Check in with your provider first before manually calculating any payroll cost or headcount numbers. Some payroll providers are supplying PPP loan forgiveness reports that can be used on the application. Receipts for any retirement plan contributions.Receipts for employer contributions to group benefit plans.Income, payroll, and unemployment insurance filings from your state.Federal payroll tax filings ( IRS Form 941).Payroll service reports documenting wages paid to employee.To prove payroll costs you’ll need to provide: vacation, parental, family, medical, or sick leave). Eligible payroll costs include salaries and wages, health benefits, and paid leave (i.e. Check images, OR annotated bank statementįor the payroll portion of your PPP loan, you will need to provide documents from your payroll provider and proof of paying employment taxes with IRS and state forms.A 2019 Schedule K-1 (or January to February 2020) for partnerships.2019 1099-MISC forms (or January to February 2020) for independent contractors.A 2019 Schedule C (or January to February 2020) for sole proprietors.To prove owner compensation replacement payments, you’ll need to provide: These documents are the same as what was used to apply for the PPP loan. However, if you started your business in 2020, you will need to prepare these documents for January to February 2020.
If you were in business prior to 2020, these will be your 2019 documents. You will also need to provide federal tax documentation showing owner compensation in the past. Your bank account statements will be reviewed to confirm you have drawn your owner compensation replacement over the covered period. sole proprietors, independent contractors) and took owner compensation replacement, you can have your entire loan forgiven to cover your lost earnings. Your SBA loan number (can be found on your Promissory Note)īelow is all the documentation you need to provide if you used the PPP to cover any of the following.However, there are some documents and information requirements that are universal: The documents you are required to provide will depend on what expenses you covered with your PPP funds. Required documents for PPP loan forgiveness
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