Most Common Documents Banks are Requiring for Paycheck Protection Program

Based on conversations with various Paycheck Protection Program (PPP) applicants, we’ve put together a list of documents that most banks are requiring as part of the PPP:

•   Brief summary of business along with NAICS code

•   Company formation documents

•   Front and back copy of Driver’s License for each owner

•   2019 payroll information

◊   2019 IRS Quarterly 940, 941, or 944 tax reports

◊   Payroll reports for all twelve months. Below is a sampling of what has been requested.

»   Gross wages for each employee, including officer(s) if paid W-2 wages

»   Paid time off for each employee, Vacation pay for each employee, Family medical leave pay for each employee

»   State and local taxes assessed on an employee’s compensation

»   2019 Documentation showing total of all health insurance premiums paid  by the company owner(s) under a group health plan

»   Document the sum of all retirement plan funding that was paid by the  company owner(s)

♦   Do not include funding that came from employees out of their paycheck deferrals)

♦   Include all employees and the company owners

♦   Include 401K plans, Simple IRA, SEP IRA’s

•   Loan calculation for eligibility

•   Signed loan application including listing out all owners of the business

•   Completed Beneficial Ownership Form completed by all owners with 25% or more ownership

•   Estimated use of proceeds for 8 week period after loan origination