Best answer: What documents are required for PPP loan forgiveness?

What documents do I need to submit with Form 3508s?

Verifying your payroll expenses:

  • Bank account statements or a report from your payroll provider documenting payments to employees.
  • Tax forms (or equivalent payroll provider reports) including: …
  • Payment receipts, cancelled checks, or bank account statements showing employer contributions to group employee benefits plans.

Do you have to submit documents for PPP forgiveness?

For loans of $150,000 or less

However, if you are applying for forgiveness for a Second Draw PPP loan, you will be required to provide documentation on your revenue reduction (i.e. reduction in gross receipts), if you did not provide it at the time of your Second Draw PPP loan application.

Does Form 3508S require documentation?

SBA Form 3508S requires fewer calculations and less documentation for eligible borrowers. SBA Form 3508S does not require borrowers to show the calculations used to determine their loan forgiveness amount.

What is FTE documentation for PPP forgiveness?

Full-time equivalent (FTE)

For seasonal employers, the average number of FTE employees on payroll per week between 2/15/2019 and 6/30/2019; 1/1/2020 and 2/29/2020; OR any consecutive 12-week period between 5/1/2019 and 9/15/2019. Additional documentation may include: Payroll tax filing reported or to be reported.

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How do I make sure my PPP loan is forgiven?

Use the following tips on how to make sure your PPP loan is forgiven to get started:

  1. Use it for eligible expenses.
  2. Keep your employee headcount up*
  3. Don’t reduce an employee’s wages by more than 25%*
  4. Document everything.
  5. Talk with your lender.
  6. Apply for loan forgiveness.

Do you need bank statements for PPP loan?

Do: Gather your documents in advance

A little legwork can go a long way when applying for a PPP loan. … At a minimum, you’ll need payroll documents and tax statements. Bank statements, receipts, purchase orders and canceled checks may also be required.

What are FTE documents?

1. FTE: Documentation showing hours paid for each employee to determine (Period chosen at the.

Who do I send my PPP loan forgiveness application to?

To apply for forgiveness of your Paycheck Protection Program (PPP) loan, you (the Borrower) must complete this application as directed in these instructions, and submit it to your Lender (or the Lender that is servicing your loan). Borrowers may also complete this application electronically through their Lender.