests for any additional explanation when reviewing your full application.

Also,  when submitting the application, make sure that the TIN of the applicant matches the TIN of the associated M&T bank account,  and that all supporting documentation (940’s etc.) also matches the applicant’s TIN.


I will continue to update you as I receive additional information."  -  Message from M&T

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