PPP2 Loan Prep Documents

The following is an explanation of the documents supplied to borrowers who requested reports assistance related to a PPP2 Loan Application. If you have not yet requested the reports, please complete this form to add your company to the queue.

 

It is our understanding that lenders will request various documents from borrowers including, but not limited to: payroll reports for 2019 and/or 2020, copies of payroll tax returns for 2019 & 2020, invoices or receipts for health insurance premiums paid by the company under a group health plan, documentation of all retirement plan funding by the employer for 2019 & 2020. In addition, employers may be required to provide a copy of the entity's latest tax return in order to support the NAICS Code selection, information relating to the date business was formed, the borrower's 9-digit ZIP Code and any previous PPP loan numbers & amounts.

ASAP is providing the following documents to assist borrowers with these lender requests. If your lender requires additional documents, please let us know.

XXXX - Avg Monthly Payroll Costs - 2019 & 2020: This report is intended as a reference document to help support PPP Loan applicants. While lenders will review the report, many are likely to require borrowers input data contained on this report into their own software. This table was designed to provide as many details lenders may request in one snap shot. Data was extracted based on check date the wages were paid as opposed to by pay period or any other accrual methods. Lenders will make the final determination in regards to loan amounts.

XXXX - 940s, 941s & UITRs - 2019 & 2020: supplying payroll tax returns for both periods in one file. At this time, the 2020 940 return is not yet available. Note: 501c3 non-profits are exempt from 940 filings and certain small 501c3's may be exempt from UITR reporting.

XXXX - Ck Summary by EE - 2019, 2020: these two reports show totals of all payments made to employees in each calendar year by check date. Lenders may wish to see this report to confirm the data input and insure no earnings over $100K were included in the calculation.

XXXX - report - Feb 15, 2020: First Southwest is requesting a copy of your payroll reports that included Feb 15, 2020 in the pay period range. We understand this is a request to help them substantiate the borrower's business was active on that date which is one of the requirements of the law. The data should not be used for any other purpose except perhaps to confirm number of