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Paycheck Protection Program (PPP) – Documentation for Loan Forgiveness

What documents do I need to provide for loan forgiveness for the Paycheck Protection Program (PPP)?

If you have employees, you should submit Form 941 and state quarterly wage unemployment insurance tax reporting forms, or your equivalent payroll processor records that best correspond to the covered period.  This should also include evidence of any retirement and health insurance contributions.

Regardless if you have employees or not, you must submit evidence of the following if you used loan proceeds for these purposes:

  • Business Rent.
  • Business Mortgage Interest Payments on Real or Personal Property.
  • Business Utility Payments During the Covered Period.

The 2019 Form 1040 Schedule C that was provided at the time of the Paycheck Protection Program (PPP) loan application must be used to determine the amount of the net profit allocated to the owner for the eight-week covered period.

It has been determined that for purposes of loan forgiveness, it is appropriate to require self-employed individuals to rely on the 2019 Form 1040 Schedule C to determine the amount of net profit allocated to the owner during the covered period.

For additional questions you have on the CARES Act or Paycheck Protection Program (PPP), see other articles in our COVID-19 Resource Center here.

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