PPP: Forgiveness Application and Supporting Documentation
Updated: Sep 8, 2021
This guide is based on the standard SBA payroll documentation
Documentation verifying the eligible cash compensation and non-cash benefit payments from the Covered Period or the Alternative Payroll Covered Period consisting of each of the following:
Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employees.
Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the Covered Period or the Alternative Payroll Covered Period:
Payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941)
Documentation showing (at the election of the Borrower):
The average number of FTE employees on payroll per week employed by the Borrower between February 15, 2019 and June 30, 2019;
Documentation verifying existence of the obligations/services prior to February 15, 2020 and eligible payments from the Covered Period.
Business mortgage interest payments: Copy of lender amortization schedule and receipts or cancelled checks verifying eligible payments from the Covered Period; or lender account statements from February 2020 and the months of the Covered Period through one month after the end of the Covered Period verifying interest amounts and eligible payments.
Business rent or lease payments: Copy of current lease agreement and receipts or cancelled checks verifying eligible payments from the Covered Period; or lessor account statements from February 2020 and from the Covered Period through one month after the end of the Covered Period verifying eligible.
Business utility payments: Copy of invoices from February 2020 and those paid during the Covered Period and receipts, cancelled checks, or account statements verifying those eligible payments.
Other qualified expenses can be considered if these non-payroll expenses do not cover the entire forgivable loan amount.
Schedule a consultation to have Kwantx assist you in obtaining PPP forgiveness on our website www.Kwantx.com or email firstname.lastname@example.org.