Items You’ll Likely Need to Apply for an PPP Loan for COVID-19

Individual banks have a lot of autonomy when it comes to processing SBA Loan Applications, including the PPP. In other words, not every bank will request or require the same information. We obviously don’t have all the answers, but as we help more and more clients, we are beginning to see patterns and common ground.

Accordingly, here’s a list of supporting items that seem to be showing up on many of the lists we’ve seen from banks. If you have this information aggregated in advance, it should make completing your application quicker and easier.

  • Completed PPP Application
    • This varies bank by bank
    • Many banks have an online version
  • 2019 Fiscal Year End Financial Statements (including Profit & Loss and Balance Sheet)
  • Entity information including (but not limited to):
    • Articles of Incorporation/Organization
    • Certificate of Filing
    • By-laws/Operating Agreement
    • Owners’ Drivers License or photo ID (any owner with 20% or more ownership)
  • Payroll expense verification documents, including:
    • IRS Payroll Forms 940, 941, or 944 for all quarters in 2019
    • Payroll summary reports (from QuickBooks or payroll service provider) including:
      • Gross wages for each employee
        • Wages in excess of $100,000 are limited to $100,000
        • Include officers, if paid W-2 wages
      • Paid time off, Vacation, FMLA, Group Healthcare for each employee
      • State and local taxes assessed on an employee’s compensation
      • Total of all health insurance premiums paid by the company owner(s) under a group health plan. (Include all employees and the company owners)
      • Number of full-time and part-time employees
        • For the covered period
        • Currently
    • 1099s for independent contractors for 2019 (if applicable)
    • Sum of all retirement plan funding that was paid by the company owner(s) – do not include funding that came from employees out of their paycheck deferrals)
      • Include all employees and the company owner(s)
      • Include 401(k) plans, Simple IRAs, SEP IRAs

This should get you started as you prepare to complete your PPP loan applications for Covid-19 relief. We will keep you posted as we learn more!