PPP: Forgiveness Application and Supporting Documentation

Updated: Sep 8, 2021

This guide is based on the standard SBA payroll documentation

Payroll:


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)

FTE:

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;

Nonpayroll:

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 support@kwantx.com.