We are in the process of helping our clients who received PPP funding prepare for the PPP Loan Forgiveness application process. Preparation and documentation are key to ensuring your business receives full loan forgiveness.
Here are the materials you’ll need for proof documentation to support your application. The documents should be official reports (canceled checks, payment receipts, or account statements verifying the claimed amount) to prove the funds were paid.
  • Third-party payroll reports covering the loan period or bank statements verifying the payroll amount you’re claiming
  • IRS Payroll Tax Filings – Form 941, Employer’s Quarterly Federal Tax Return
  • State Quarterly Business and Individual Employee Wage Reports
  • State Unemployment Insurance Tax Filings
  • SBA Loan Number
  • SBA Loan Date (The date the SBA assigned a loan number) – The lender you used to apply for your PPP loan can help with this
  • Your Lender’s PPP Loan Number
  • Employer Contributions for Health Insurance
  • Employer Contributions for Retirement Plans
  • Average Number of Full-time Equivalency Employees (FTE)
  • Business Mortgage Interest Payments
  • Business Rent or Lease Payments
  • Business Utility Payments

Providing Support and Documentation for Our Clients

We’re doing the following to support our clients and provide the documentation they need to apply for loan forgiveness.
  • Tracking PPP loan income and related expenses in their accounting systems
  • Providing supporting documentation in digital and hard copy formats that they may use for their loan forgiveness application process
  • Providing a report generated through Paychex that summarizes the payroll information needed (for our Paychex clients only)
  • Providing a draft loan application completed with information we have related to their PPP loan that they can refer to as they input their loan application
  • Meeting with our clients to review the above to help them prepare for the PPP loan forgiveness application process

Save These Documents for Six Years

No matter the amount of your PPP loan, you must save your loan application, all supporting documentation, and your loan forgiveness application in your accounting records for six years. We will also retain a copy at our office in the event our clients need a copy in the future.

Need Help? Have Questions?

If you have any questions, please contact our office at 410-893-6779, and we’ll be happy to help you.