PPP Loan Forgiveness Calculation Form. b. 3245- 0407 . PAYCHECK PROTECTION PROGRAM (PPP) LOAN FORGIVENESS CHECKLIST This checklist will help you prepare to request Forgiveness through JPMorgan Chase. PPP Loan Forgiveness Documentation Checklist Payroll: The following documentation should be submitted to verify the eligible cash compensation and non-cash benefit payments from the Covered Period or the Alternative Payroll Covered Period: ☐ Bank account statements or third-party payroll service provider reports documenting the amount of ® PAYCHECK PROTECTION PROGRAM (PPP) LOAN FORGIVENESS CHECKLIST This checklist will help you prepare to request Loan Checklist for Using SBA Form 3508EZ . or 2. To ensure your forgiveness application is reviewed and processed in a timely manner, please complete by checking the appropriate boxes. 2) Once fully completed, email this checklist, SBA PPP Forgiveness Application and all supporting documentation to pppforgiveness@nbcbanking.com. 1 PPP LOAN FORGIVENESS DOCUMENTATION CHECKLIST Documentation verifying the eligible cash compensation and non‐cash benefit payments from the Covered Period or the Alternative Payroll Covered Period: Bank account statements or third‐party payroll service provider reports documenting the amount of cash The portal will give you step-by-step guidance, especially for collecting the supporting documentation required for 100% forgiveness. Loan Forgiveness Checklist September 2020 This document was developed specifically for First PREMIER Bank borrowers with Paycheck Protection Program (PPP) loans exceeding $150,000. All forgiveness applications for Wells Fargo Paycheck Protection Program (PPP) loans must be submitted using our online application. Paycheck Protection Program PPP Loan Forgiveness Application Form 3508EZ . Checklist and Required Documentation: Step 1: Determine if you can apply for forgiveness of your PPP loan using the SBA Form 3508EZ (You are eligible to use the SBA Application Form 3508EZ if you can check at PPP 123456789). PPP Loan Forgiveness Calculation Form Coronavirus (COVID-19): Relief options and Additional Resources. Expiration Date: 10/31/2020 . PPP Forgiveness: Borrower Checklist Page 1 Preparing for PPP Forgiveness Your Lender provides a portal for Borrowers like you to prepare an accurate forgiveness application. Please do not attempt to submit the PPP loan forgiveness application BORROWER CHECKLIST FOR PPP LOAN FORGIVENESS Updated through August 11, 2020 SBA guidance which is subject to change CHECKLIST OVERVIEW ☐ Determine which loan application you should use: Form 3508-EZ or Form 3508 ☐ Determine when you should file your application: After 8-weeks or 24-weeks (“Covered Your loan number can be located on your SBA PPP loan documents. 2020 IRS Forms 941 for Quarter 1 and Quarter 2 of 2020, if your PPP loan closed on or before May 5, 2020; HOWEVER, if your PPP loan closed on May 6th or after, we will need Form 941 for Quarter 3, as well. Payroll tax reports (24-week covered period) ☐1) 2020 IRS Forms 941 tax returns ☐2) Unemployment tax returns ☐3) Payroll reports, by employee, for each pay period during covered period Skip to main content. Version 6|Effective: 2020-11-30. If your PPP loan was made before June 5, 2020, you may elect an 8-week covered period beginning on when your PPP loan was disbursed. You (the Borrower) can apply for forgiveness of your Paycheck Protection Program (PPP) loan … b. As part of your request to have some or all of your Paycheck Protection Program loan forgiven, you will need to provide documentation that verifies how your loan was used. PPP Loan Forgiveness Checklist I. Ask to speak with your PPP Bank contact about any questions related to the PPP forgiveness process; call Customer Care at (800) 339-6573 and we’ll connect you. CLICK HERE. PPP Forgiveness Application Package Checklist Application Documents (If Applicable) Business Mortgage Interest Payments 1. Lender account statement from February 2020 and the months of the Covered Period through one month after the end of the Covered … SBA Form 3508EZ (06/20) Page 1 . ... PPP loan forgiveness.pdf. All versions. The subject line of your email must read “PPP followed by your loan number” (i.e. Checklist for PPP Loan Forgiveness Documentation I. OMB Control No. Payroll tax reports (8-week covered period) ☐ 1) 2020 IRS Forms 941 tax returns ☐ 2) Unemployment tax returns ☐ 3) Payroll reports, by employee, for each pay period during covered period Title: Microsoft Word - PPP Loan Forgiveness Documentation Checklist_.docx Author: RThiel Created Date: 5/11/2020 9:22:13 AM Menu. Employers Payroll Costs: Minimum 75% A. Once the application is available, you can access it through Wells Fargo Business Online® or the Commercial Electronic Office® (CEO®). CHECKLIST TO COMPLETE THE PPP LOAN FORGIVENESS APPLICATION (REFER TO APPLICATION INSTRUCTIONS FOR REQUIRED SUPPORTING DOCUMENTATION) Company and Loan Information of Borrower Business Legal Name (must match the name on the PPP Loan Application) DBA or Tradename, if applicable Checklist for PPP Loan Forgiveness Documentation I.Employers Payroll Costs: Minimum 60% A. Your loan number can be located on your SBA PPP loan documents. The checklist below is broken into loan use categories and offers guidance … The portal will give you step-by-step guidance, especially for collecting the supporting documentation required for 100% forgiveness. Our suggestions are based on our general experience in non-profit management and the public information we currently have. This guide is designed to help borrowers understand the process by which their loan forgiveness amount will be calculated and the overall approach of the loan forgiveness process. PPP Loan Forgiveness Information DOCUMENTATION CHECKLIST Documents that each borrower must maintain but is not required to submit Documentation supporting the listing of each individual employee in PPP Schedule A Table 1, including the “Salary/Hourly Wage Reduction” calculation, if … Member FDIC 08/2020 There are two main components of Paycheck Protection Program loan forgiveness: 1. Copy of lender amortization schedule and receipts or cancelled checks verifying eligible payments from the Covered Period. File your loan forgiveness application with your bank After the eight weeks, you can submit an application with supporting documentation to request forgiveness. Borrowers PPP Loan Forgiveness Updated as of October 13, 2020 SBA guidance which is subject to change Table of Contents • Detail of checklist items • Performing your loan forgiveness calculation • Documents need to be submitted to the bank • … Created with ... Download .pdf. • If your provider doesn’t offer PPP forgiveness reports, you must create one that includes all employee information for the Covered and Reference Periods. • PPP loan funds must be spent on the outlined eligible expenses during the 8 week (or 24 week) period after your loan closing. This pin will need to be between 6-12 characters and may include numbers, … PPP Loan Forgiveness Application Checklist To help facilitate your loan forgiveness application, we recommend that you understand the forgiveness terms and calculations, then gather the required documentation on this checklist. Using PPP funds on eligible costs 2. Paycheck Protection Loan Forgiveness . • PPP loan amount • Loan disbursement date Payroll: • PPP loan payroll records report (specific forgiveness reports may be available from payroll providers). Download PDF • 272KB. Updated 11-30-20 with new expiration date. Payroll tax reports: a. PPP Loan Forgiveness Information DOCUMENTATION CHECKLIST Documents that each borrower must maintain but is not required to submit Documentation supporting the listing of each individual employee in PPP Schedule A Table 1, including the “Salary/Hourly Wage Reduction” calculation, if … We’re Here to Help 877-538-3335, Monday – … View ppp-loan-forgiveness-checklist.pdf from ERM 5340 at Columbia University. PPP Forgiveness Loan Application Borrower Checklist Page 1 of 2 Borrower steps for completing the Loan Forgiveness Loan Application: 1 Click on the Client Portal Link provided to you by First United Bank & Trust. Related programs: PPP. You, the borrower, must ensure that your PPP Loan funds are used for authorized loan forgiveness purposes in order to receive forgiveness. PPP Forgiveness: Borrower Checklist Page 1 Proprietary & Confidential Preparing for PPP Forgiveness Your Lender provides a portal for Borrowers like you to prepare an accurate forgiveness application. Loan forgiveness documentation for employers 1. PPP Loan Forgiveness Application Documentation PAYROLL Documentation verifying the eligible cash compensation and non-cash benefit payments from the Covered Period or the Alternative Payroll Covered Period consisting of each of the following: Bank account statements or third-party payroll service provider reports documenting the amount of cash *Cover Period is the 24-week period beginning on when your PPP loan was disbursed. Download our latest checklist on PPP loan forgiveness. Your bank has 60 days from the day it receives your application to decide how much of your PPP loan, if any, will be forgiven. FORGIVENESS APPLICATION CHECKLIST Please use this Checklist as a guide to submit your Paycheck Protection Program (PPP) Loan Forgiveness Application. 2 Create a PIN (that you will need to use in the future) to access your forgiveness application. We recommend you take your time in reviewing the request process so that you have a … a. If you elect to use a 24-week period, you are eligible to apply for forgiveness as soon all the funds have been utilized loan forgiveness. All attachments must be sent in PDF format, sending one PDF will speed up the process. CARES Act . PPP LOAN FORGIVENESS APPLICATION FORM 3508EZ INSTRUCTIONS FOR BORROWERS. You can find the most up-to-date information here. Tracking and proving PPP funds were spent on eligible costs COMPONENT 1 PPP FUNDS ELIGIBLE COSTS Spend at least 60% of funds on payroll costs Spend remaining 40% of funds on approved expenses PPP borrowers must apply for loan forgiveness with the lender that processed the loan. PPP Loan Forgiveness Checklist Utilize Loan for Covered Expenses Us e proceeds during eithe r th 8- or 24-week covere d perio that applies to you loan. 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