Simplify the PPP Application Process
The new COVID -19 relief bill also simplified the application process –
- Simplified the forgiveness application process for loans of $150K or less.
- EIDL advance need not be deducted from the PPP forgiveness amount
And here in below is a list of documents that SBA may require for PPP loan application:
- PPP applicants must submit documentation sufficient to establish eligibility and to demonstrate the qualifying payroll amount, which may include, as applicable, payroll records; payroll tax filings; Form 1099-MISC, Miscellaneous Income; Form 1040, Schedule C, Profit or Loss From Business, or Schedule F, Profit or Loss From Farming; income and expenses from a sole proprietorship; or bank records.
- Applicants must provide a Form 941, Employer’s Quarterly Federal Tax Return, (or other forms with similar information) and state quarterly wage unemployment insurance tax reporting forms from each quarter in 2019 or 2020 (whichever is used to calculate the loan amount), or equivalent payroll processor records, along with evidence of any retirement and health insurance contributions.
If you have questions regarding this topic, please reach out to us at (469) 467 – 4660, or firstname.lastname@example.org.