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