These are the necessary documents that you need to collect to file your PPP loan application. Your lender may have additional requirements. When the bank renders its decision to the SBA which approves the application (in whole or in part), it must contain: (i) the PPP credit calculation form; (ii) List A of PPPs; and (iii) the demographic information form for PPP borrowers (if submitted to the Bank). The bank must confirm that the information it provides to the SBA accurately reflects its PPP loan records and that the bank has taken its decision in accordance with the bank`s PPP lending requirements. If the bank finds that, in accordance with the law and rules in force, the borrower is entitled to a pardon of part or all of the amount of the PPP loan it requests, the bank must request payment from the SBA at the time of the adoption of its decision at the SBA. Subject to a review by the SBA of the PPP loan or the application for a PPP loan, the SBA paid the amount of the corresponding pardon to the bank, plus interest accrued up to the date of payment, no later than 90 days after the bank issued its decision to the SBA. If applicable, the SBA deducts the pre-financing of the AED from the pardon sum paid to the bank, as provided for in the CARES Act. If the SBA has informed the bank that it has initiated a PPP credit audit, the bank cannot accept a request for the re-establishment of a PPP loan for such a PPP loan until the SBA informs the bank in writing that the SBA has completed its examination of that PPP loan. A bank must electronically submit the information on Form SBA 1502 before (i) May 29, 2020 or (ii) 10 calendar days after payment or termination of the PPP loan. The SBA will start accepting, on 22 May 2020, reports from Form SBA 1502 concerning ppp loans fully paid or cancelled. You must keep your supporting documents for six years after the loan has been fully granted or repaid and make them available to the AAA or the Office of the Inspector General upon request. Note: To get your loan, you need to fill out a PPP loan form.
Take 10 minutes to read our how to fill out your PPP loan form. The period of 8 weeks or 24 weeks following your first credit payment, (A) Eligible expenses are those that are incurred for more than 24 weeks, from the date the first payment was made by your lender. This is not necessarily the date you signed your credit agreement. The SBA acknowledges that under certain state registration laws, eligible borrowers who use PEOs or similar payroll providers are required to report data relating to the employer identification number (UN) of the PEO or other pay slip provider. In these cases, the payroll documentation provided by the payroll provider, which shows the level of salaries and payroll taxes reported by the IRS by the payroll operator for the borrower`s employees, is considered acceptable PPP credit documentation. Relevant information from (i) a schedule R (Form 941), (ii) the allocation schedule for Aggregate Form 941 Filers, attached to the FORM 941 of the PEO or another payroll provider, or (iii) the employer`s quarterly tax return should be used, where applicable; Otherwise, the eligible borrower should receive a statement from the pay slip provider clarifying the level of salaries and payroll taxes reported by the pay slip provider to the IRS. In addition, employees of the eligible borrower are not considered employees of the provider of the eligible borrower`s pay slip or the PEO. . . .