Documents Needed for Paycheck Protection Program (PPP) 2.0
FIRST DRAW Borrowers:
Payroll documentation required for Small Businesses:
- Copy of 2019 or 2020 or previous 12 months payroll documentation, which may include any of these items: (1) IRS Form 940, 941 (most recent 4 quarters) or GA DOL-4N (most recent 4 quarters); (2) Detailed payroll software information; (3) Documentation from Professional Employment Organizations that show outsourced employees
- Documentation for any employee with compensation which exceeds $100,000
- Corporate By-Laws, operating agreement(s) and/or other ownership documentation
- Proof business paid wages and salaries for the period that included 2/15/2020 – attach a pay stub, payroll statement, or other verification for at least one employee
Payroll documentation required for Sole Proprietorships, Independent Contractors & Self Employed Individuals:
- 2019 Schedule C and payroll tax filings (if applicable)
- Proof that business paid wages and salaries for the period that included 2/15/2020 – attach a pay stub, payroll statement, or other verification for at least one employee
SECOND DRAW Borrowers:
If loan amount exceeds $150,000, provide proof of 25% reduction in revenue, which may include any of the items below:
- Annual tax returns for 2019 and 2020
- Quarterly financial statements showing comparable periods from 2019 to 2020
- Bank statements
This documentation above may be required during the forgiveness process, regardless of loan amount.
IMPORTANT: If your 2nd draw loan request is based upon 2019 payroll expenses, then no other documentation is needed. If your 2nd draw loan request is based upon 2020 payroll expenses, please submit the standard payroll documentation as before.
If your business DID NOT use United Bank for the First Draw PPP Loan –you must include the standard documentation with your application.