Required PPP Application Checklist

All Borrowers:

  • SBA PPP application for First Draw PPP borrowers or Second Draw application for borrowers with existing PPP loans.
  • Documentation showing 25% revenue loss in 2020 relative to 2019 (either on a single quarter or annually) – may include:  
    • Annual tax forms, or if relevant tax forms aren’t available, quarterly financial statements or bank statements.    

New Borrowers:

  • 2019 or 2020 IRS Form 1040 Schedule C.
  • 2019 or 2020 IRS Form 1099-MISC detailing non-employee compensation received (box 7), Invoice, bank statement or book of record establishing borrower was self-employed in 2019 or 2020.
  • Invoice, bank statement or book or record establishing business was in operation on February 15, 2020.

Self-Employed – No Employees:

  • 2019 or 2020 IRS Form 1040 Schedule C.
  • 2019 or 2020 IRS Form 941 for each quarter of the year.
  • State quarterly wage unemployment insurance tax reporting form from each quarter (or equivalent payroll processor records or IRS Wage and Tax Statements). 
  • Payroll statement or similar documentation from the pay period that covered February 15, 2020 - to establish business had employees on that date.
  • Show your work. Borrowers must “show their work” on how they calculated the requested loan amount, and retain the supporting documentation used to get to that figure.

Partnership:

  • 2019 or 2020 IRS Form 1065 – Schedule K-1.
  • 2019 or 2020 IRS Form 941 for each quarter of the year.
  • State quarterly wage unemployment insurance tax reporting form from each quarter (or equivalent payroll processor records or IRS Wage and Tax Statements).
  • Payroll statement or similar documentation from the pay period that covered February 15, 2020 - to establish business had employees on that date.

C-Corp/S-Corp:

  • 2019 or 2020 IRS Form 1120 or 1120-S
  • State quarterly wage unemployment insurance tax reporting form from each quarter (or equivalent payroll processor records or IRS Wage and Tax Statements).
  • Documentation of any retirement or health insurance contributions, must be provided to substantiate the applied for PPP loan amount.
  • A payroll statement or similar documentation from the pay period that covered February 15, 2020 - to establish business had employees on that date.

Non-Profit:

  • 2019 or 2020 IRS Form 990. 
  • 2019 or 2020 IRS Form 941 for each quarter of the year.
  • State quarterly wage unemployment insurance tax reporting form from each quarter (or equivalent payroll processor records or IRS Wage and Tax Statements).
  • Documentation of any retirement or health insurance contributions, must be provided to substantiate the applied for PPP loan amount.
  • Payroll statement or similar documentation from the pay period that covered February 15, 2020 - to establish business had employees on that date.

 

 

External Link Disclaimer

Merchants & Marine Bank (M&M Bank) has no control over information at any site
hyperlinked to or from this Site. M&M Bank makes no representation concerning and is not responsible for the quality, content, nature, or reliability of any hyperlinked site and is providing this hyperlink to you only as a convenience. The inclusion of any hyperlink does not imply any endorsement, investigation, verification or monitoring by M&M Bank of any information in any hyperlinked site. In no event shall M&M Bank be responsible for your use of a hyperlinked site.

Continue
×

Email Disclaimer

Notice: Because there is a risk that information transmitted via Internet email could fall into the wrong hands, Merchants & Marine Bank suggests that confidential information, such as account numbers or social security numbers, not be transmitted via email. Instead, please contact Merchants & Marine Bank directly at your nearest bank branch.

Continue
×