SMB Checklist for the Paycheck Protection Program

Paycheck Protection Program (PPP) Small Business Administration Loan Application

While we wait for the SBA to provide details on the Paycheck Protection Program, you can begin to gather information for your loan application. We believe that the following information may be required:

Paycheck Protection Required Document Check List

As normal, the IRS is looking for specific information. And, you can use this handy list to get organized and your information in order.

2019 IRS Quarterly 940, 941 or 944 payroll tax reports

Payroll reports for twelve months (ending on your most recent payroll date), which will show the following information:

  • Gross wages for each employee, including officer(s), if paid W-2 wages.
  • Paid time off for each employee
  • Vacation pay for each employee
  • Family medical leave pay for each employee
  • State and local taxes assessed on an employee’s compensation

1099s for independent contractors for 2019

Documentation showing a total of all health insurance premiums paid by the company owner(s) under a group health plan.

  • Include all employees and the company owners

Document the sum of all retirement plan funding that was paid by the company owner(s) (do not include funding that came from employees out of their paycheck deferrals).

  • Include all employees and the company owners
  • Include 401K plans, Simple IRA, SEP IRA’s

Stay tuned to this blog for ongoing updates on the Paycheck Protection Program!

Additional Reading:

 

Richards Building Supply

Richards Building Supply

Our faith drives us every day to work hard and cheerfully serve our employees, customers, business partners, and nearby communities

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