Good Afternoon:
Please be aware that the Paycheck Protection Program (PPP) has a total of $349 billion available to fund all loans across the U.S., and banks are anticipating a high demand for these funds.
Since there is an overall limitation of the total loans available under the PPP, we recommend that you notify your banker right away that you intend to submit an application and inquire about the documentation requirements.
While the Small Business Administration is still finalizing documentation requirements for lenders, we recommend that you be ready to provide the following information:
- Payroll reports for 2019 and 2020 year to date showing the following by employee and/or officer(s):
- Gross wages
- Paid time off
- Paid vacation
- Pay for family medical leave
- State and local taxes (form 940, 941, or 944)
- 1099’s for independent contractors
- Completed 2019 tax return OR 2019 profit and loss report and balance sheet
- Documentation showing:
- Funds received in the form of an Economic Injury Loan since 1/31/20
- Payments for group health care benefits including premiums paid in 2019 to 2020 year to date
- Payment of any retirement benefits paid in 2019 and 2020 year to date
Needed for verification of forgiveness amount:
- Quarterly IRS forms 940, 941, or 944 for the following dates:
- 3/31/19 and 6/30/19
- 3/31/20 and 6/30/20
- Documentation in the form of canceled checks, payment receipts, and bank statements showing payment of the following items from 2/15/20 to 6/30/20:
- Mortgage interest
- Rent payments
- Utilities
Please contact us if we can assist you at any point with your application.
Stay safe friends,
The Partners of
Russell Thompson Butler & Houston, LLP