The Paycheck Protection Program (PPP) is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Initially, this was a $350-billion program providing small businesses with eight weeks of cash-flow assistance through federally guaranteed loans that functioned similarly to a non-taxable grant. In December 2020, the government passed a stimulus package committing an additional $284.5B to PPP.
Because the PPP is available through Mar 31, 2021, and funds are limited, you’ll want to gather the right documents for the loan application right away. Here’s a checklist of what’s required:
PPP Loan Application Checklist
General Business Information Needed
Basic information about you and your business
Average monthly payroll costs
Details of full-time employees and associated payroll costs
Details of all persons with 20% or greater ownership stakes
Required documents based on First and Second Draw
First Draw Documents
Proof of payroll: You’ll need to submit payroll documents so we can determine your average monthly payroll costs. We recommend:
Quarterly 941 forms, yearly 940 or 944 forms, 1120 form, 1120-S form, 1065 form, Schedule C, or payroll documentation with a corresponding letter from the payroll processor
Bank statements: You will need to provide a bank statement that shows you were in operation on Feb 15, 2020.
Second Draw Documents
Proof of payroll: You’ll need to submit payroll documents so we can determine your average monthly payroll costs. We recommend:
Quarterly 941 forms, yearly 940 or 944 forms, 1120 form, 1120-S form, 1065 form, Schedule C, or payroll documentation with a corresponding letter from the payroll processor
Bank statements: You’ll need to provide a bank statement that shows you were in operation on Feb 15, 2020.
Loan note: If you received your First Draw PPP loan from a lender other than Bluevine, you’ll need to submit the loan note for your First Draw.
Revenue drop: For loan amounts of $150,000 or more, you will need to provide documentation that shows gross receipts for the appropriate time period.
We understand this is a difficult time for everyone, and we’re committed to helping business owners with government emergency relief resources and clear steps.
Bluevine is an official direct non-bank lender for the government-backed SBA Paycheck Protection Program. Our entire PPP application process, including retrieving your loan number, is automated and online. Get started with a fast and secure online PPP loan application.
DISCLAIMER
This content is for educational purposes only and should not be construed as professional advice of any type, such as financial, legal, tax, or accounting advice. This content does not necessarily state or reflect the views of Bluevine or its partners. Please consult with an expert if you need specific advice for your business. For information about Bluevine products and services, please visit the Bluevine FAQ page.