PPP Loan Forgiveness

Owner-Employees

In many cases, owner-employees are not providing evidence of their 2019 compensation. If you are an owner that is also an employee, please provide your W-2 and/or your K-1s for this period.
 

Utility Expense Evidence

Many applications have missing or incorrect utility expense baseline evidence. We need your February 2020 utility bill to prove the existence of the service prior to 02/15/2020. The invoice must be in the business’s name. If not, please offer an explanation at the end of the online section.
 

Missing Evidence

Borrowers must provide non-cash payroll expenses such as health care and retirement benefits or utility expense support. Both the evidence of the expense AND proof of payment, such as a bank statement or canceled checks, must be provided.
 

Cash Compensation Support

Many forgiveness applications are missing cash compensation payment evidence (e.g., wages, salaries, incentives). Both proof of the expense (payroll schedule and 941s, if possible) AND proof of payment (e.g., bank statement or canceled checks) must be provided.
 

Mortgage/Rent Evidence

Make sure to provide the rental agreement, lease, or mortgage in the name of the business, dba, or owner that you are filing for and dated prior to 2/15/2020. If not available, please provide an explanation. Also, ensure that if you have multiple companies that share the same property, each is allocated the appropriate pro-rata share of the expense.
 

100% Payroll

If you have opted for the 24-week Covered Period, you do not need to wait until the end of the period to apply for forgiveness. You can file once you have used your PPP loan proceeds. Further, you may qualify for full forgiveness solely using payroll expenses. If you qualify for full forgiveness solely using payroll, there is no need to include utilities or interest expense. In fact, this option is almost preferred by the SBA, as it was their original intention to support payroll for businesses. Payments to a third-party payroll processor are also acceptable.