PPP Financial Links and Resources
What You Need to Have, Know, and Provide to Claim Your PPP Loan
Business owners who still need to file for PPP will need the following forms:
A completed SBA PPP application (Form 2483, 2483C, 2483 SD, or 2483 SD-C). Remote Accounting Experts can help you with this step. Just sign up for a 1 hour PPP Filing Reinforcement session on our contact page.
For your first PPP draw: Your most recent 1040, Schedule C (either 2019 or 2020). The monthly income recorded on this form will determine the amount of PPP you will be able to claim. (This is determined by Gross income on Schedule C divided by 12)
For your second draw: You must have income or bank statements that show a 25% loss of income, in at least one quarter, when comparing 2019 to 2020.
You will also need to know:
Your business entity
Start date of business
The number of owners of your business
Your business contact information
You will need to provide or prove:
A copy of your driver’s license
A voided check
Proof of payroll
Hot PPP Tip: Once you receive your PPP loan, we recommend moving your PPP funds to another account, either personal or savings. From there, we advise that you transfer your “pay” over to your usual payroll direct deposit account every 2 weeks for the intended period of the loan, or 2.5 months to mimic your usual pay cycle. This is not required, but it may be helpful to PPP recipients for the purposes of managing their loan as they would normal payroll.
PPP Loan Forgiveness
As a PPP recipient, you can only file for loan forgiveness 60 days after the date on which the loan was deposited into your bank account. Once this date has passed, your lender of choice will send you access to the correct PPP loan forgiveness portal. You will be able to apply for forgiveness from there, as long as you do so within a 10 month period of the date on which your loan was received.
To receive PPP loan forgiveness, you will need to prove that:
At least 60% of your loan went to payroll.
Your employee and payroll levels did not change during the term of the loan.
This will require you to submit the following documents, in addition to the forgiveness forms provided to you by your lender:
Bank statements or similar that document payroll compensation.
Payroll tax forms and/or quarterly business or employee wage reporting statements for the payment term covered by the PPP loan.
Payroll receipts, account statements, or canceled checks that will account for your employer contributions to employee retirement or insurance programs.
Payment documentation related to business utilities, rent, or mortgage.