PPP lender document checklist: Everything you need to get approved

In this 3-minute read:

  • The PPP loan program allocates $349 billion to American small businesses impacted by COVID-19
  • Once you apply for a PPP loan, you’ll need to collect certain business, tax, and payroll documents for your lender
  • This article contains a checklist of the documents you’ll most likely need to give your lender

In March 2020, the federal government approved $349 billion (!!) in emergency funding for American small businesses impacted by the COVID-19 outbreak. The small business stimulus program is called the Paycheck Protection Program (PPP), and small businesses nationwide are lining up to apply. 

Want to know how much you may qualify for? Check out our PPP loan calculator

Once you complete the PPP loan application, you’ll need to collect some documents for your loan officer. This article is a checklist of what your lender will mostly likely ask for. 

First, here’s a quick list of helpful links:

  • Avoid common application mistakes: HERE
  • Running status updates for PPP applications: HERE 
  • View Womply’s recorded webinar: HERE
  • See Womply’s webinar slides: HERE

Now, onto the lending documents checklist. 

All PPP loan applicants will need to provide: 

  • Drivers license for all business owners
  • Tax returns (2019 an 2018, whichever filed last)
  • Form 941 
    • Form and instructions (here)
    • Ideally, please have Form 941 for the four quarters of 2019 and, if available, the first quarter of 2020.
    • If you work with a Professional Employer Organization (PEO) and do not have IRS Form 941, please have your latest payroll report from the PEO that covers 12 months of payroll.
    • If you do not file an IRS form 941 please upload the annual IRS 944 filing from 2019
  • 1099 Misc 
    • Form and instructions (here)
  • Form 4506
  • Schedule of Liabilities
  • The start date for your business
  • NAICS code for the business applicant
    • Look up your NAICS code (here)
  • Your bank account info, routing number, statements, and void check
  • Payroll records for Jan 1, 2019 to present 
    • Records should include individual employee headcount and any other eligible expenses deemed as payroll costs (as defined by the SBA Final Rule)
  • Proof of business activity in 2020
  • Legal documents for your business (charter, state licenses)

If your business has employees, you will likely need to provide:

  • 2019 IRS Form 940 for unemployment costs (here)
  • 2019 IRS Form 941 for quarterly salary, wages, commissions, and tips (here)
  • 2019 IRS Form 944 (here)
  • 2019 IRS Form 1099-MISC for any independent contractors that your business paid (not to exceed $100,000 for the year) (here
  • 2019 IRS Form 1040-C if your business is a sole proprietorship (see more for sole proprietors below) (here)
  • 2019 IRS Form W-3 (not required, but recommended) (here
  • Monthly payroll statements that will provide the following information
    • Salary, wages, commissions, or tips (not exceeding $100,000 annually for each employee)
    • Any costs for the separation or dismissal of employees
    • Any costs for vacation, parental, family, medical or sick leave
    • Any state & local taxes assessed on employee compensation

If your business pays for health insurance or retirement for employees, you will also need to provide the following from 1099 or W2 forms:

  • All health insurance premiums paid by the business owner under a group health plan
  • All retirement plan funding paid for by the business owner

If you are a sole proprietor or self-employed, you will likely need to provide:

  • 2019 IRS Form 1099-MISC for any independent contractors paid, not to exceed $100,000 for the year (here)
  • 2019 IRS Form 1040-C if your business is a sole proprietorship (here)

There’s still time to apply for a PPP loan, but hurry! The extended deadline for application is August 8, 2020

If you haven’t applied for your PPP loan and you determine it’s right for you, there is still time. Talk to your lender and get your application submitted ASAP.

Sign up for your Womply Free account and we’ll keep you updated on new funding opportunities. Customer relationships thrive when local businesses and consumers are connected through Womply data and technology.

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