FYI... from my SBA bank on PPP Loan Forgiveness. (I have not been invited to apply for Forgiveness yet).
To give yourself a head start to the forgiveness process, these are the required documents:
- Payroll Report and Confirmation of Payments made for the Covered Period and Reference Period
- Lease Agreement and Rent Receipts for the Covered Period
- Utility Invoices and Paid Receipts for the Covered Period
- Mortgage Agreement and Mortgage Interest Statements for the Covered Period
- Bank Statements Covering the Covered Period
- 2019 Filed Business Tax Return
- Other Related Expenses for the Covered Period
Your forgiveness application is not due until 10 months after the end of the Covered Period you select (either 8 weeks or 24 weeks from initial loan disbursement). You can submit your forgiveness application and supporting documentation in our Forgiveness Portal.
Employers: If you applied for your PPP loan with a Form 940, 941, 944, or W-2., You may be eligible for full forgiveness if:
- The entire loan is used for qualifying costs:
- At least 60% is used for payroll
- And the rest is used for business rent, business utilities, or mortgage interest on a business property
- You either do not lay off employees or if you do, rehire them by December 31, 2020.
- For your employees who make less than $100,000 a year, you either do not cut their wages by more than 25% or if you do, you restore their original wages by December 31, 2020.
- Note: If you received an EIDL Advance, the amount of that EIDL Advance will be deducted from your total forgiveness amount.
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