SBA Paycheck Protection Program - Application Information

Today the SBA released the official application form for the Paycheck Protection Program loans. Our understanding at this point is that Friday is the earliest date to submit the application to participating financial institutions.

The form-fillable application can be found here.

We have also created a spreadsheet located here in an effort to help you calculate your estimated expected loan amount. Once the SBA provides additional guidance, some of the requested details may change.

As of now, we suggest you pull together the following to submit with your application:

  • 2019 IRS Quarterly 940, 941 or 944 payroll tax reports
  • 2020 (first quarter) 940, 941 or 944 payroll tax reports
  • Payroll summary reports for a twelve-month period (ending on your most recent payroll date) plus first quarter of 2020, which will show the following information:
    • Gross wages for each employee, including officer(s) if paid W-2 wages, which includes PTO, vacation, paid sick leave
    • State and local taxes assessed on an employee’s compensation
  • Documentation of payments required for the provisions of group health care benefits, including insurance premiums
  • Documentation of payments of all retirement plan benefits that were paid by the company (excluding employee deferral withholding)
  • Any forms 1099-MISC for independent contractors for 2019

Additionally, for self-employed individuals we recommend the following:

  • All of the above information for your employees
  • 2019 Income Statement (income and expenses)
  • Any forms 1099-MISC that you received and is included as income
  • Documentation of payments for your direct self-employed retirement plan contributions

For additional information on the program you can see the official Treasury information located here. They have also published a helpful “fact sheet” located here.