On April 1, the Treasury Department released a Paycheck Protection Loan Application. Along with the release of application submission dates, businesses can now begin preparing to apply. The Application is fairly short and sweet. In addition to completing this application, you’ll need to gather and present supplemental documents. These documents will help demonstrate your eligibility for a loan. These documents include:
- 2019 IRS Quarterly 940, 941 or 944 payroll tax reports
- The last 12 months of payroll reports beginning with your last payroll date and going backwards 12 months (e.g. gross wages for each employee, paid time off for each employee, vacation pay for each employee)
- 1099s for 2019 for independent contractors that would otherwise be an employee of your business
- Documents presenting the total of all health insurance premiums your business paid under a group health plan
- Documents presenting the total of all retirement plan funding your business paid
Sole proprietors and self employed persons may not have some of this information. I will update this post as additional guidance becomes available for what these individuals may need to provide. But in the meantime, businesses should review the Paycheck Protection Loan Application and prepare to apply.
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