CARES Act Payroll Protection Loans

Sharefax is attempting to help our small business owners and select employee groups by offering Payroll Protection Loans through the Small Business Administration. If you are interested, the application process is as follows: 

1.     If your company is ready to apply for the loan, please visit

2.     You may also email questions to or speak directly with a CBS employee by calling 513-677-3100 and pressing *.

3.     If approved, your loan will be held at Sharefax and payments will be paid directly to Sharefax NOT the Small Business Administration.

4.     Your company will have 6 months before your first payment is due.


For a complete list of required PPP application documents, click here.


Remember, Sharefax is here to assist your business as much as possible during these unparalleled times.


Thank you for your patience. CBS and the CARES Act website are experiencing high volumes. 

The new PPP loan provisions provide for:

  • A second loan for small businesses with less than 300 employees with a revenue reduction of at least 25% in the first, second or third quarter of 2020 relative to the same quarter in 2019.
  • A maximum second loan amount of $2 million for most businesses at 2.5 times their average monthly payroll costs, although some food service and accommodations businesses could see more, as their maximum equals 3.5 times their monthly payroll costs.
  • Creation of a simplified loan forgiveness application form consisting of a one-page certification that requires the small business to list the loan amount, the number of employees retained and the estimated total spent on payroll costs.
  • Forgiveness for small businesses if they spend at least 60% of their PPP second draw loan on payroll costs during the covered period.
  • Expansion of covered expenses to include software, cloud computing resources and human resources and accounting needs, as well as property damage costs due to public disturbances that were not covered by insurance, supplier costs and the purchase of personal protective equipment.
  • Expansion of eligibility to include 501(c)(6) nonprofits, such as local chambers of commerce, as well as destination marketing organizations, housing cooperatives, newspapers, broadcasters and radio stations.
  • An override of an IRS ruling that barred small businesses from deducting from their taxes expenses paid for with PPP loans.
  • Prohibition on publicly-traded companies accessing the PPP. Entities affiliated with the Chinese government are also ineligible.
  • The creation of a farmer and rancher calculation for PPP loans, as well as codifying rules for faith-based organizations and churches to maintain their eligibility in the program.
  • PPP loan borrowers to choose two covered periods, an eight-week covered period or a 24-week covered period, in which to spend the loan proceeds.
  • Voluntary release of demographic information for loans. However the SBA is mandated to include a demographic questionnaire in the loan origination application.
  • Clarification that group insurance payments count as payroll costs, including group life, disability, vision and detail insurance.
  • Ineligibility for businesses that receive a grant under a separate, $15 billion program for venues.
  • A reapplication option for the PPP maximum for any business that returned all or part of their PPP loan so long as they have not received forgiveness yet. And any borrower that would have gotten a larger loan under the new legislation can reapply for the difference.

List of Required PPP Application Documents

1.   Completed PPP Application


  • Download and complete the SBA PPP application, Form 2483 (or 2483 SD), from the SBA website. There is one application form for first-time PPP loans and a different form for second draw PPP loans. Make sure you have the most current version (bottom-dated 01/21). The older form, dated 03/20, includes now irrelevant questions about citizenship
  • Include your contact name and email
  • List the names of all owners (over 20%).
  • Indicate your Business Type (Independent Contractors and Sole Proprietors have slightly different document
  • Check Yes or No for all questions on the
    • If you answer Yes to questions 1,2, 5, or 6, you do not qualify for a PPP
    • If you answer Yes to question 3 or 4, you may still qualify, but you must include an Addendum on a separate sheet explaining the details.


2.   Average monthly payroll costs (only applies to businesses with employees)


Here’s a guide on what may classify as payroll expenses:


  • Payroll costs include: employee salary, wages and commissions; payment of cash tips; payment of vacation; parental, family, medical or sick leave; allowance for dismissal or separation; payment required for group health benefits (including insurance premiums); or payment of state or local tax assessed on employee compensation; and for sole proprietors or independent contractors, income or compensation not in excess of

$100,000 per employee.

  • Payroll costs exclude: compensation of an individual person in excess of

$100,000 (when annualized); compensation to an employee whose principal residence is outside of the U.S.; qualified sick leave for which a credit is allowed under Section 7001 of the Families First Coronavirus Response Act; and qualified family leave wages for which a credit is


allowed under Section 7003 of the Families First Coronavirus Response Act.

  • Show your work. Borrowers must “show their work” on how they calculated the requested loan amount, and retain the supporting documentation used to get to that


3.   Proof of Payroll Costs (or Self Income)


  • If you have employees (even as a partnership), you must provide one of these documents:
    • IRS Form 940
    • IRS Form 941 (Please note this is a quarterly form, so you must include all four quarters unless you were established less than a year ago. If that is the case, then you need to provide a Form 941 for every quarter since you were established
    • IRS Form 944
    • Payroll processor records from a PEO (Professional Employer Organization)
  • If you are a partnership without employees, you must provide:
    • 2019/2020 Schedule K-1 (IRS Form 1065). [See here for more info.] Check profit noted on line 14a. If you have no employees and line 14a is $0 or less, you do not qualify for a PPP
  • If you are self-employed as a sole proprietor or independent contractor without employees, you must provide a 2019 IRS Form 1040 Schedule C, to prove your own income. Check profit noted on line 31. If line 31 shows

$0 or less, you do not qualify for a PPP loan.

  • Proof of health insurance payments may also be accepted (but are not required) as part of the lender’s document review and loan calculation process. For Sole Proprietors & Independent Contractors, receipts and invoices showing payments can be in your name. All other types of companies should share receipts, invoices, or a PEO report if available in the name of the business (not your own name).


4.   Proof of Ownership


You must provide each owner’s name and Social Security Number (SSN), Taxpayer Identification Number (TIN), or Employer Identification Number (EIN), plus one of these documents listed below, as applicable to your business type. (If your business has more than one owner over 20%, you must list the percentage of all owners).


  • For corporations (with employees) and partnerships:


  • Articles of incorporation (with SSN) if they show ownership, and must show % of ownership to be
  • Bylaws or operating agreement if they show ownership, and must show % of ownership to be
  • For Sole Proprietors and Independent Contractors:
    • 2019 IRS Form 1040 Schedule C that shows business name and owner name, or
    • 2018 IRS Form 1040 Schedule C may be acceptable if the primary owner provides a written statement that ownership has not changed since 2018 or detailing how the ownership has
    • IRS Form W9 (for Independent Contractors only).


5.   Unexpired, Government-issued Driver’s License or Passport for All Owners Over 20%


Each owner must be accounted for in the PPP application form. Along with each owner’s TIN, EIN, or SSN, lenders will also require a government-issued ID such as a Passport or a state-issued Driver’s License.


6.   Proof of Business Operation and Active Status with Secretary of State


To verify that your business is Active and in Good Standing, you need to provide either a pdf or just a screenshot of the certificate from the Secretary of State website showing your business is both Active and in Good Standing. It must be current for the month you apply for the PPP loan.


Note: this certificate is not required for Independent Contractors and Sole Proprietors. However, to prove you were in operation as a sole proprietor or contractor, you’ll need to provide a 2020 invoice, bank statement, or book of record establishing that you were in operation on or around February 15, 2020.