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ppp loan forgiveness checklist pdf

... PPP loan forgiveness.pdf. PPP Loan Forgiveness Application Documentation PAYROLL Documentation verifying the eligible cash compensation and non-cash benefit payments from the Covered Period or the Alternative Payroll Covered Period consisting of each of the following: Bank account statements or third-party payroll service provider reports documenting the amount of cash Tracking and proving PPP funds were spent on eligible costs COMPONENT 1 PPP FUNDS ELIGIBLE COSTS Spend at least 60% of funds on payroll costs Spend remaining 40% of funds on approved expenses The portal will give you step-by-step guidance, especially for collecting the supporting documentation required for 100% forgiveness. Related programs: PPP. Lender account statement from February 2020 and the months of the Covered Period through one month after the end of the Covered … b. Checklist for PPP Loan Forgiveness Documentation I. PPP Loan Forgiveness Information DOCUMENTATION CHECKLIST Documents that each borrower must maintain but is not required to submit Documentation supporting the listing of each individual employee in PPP Schedule A Table 1, including the “Salary/Hourly Wage Reduction” calculation, if … • If your provider doesn’t offer PPP forgiveness reports, you must create one that includes all employee information for the Covered and Reference Periods. If your PPP loan was made before June 5, 2020, you may elect an 8-week covered period beginning on when your PPP loan was disbursed. The subject line of your email must read “PPP followed by your loan number” (i.e. ® PAYCHECK PROTECTION PROGRAM (PPP) LOAN FORGIVENESS CHECKLIST This checklist will help you prepare to request Loan OMB Control No. BORROWER CHECKLIST FOR PPP LOAN FORGIVENESS Updated through August 11, 2020 SBA guidance which is subject to change CHECKLIST OVERVIEW ☐ Determine which loan application you should use: Form 3508-EZ or Form 3508 ☐ Determine when you should file your application: After 8-weeks or 24-weeks (“Covered CARES Act . Member FDIC 08/2020 There are two main components of Paycheck Protection Program loan forgiveness: 1. PPP Forgiveness: Borrower Checklist Page 1 Proprietary & Confidential Preparing for PPP Forgiveness Your Lender provides a portal for Borrowers like you to prepare an accurate forgiveness application. PPP Forgiveness Loan Application Borrower Checklist Page 1 of 2 Borrower steps for completing the Loan Forgiveness Loan Application: 1 Click on the Client Portal Link provided to you by First United Bank & Trust. SBA Form 3508EZ (06/20) Page 1 . You (the Borrower) can apply for forgiveness of your Paycheck Protection Program (PPP) loan … At leas t 60% of the loan mus buse d for payrol l costs, including employe benefit s a define y Smal Busines Administration. The checklist below is broken into loan use categories and offers guidance … You can find the most up-to-date information here. 1 PPP LOAN FORGIVENESS DOCUMENTATION CHECKLIST Documentation verifying the eligible cash compensation and non‐cash benefit payments from the Covered Period or the Alternative Payroll Covered Period: Bank account statements or third‐party payroll service provider reports documenting the amount of cash *Checklist of items is current as of 10-08-2020 *Please see the middle of page 3 of the PPP Loan Forgiveness Application Form 3508S Instructions for Borrowers for all documenation that the borrower must maintain but is not required to submit with the forgiveness application and items above. Employers Payroll Costs: Minimum 75% A. 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