Required Documentation for SBA Paycheck Protection Program

1
Required Documentation

• for SBA Paycheck Protection Program

2
The SBA Paycheck Protection Program (PPP)
provides cash flow assistance for small
businesses up to 350 billion via federally
guaranteed loans. These PPP loans typically cover
payroll, rent, utilities, and interest on other
business debts as Americas business community
recoup from the financial impacts of
coronavirus. The maximum PPP loan amounts will
be available for amounts equaling 2.5 times the
average monthly business payroll, up to 10
million. Lenders take into account payroll costs
along with other information to determine your
businesss eligibility for Paycheck Protection
Program loans. Every applicant needs to have
documents for business incorporation, bank
account, and routing number.
3
For Sole Proprietors and Self Employed
2019 IRS Form 1099-MISC for any independent
contractors paid, not to exceed 100,000 for the
year 2019 IRS Form 1040-C for sole proprietors
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For businesses with employees
2019 IRS Form 941 for quarterly salary, wages,
commissions, and tips Annualized 2019 IRS Form
944 same as 941 2019 IRS Form W-3 2019 IRS Form
940 for any unemployment costs 2019 IRS Form
1099-MISC for any independent contractors paid,
not to exceed 100,000 for the year 2019 IRS Form
1040-C if your business is a sole
proprietorship Payroll monthly statements
detailing Salary, wages, commissions, or tips
(not exceeding 100,000 annually for each
employee) Costs for vacation, parental, family,
medical or sick leave Costs for separation or
dismissal of employees State local taxes
assessed on employee compensation
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Small businesses can now apply for Paycheck
Protection Program loans through Merchant
Advisors. We are regularly posting information
about relief programs and eligibility
requirements to help you make an informed
decision. For more information about PPP
loans, read this blog.
Merchant Advisors is putting every effort to
support financial relief programs by the Small
Business Administration (SBA) and helping small
businesses get quick access to cash flow funding
in these challenging times.