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Required Documentation for SBA Paycheck Protection Program

The SBA Paycheck Protection Program (PPP) provides cash flow assistance for small businesses up to $350 billion via federally guaranteed loans. These PPP loans typically cover payroll, rent, utilities, and interest on other business debts as Americau2019s business community recoupRead more https://www.onlinecheck.com/blog/business-loans/required-documents-for-paycheck-protection-program-loan-application/

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Required Documentation for SBA Paycheck Protection Program

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  1. Required Documentation for SBA Paycheck Protection Program

  2. The SBA Paycheck Protection Program (PPP) provides cash flow assistance for small businesses up to $350 billion via federally guaranteed loans. These PPP loans typically cover payroll, rent, utilities, and interest on other business debts as America’s business community recoup from the financial impacts of coronavirus. The maximum PPP loan amounts will be available for amounts equaling 2.5 times the average monthly business payroll, up to $10 million. Lenders take into account payroll costs along with other information to determine your business’s eligibility for Paycheck Protection Program loans. Every applicant needs to have documents for business incorporation, bank account, and routing number.

  3. For Sole Proprietors and Self Employed 2019 IRS Form 1099-MISC for any independent contractors paid, not to exceed $100,000 for the year 2019 IRS Form 1040-C for sole proprietors

  4. For businesses with employees 2019 IRS Form 941 for quarterly salary, wages, commissions, and tips Annualized 2019 IRS Form 944 same as 941 2019 IRS Form W-3 2019 IRS Form 940 for any unemployment costs 2019 IRS Form 1099-MISC for any independent contractors paid, not to exceed $100,000 for the year 2019 IRS Form 1040-C if your business is a sole proprietorship Payroll monthly statements detailing Salary, wages, commissions, or tips (not exceeding $100,000 annually for each employee) Costs for vacation, parental, family, medical or sick leave Costs for separation or dismissal of employees State & local taxes assessed on employee compensation

  5. Small businesses can now apply for Paycheck Protection Program loans through Merchant Advisors. We are regularly posting information about relief programs and eligibility requirements to help you make an informed decision. For more information about PPP loans, read this blog. Merchant Advisors is putting every effort to support financial relief programs by the Small Business Administration (SBA) and helping small businesses get quick access to cash flow funding in these challenging times. 

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