자주 묻는 질문
Independent Contractor/Self-Employed/Sole Proprietorship with No Employees
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1. Driver's License / Photo ID
2. Voided Check
3.
Form 1040 Schedule C
If line 31 is $0 or negative, you are ineligible for a PPP loan.
4. Bank Statements
Please provide a bank statement that covers 2/15/2020 as proof that the Applicant was in business as of 2/15/2020. If available, bank statements that are downloaded from your bank's website will work better than scanned versions.
Sole Proprietorship/Self Employed with Employees
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1. Driver's License / Photo ID
2. Voided Check
3.
Form 1040 Schedule C
If line 31 is $0 or negative, you are ineligible to include this owner's income in the PPP loan calculation.
4. Bank Statements
Please provide a bank statement that covers 2/15/2020 as proof that the Applicant was in business as of 2/15/2020. If available, bank statements that are downloaded from your bank's website will work better than scanned versions.
5. Proof of Payroll
Form 940
Applicable only if you have employees.
While it is preferable to provide a 940, you may provide four 941 quarterly forms instead. If you choose to provide 941's instead of a 940, please make sure that they are four consecutive quarters covering your full calculation period (2019 or 2020.) Using 941's may require a manual underwriting which can delay your application.
Corporations (& LLCs that file as corporations)
View samples
1. Driver's License / Photo ID
2. Voided Check
3. Bank Statements
Please provide a bank statement that covers 2/15/2020 as proof that the Applicant was in business as of 2/15/2020. If available, bank statements that are downloaded from your bank's website will work better than scanned versions.
4. Form
1120 or
1120-S
To substantiate health insurance (line 24 of 1120 or line 18 of 1120-S) or retirement benefits (line 23 of 1120 or line 17 of 1120-S) to employees.
5. Proof of Payroll Form
940
Applicable only if you have employees.
While it is preferable to provide a 940, you may provide four 941 quarterly forms instead. If you choose to provide 941's instead of a 940, please make sure that they are four consecutive quarters covering your full calculation period (2019 or 2020). Using 941's may require a manual underwriting which can delay your application.
6.
Form 1040 Schedule C
If line 31 is $0 or negative, you are ineligible to include this owner's income in the PPP application.
Partnerships (& LLCs that file as partnerships)
View samples
1. Driver's License / Photo ID
2. Voided Check
3. Bank Statements
Please provide a bank statement that covers 2/15/2020 as proof that the Applicant was in business as of 2/15/2020. If available, bank statements that are downloaded from your bank's website will work better than scanned versions.
4.
Form 1065
5.
Form 1065 Schedule K-1
Please provide a K1 for each Partner with self-employment earnings in box 14a.
6. Proof of Payroll
Form 940
While it is preferable to provide a 940, you may provide four 941 quarterly forms instead. If you choose to provide 941's instead of a 940, please make sure that they are four consecutive quarters covering your full calculation period (2019 or 2020). Using 941's may require a manual underwriting which can delay your application.
Non-profits
View samples
1. Driver's License / Photo ID
2. Voided Check
3. Bank Statements
Please provide a bank statement that covers 2/15/2020 as proof that the Applicant was in business as of 2/15/2020. If available, bank statements that are downloaded from your bank's website will work better than scanned versions.
4. Part IX
Form 990
A Form 990 does not always need to be filed - this is only applicable if your non-profit files a 990.
5. Proof of Payroll
Form 940
Applicable only if you have employees.
While it is preferable to provide a 940, you may provide four 941 quarterly forms instead. If you choose to provide 941's instead of a 940, please make sure that they are four consecutive quarters covering your full calculation period (2019 or 2020). Using 941's may require a manual underwriting which can delay your application.
Please note regarding parsonage: Only parsonage expenses that are cash payments qualify and not in-kind parsonage expenses. Alternative methods for verifying parsonage amounts - e.g., receipts, invoices, cancelled checks, or similar documentation (or failing all of those, a certification of the amount paid by the authorized representative of the church or other religious organization) - are allowed.
Second-Draw Requirements
For second-draw PPP loans more than $150,000, you must provide proof of 25% loss.
When you must substantiate that you had a 25% loss in gross receipts/gross income (Gross Profit – COGS) between 2020 and 2019, you can do so by choosing one of the following comparison choices:
1. Full year 2020 to full year 2019
2. Any quarter in 2020 to the same quarter in 2019
3. If your business began in the period of 1/1/2020-2/15/2020 you can compare any Q1 2020 to any other quarter in 2020
4. If your business began operation in Q4 2019 you can compare any Q4 2019 to any quarter in 2020
You can compare either quarterly numbers or annual, using one of the following statements/documents:
1. Bank Statements (all credits)
2. Tax Documents (actuals or drafts)
3. Quarterly financial statements
