Eligibility

• Your organization must employ fewer than 500 full-time, part-time, or seasonal employees 
• Your organization was operational prior to February 15, 2020 and remains operational.
• Business types allowed include: certain non-profit organizations, housing cooperatives, veterans’ organizations, Tribal businesses concerns, eligible self-employed individuals, sole proprietors, independent contractors, or small agricultural cooperatives. 

Loan Size 

The maximum amount an organization that has not already received a PPP loan can borrow is the lesser of: 

• 2.5 times the average monthly payroll costs and benefit costs 
• $10 million  

You must maintain detailed records and documentation for these expenses in order to qualify for forgiveness.

All characteristics described above are from the Coronavirus Response and Relief Supplemental Appropriations Act. The terms and information outlined above are subject to change upon further guidance from the U.S. Small Business Administration and the U.S. government.

• Corporate information, including:
  • Legal name
  • Legal structure
  • Tax ID number
  • Address
  • Date of formation

• Personal information for authorized signer/officer
  • Name
  • Home address
  • Email
  • Driver’s license (front and back)

• Articles of incorporation
  • Organizational structure
  • By-laws
  • Operating agreement(s)
• Current Business License 

• Complete business state and federal tax returns for 2019 and 2020 (if 2020 has been prepared and filed)
• Complete individual state and federal tax returns for 2019 and 2020 (if 2020 has been prepared and filed)

• Trailing twelve-month revenue and expense statements (as of the month prior to your application)

• Payroll reports; tax forms and journals for 2019 and 2020, such as:
  • 2019 or 2020 12-month payroll journal (some services have a downloadable PPP payroll report – check with your payroll service)
  • 2019 and 2020 Forms 941 (Employers Quarterly Federal Tax Return)
  • 2019 and 2020 Form 940 (Employer’s Annual Federal Unemployment Tax Return) OR 2019 W-3 (Transmittal of Wage and Tax statements)
  • List of employees and their pay, if any received more than $100,000 during 2019 and 2020
  • Recent payroll report that shows the number of employees as of Feb. 15, 2020 (the report should include this date)

• Accounting records and documents for 2019 and 2020. You must summarize other eligible payroll costs, such as:
  • Group health benefits and insurance
  • Retirement benefit expense
  • State and local taxes on compensation (including unemployment taxes)
  • 1099-misc payments in the last 12 months to independent contractors (if applicable)

• Last three months of banks statements showing payroll and related expenses are being paid

• Use our calculator to estimate your average monthly payroll costs and requested PPP loan amount

Additional documentation may be required.