COVID-19 (Coronavirus) Outbreak Update

PPP Loan Update

Please note that, although the SBA is accepting applications for the second round of the Paycheck Protection Program, there are hundreds of applications that were completed but did not make it into the first round of funding. Those applications will be prioritized. We are working diligently to process applications quickly and assist as many borrowers as possible.

SBA Paycheck Protection Program

List of Required Documents

Verification of Payroll Information

Support of the payroll costs from one of the following:

  • IRS Forms 941 for 3/31/19, 6/30/19, 9/30/19 and 12/31/19 OR
  • IRS Form 940 for the year ended 12/31/19 OR
  • Payroll Reports:
    • Summary report for the 12 months ending 2019 (gross wages prior to Section 125 or Deductions)
    • Report detailing each employee and their gross pay for the 12 months ending 2019 (totals should agree with summary report)
    • Report detailing vacation, severance pay, group health benefits, retirement benefits, etc… AND
  • IRS Forms W-2, W-3 for 2019 (REQUIRED)

Support of the following:

  • Supporting documentation for health, dental, and retirement benefits paid for calendar 2019.
    • A schedule summarizing each category of these costs.
  • Copies of state unemployment tax filings for 2019.

Independent contractors and self-employed individuals must provide support of the payroll costs from the following:

  • Schedule C Form 1040
  • Form 1099


 

Payroll Costs To Determine Loan Amount

  • Salaries and Benefits (defined)
  • Compensation (Salary, Wages, Commission)
  • Parental, Vacation, Family, Medical, Sick Leave
  • Allowance for dismissal or separation
  • Payments required for the provisions of group health care benefits, including insurance premiums
  • State and local taxes assessed on compensation
  • Payments of retirement benefits
  • Less Salaries in excess of $100,000 for individuals or owners

Calculate Your Payroll Costs - click here to download the worksheet.

This is not an official Small Business Administration worksheet.

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