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Bank Loan Checklist

PPP Loan (Forgiveable)

  • Take Borrower PPP Application Completed to local bank with an established relationship as soon as possible.
  • Take with you copies of payroll tax reports filed with the IRS (including Forms 941, 940, state income and unemployment tax filing reports) for the time period being used.  (either the entire year of 2019 or (April, 2019 thru March, 2020)
Such reports should include: gross wages including PTO (which might include vacation, sick, and other PTO).  Need per employee breakdown.
If not included in the payroll reports, banks will also need:
-Documentation reflecting the health insurance premiums paid by the company under a group health plan including owners of the company for the immediately preceding 12 months prior to the date of the SBA loan origination.  Copies of the monthly invoices should suffice.
-Documentation of all retirement plan funding by the employer for the immediately preceding 12 months. Copies of work papers, schedules and remittances to the retirement plan administrator should be sufficient.
-If the customer is using the 2019 data for the average information, we will also need proof of payroll for the period ending on or near February 15, 2020.
-Some banks may ask for other items. This is a good starting point.

SBA Loan - Economic Injury Disaster Loan EIDL

 The EIDL Loan is separate and is done completely online. Make sure you check the box for the $10,000 advance if you choose that option. These loans are low interest, long term loans.