New Loan Requests & PPP Application Checklist

Please Use the Checklist Below

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SBA PPP application for First Draw PPP borrowers or Second Draw application for borrowers with existing PPP loans.
Documentation showing 25% revenue loss in 2020 relative to 2019 (either on a single quarter or annually) – may include:
Annual tax forms, or if relevant tax forms aren’t available, quarterly financial statements or bank statements.

2019 or 2020 IRS Form 1040 Schedule C.
2019 or 2020 IRS Form 1099-MISC detailing non-employee compensation received (box 7), Invoice, bank statement or book of record establishing borrower was self-employed in 2019 or 2020.
Invoice, bank statement or book or record establishing business was in operation on February 15, 2020.

2019 or 2020 IRS Form 1040 Schedule C.
2019 or 2020 IRS Form 941 for each quarter of the year.
State quarterly wage unemployment insurance tax reporting form from each quarter (or equivalent payroll processor records or IRS Wage and Tax Statements).
Payroll statement or similar documentation from the pay period that covered February 15, 2020 – to establish business had employees on that date.
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 figure.

2019 or 2020 IRS Form 1065 – Schedule K-1.
2019 or 2020 IRS Form 941 for each quarter of the year.
State quarterly wage unemployment insurance tax reporting form from each quarter (or equivalent payroll processor records or IRS Wage and Tax Statements).
Payroll statement or similar documentation from the pay period that covered February 15, 2020 – to establish business had employees on that date.

2019 or 2020 IRS Form 1120 or 1120-S
State quarterly wage unemployment insurance tax reporting form from each quarter (or equivalent payroll processor records or IRS Wage and Tax Statements).
Documentation of any retirement or health insurance contributions, must be provided to substantiate the applied for PPP loan amount.
A payroll statement or similar documentation from the pay period that covered February 15, 2020 – to establish business had employees on that date.

2019 or 2020 IRS Form 990.
2019 or 2020 IRS Form 941 for each quarter of the year.
State quarterly wage unemployment insurance tax reporting form from each quarter (or equivalent payroll processor records or IRS Wage and Tax Statements).
Documentation of any retirement or health insurance contributions, must be provided to substantiate the applied for PPP loan amount.
Payroll statement or similar documentation from the pay period that covered February 15, 2020 – to establish business had employees on that date.