Loan Application Checklist for the Paycheck Protection Program

By Daniel R. Steinmeyer, MBA, CPA | April 2, 2020


Updated April 3, 2020

The updated SBA loan application instructions indicate payroll information should be based upon the 2019 calendar year.  We believe the documents listed below will be needed for the loan application process:

  • Payroll Reports – These should be available to download from your payroll provider’s website:
    • 2019 Quarterly Forms 941 or 2019 Annual Form 944
    • 2019 Form 940
    • When calculating average monthly payroll employees’ compensation is capped at $100,000 on an annualized basis. Please note, this means the compensation to be included for an employee can be limited without receiving over $100,000 in pay if they were not employed for the entire period.
    • 2019 Payroll Report with details for each employee which includes:
      • Gross wages for each employee, including officer’s if paid W-2 wages
      • Paid time off for each employee
      • Vacation pay for each employee
      • Family medical leave pay for each employee
      • State and local taxes assessed on an employee’s compensation
  • Documentation showing the total of all health insurance premiums paid by the company under a group health plan for 2019 including all employees and the company owners.
  • Document the sum of all retirement plan funding that was paid by the company during 2019:
    • Include all employees and the company owners
    • Include 401(k) plans, Simple IRA, and SEP IRA’s
    • Do not include salary deferrals made by employees or company owners

If you need assistance in gathering the loan application documentation, McClintock & Associates is available to assist you.  Please feel free to reach out for assistance.

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