As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act, the Paycheck Protection Program (PPP) has designated at least $349 billion in loans to help small businesses and independent contractors. These loans are potentially forgivable if borrowers use the money according to the program rules.
PPP Application Checklist: 8 Documents You Need
As of December 27th, 2020, the Paycheck Protection Program is back—and Fundbox can connect you with an easy process to help you get funded quickly. While the PPP promised a streamlined, low-documentation process, some business owners may still face confusion over what they need to provide their prospective lender. These include payroll calculations and supporting documents.
To help maximize your success, we’ve compiled the following list of possible required documents to have at your fingertips. Please note that specific requirements and acceptable documents may vary depending on the lender.
List of required PPP application documents:
• Completed PPP Application Form
• Average monthly payroll costs (only applies to businesses with employees)
• 2019 Proof of Payroll Costs (or Self Income)
• Proof of Ownership
• Unexpired, Government-issued Driver’s License or Passport for All Owners Over 20%
• Email Addresses for All Owners with 20% or More of the Business
• Electronic Funds Transfer Information
• Proof of Business Operation and Active Status with Secretary of State
For a description of the loan terms for the PPP, the SBA provides a summary here https://home.treasury.gov/system/files/136/PPP–Fact-Sheet.pdf.
If you want to get started now, Fundbox can help connect you to a PPP lender – https://fundbox.com/paycheck-protection-loan/.
The program expires on March 31, 2021 or when PPP funds are exhausted.
Please login or Register to submit your answer