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Documentation needed before applying for a PPP loan

01/11/21

Please gather and provide all supporting documentation including payroll information with your application. Below is a full list of Required Documentation. It is very important that you have all the necessary documents prepared when you are ready to submit.

ALL APPLICANTS

You may choose to use either 2019 or 2020 for reference periods, but all documents provided must be from the same year.

  • You will need to complete a PPP application appropriate to your request, located in our PPP portal.
  • If this is the first PPP loan for your business, you may also be required to complete a Beneficial Ownership form in our portal.

SECOND DRAW APPLICANTS

IF YOU ARE APPLYING FOR THE SECOND PPP LOAN FOR YOUR BUSINESS, you can choose either 2019 or 2020 as your reference period, but please note the following:

  • If you choose to use payroll costs from 2019, and SVB Private provided you your first PPP loan, we will use documentation submitted for that first PPP loan if we can. Additional documentation may be requested since there have been updated SBA requirements.
  • If you choose to use payroll costs from 2020: you will need to submit the same payroll documentation as required for First PPP Loans, below.
  • Documentation of Revenue Loss: If you are applying for a principal amount greater than $150,000, you must submit documentation that proves your 25% or greater annual or quarterly revenue reduction in 2020 relative to 2019. That documentation can include relevant tax forms (e.g., Form 941s), including annual tax forms (e.g., Schedule C, Form 1065, Form 1120S), or if relevant tax forms are not available, quarterly financial statements or bank statements.
  • Please note that if you are applying for less than $150,000, you will need to submit this documentation with your loan forgiveness application.

FIRST DRAW APPLICANTS

IF YOU ARE APPLYING FOR THE FIRST PPP LOAN FOR YOUR BUSINESS (or are applying for your second PPP loan and using 2020 as your reference period), you will need to provide the following documents:

Self-Employed – No employees

  • 2019 or 2020 IRS Form 1040 Schedule C
  • 2019 or 2020 IRS Form 1099-MISC detailing non-employee compensation received (box 7),
  • Invoice, bank statement or book of record establishing you were self-employed in 2019 or 2020
  • Invoice, bank statement or book or record establishing you were in operation on February 15, 2020

Self-Employed - With employees

  • 2019 or 2020 IRS Form 1040 Schedule C
  • 2019 or 2020 IRS Form 941 for each quarter of the year
  • State quarterly wage unemployment insurance tax reporting form from each quarter (or equivalent payroll processor records or IRS Wage and Tax Statements)
  • A payroll statement or similar documentation from the pay period that covered February 15, 2020 - to establish you had employees on that date.

Partnership

  • 2019 or 2020 IRS Form 1065 – Schedule K-1
  • 2019 or 2020 IRS Form 941 for each quarter of the year
  • State quarterly wage unemployment insurance tax reporting form from each quarter (or equivalent payroll processor records or IRS Wage and Tax Statements)
  • A payroll statement or similar documentation from the pay period that covered February 15, 2020 - to establish you had employees on that date.

C-Corp/S-Corp

  • 2019 or 2020 IRS Form 1120 or 1120-S
  • State quarterly wage unemployment insurance tax reporting form from each quarter (or equivalent payroll processor records or IRS Wage and Tax Statements)
  • Documentation of any retirement or health insurance contributions to substantiate the applied for PPP loan amount.
  • A payroll statement or similar documentation from the pay period that covered February 15, 2020 - to establish you had employees on that date.

Non-Profit

  • 2019 or 2020 IRS Form 990
  • 2019 or 2020 IRS Form 941 for each quarter of the year
  • State quarterly wage unemployment insurance tax reporting form from each quarter (or equivalent payroll processor records or IRS Wage and Tax Statements)
  • Documentation of any retirement or health insurance contributions to substantiate the applied for PPP loan amount.
  • A payroll statement or similar documentation from the pay period that covered February 15, 2020 - to establish you had employees on that date.

Please save these forms to your computer and upload to our online application when available. We hope to have the application available online by 1/18/2021.