Documentation checklist required for calculation of Payroll Protection Loan

The maximum loan amount will equal 2.5x your eligible average monthly payroll/benefits costs. In order to maximize the forgiveness option under the loan, you will be expected to pay your employees at similar wages and salaries, and to retain your staff for the 8 weeks after the loan. To help maximize your loan, be proactive in assembling the information outlined below. This list may change once required guidance is issued by the SBA. In order to apply for funds as soon as possible, we have created this checklist to assist you as you start gathering the documentation that will be required to calculate your loan amount and determine eligibility.

The following information and documentation requirements are subject to change once we receive required guidance from the SBA and the U.S. government on program requirements.

Payroll information

  • Month end payroll reports by employee from January 1, 2019 to most current month in 2020
    (This report must show earnings by pay type including paid time off, commissions, vacation, sick pay, family medical pay under the Families first Act (if applicable), tax withholdings and deductions)
  • For the month of February 2019, we will need reports by each pay date, by employee
  • For the month of February 2020, we will need reports by each pay date, by employee
  • Quarterly 941 reports from all quarters in 2019
  • Annual 940 report for 2019
  • Quarterly State Unemployment reports for 2019

Employee related costs
(need copies of applicable documentation noting expense by employee from January 1, 2019 to current date)

  • Health insurance
  • Dental insurance
  • Vision insurance
  • Health reimbursements payments (HRA)
  • Health savings account payments (HSA)
  • If you are self-funded, payments made during this time period

Additional Organizational Documents

  • Articles of Organization or Incorporation
  • Operating Agreement, Bylaws, Partnership or Trust Agreement
  • Beneficial Ownership Form (will be provided by banker)
  • Copy of Driver’s License for Beneficial Ownership Controller
  • Borrower Acknowledgment