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THE LIST: Paycheck Protection Program Documents

Although Seedcopa is not a direct lender of the Paycheck Protection Program (PPP), we want to be sure businesses across Pennsylvania and Delaware are up to date and ready with information to apply for loan programs.

While your bank or credit union may not request every one of these documents from you, based on their requirements, it will definitely help if you are ready for anything they may request.

Here’s THE LIST of important items – especially for PPP:

  • —2019 IRS Quarterly 940, 941 or 944 payroll tax reports
  • —Monthly Payroll Reports for 2019
  • —Payroll report must show the following for the time period above:
    Gross wages for each employee (including the 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
    And state and local taxes assessed on the employee’s compensation for each employee
  • —1099s for 2019 for independent contractors that would otherwise be an employee of your business. (Do NOT include 1099s for services)
  • —Documentation showing total of all health insurance premiums paid by the Company Owner 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. (Do not include funding that came from the employees out of their paycheck deferrals.) Include all employees, including company owners, 401K plans, Simple IRA, SEP IRAs
  • —Business entity documentation (e.g. Operating Agreement, Certificate of Organization, Bylaws, Articles of Incorporation)
  • —2017, 2018 and 2019 Business Tax Returns if applicable and 2019 internal financial statements if 2019 tax return is not filed
  • —2020 interim financial statements (balance sheet, income statement, accounts receivable aging and accounts payable aging)
  • —Debt schedule for operating business
  • —List of owners of the business if not included in tax return
  • —Copy of Driver’s License for signers of business. (This is likely for 20%+ owners)

Important Dates

Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.

Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.

Where to Find the Forms

Now program details and application forms are available to get you rolling. You can access them directly from the Treasury Department here. Further information can be found on the SBA website.

This program is administered directly through an SBA Certified Lender or Federally Insured Financial Institution approved by the SBA. For a list of SBA-backed lenders in your area, please see page 29 of the SBA Resource Guide found here.

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