New Loan Requests & PPP Application Checklist
Please Use the Checklist Below
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All Borrowers:
- 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.
New Borrowers:
- 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.
Self-Employed – No Employees:
- 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.
Partnership:
- 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.
C-Corp/S-Corp:
- 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.
Non-Profit:
- 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.
