Keep Records and Save Documents Now
PPP loans are not automatically forgiven after the eight-week loan period. You have to apply for forgiveness.
You apply for forgiveness with the same bank that approved the loan. Along with the forgiveness application, you will need to provide supporting documentation.
Good record-keeping and bookkeeping will be critical for getting your loan forgiven—you’ll need to keep track of eligible expenses and their accompanying documentation over the eight weeks.
Your lender will likely require these documents in digital format, so take the time to scan any paper documents and keep backups of your digital records
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These are the required documents you will need to collect to submit with your PPP forgiveness application. Your lender may have additional requirements.
Documents for Payroll Expenses
Documents verifying the number of full-time equivalent employees on payroll and their pay rates, for the periods used to verify you met the staffing and pay requirements:
- Payroll reports from your payroll provider. These are the Payroll Summary and Payroll Detail reports we send you every pay period.
- Payroll tax filings (Form 941). These are the quarterly tax returns we file for you at the end of every quarter. You received printed returns in the mail in 2019 and by email for 2020. The quarterly reports for Q2 will be prepared the first week of July.
- Income, payroll, and unemployment insurance filings from your state. This information is also included in your quarterly tax filings.
- Documents verifying any retirement and health insurance contributions. You can find this information under Deductions on the payroll reports if you pay these expenses through payroll. Otherwise, you will need to provide proof of retirement fund matching through your fund's statements and health insurance payments through statements from your health insurance provider.
If you misplaced or deleted the payroll reports or tax returns, your Payroll Specialist can generate them for you again, for an additional fee per report. If you use Employer On The Go, you can run missing reports in the Report Wizard yourself.
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Documents for Utility Expenses
Documents verifying your eligible interest, rent, and utility payments. Save and scan canceled checks, payment receipts, and account statements.
Need Help Tracking Expenses?
For past emails from us regarding Covid-19 programs, see our
blog
.
If you need assistance, or additional payroll reports, please reach out to your Payroll Specialist.
We wish you and your families continued good health. We will get through this together.
Thank you as always for the trust and confidence you place in our team.
Sincerely,
Leslie, Greg, Melissa, and Judy
