Required Information for PPP Loan Forgiveness Applications
November 17, 2020
The following is an initial list of information that will be needed in order for HBE to assist you with your PPP loan forgiveness application.
PPP Loans up to $50,000
- Lender name, including name, title, and email for the bank representative that helped you with the loan.
- Payroll schedule of each business for the covered period.
- If not from a third-party payroll provider, such as ADP, QuickBooks Payroll, or Gusto, we will also need bank statements for the covered period.
- Principal name and position for the signer of the application.
- Owner compensation in the 24-week covered period.
- Total compensation of each owner in 2019.
- Copies of all quarterly payroll tax returns filed for 2020.
- Some information may still be in process, submit the forms that you currently have.
- Copy of your PPP loan documentation, which could include documents both from your bank and the SBA.
- Any internal schedules or documents used to track PPP spending.
- Any emails or links from your financial institution to be used for the forgiveness process.
- Please confirm whether or not you applied for and received an EIDL Advance Grant. If you did receive a grant, we will need to know the amount of the advance you received and your EIDL application number.
PPP Loans in Excess of $50,000
- All of the information listed above for loans up to $49,999.
- Whether or not any employee’s pay was reduced by 25% or more and/or any reduction in number of employees.
- Include a list of those employees and any amounts of reductions.
- Whether or not an employee resigned, was fired for cause, or declined an offer for re-hire during the covered period.
- Include a list of those employees and the reasons for their termination.
- A list of all employee names, the last four digits of their Social Security Numbers, whether they are hourly or salary, their compensation during the covered period (if hourly, wage and hours worked during covered period), and their annualized salary or hourly wage.
- Many payroll companies, such as ADP, should have be able to provide reports with this information.
- Weekly hours worked for each employee during the covered period.
- Each employee’s average hourly wage or salary for the period of January 1 through March 31, 2020.
- Each hourly employee’s hourly wage as of February 15, 2020, their average annual hourly wage between February 15 and April 26, 2020, and the average number of hours they worked per week between January 1 and March 31, 2020.
- Whether or not an employee received compensation at an annualized rate of above $100,000 during any period in 2019.
- Preferably, this would be a list of all employees broken into the two categories of above and below $100,000. Note that this is annualized, so if any bonus or other odd payroll caused one payroll to exceed $100,000 when annualized, they would need to be broken out
For any PPP loan where payroll costs alone do not exceed the amount of PPP funds received, we will also need the following information:
- Invoices for employer payments of group health care and retirement plan benefits.
- Invoices for rent, electricity, gas, water, transportation, telephone, or internet access payments.
Information Required for Not-for-Profit Organizations Only
- Please provide a summary by employee of hours, wages, and benefits already claimed against another grant or contribution.
This communication and any applicable contents pertaining to COVID-19 employer relief provisions is based on our professional judgment given the facts provided to us and the COVID-19 employer relief provisions guidance as of the date of the communication. Subsequent developments changing the facts provided to us, or differences in the final guidance and regulations once they are issued, may affect the advice provided. These effects may be material.