Required Documentation for SBA PPP Loan Forgiveness

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PPP Loan Forgiveness Application (SBA Form 3508S)

You are not required to submit any documentation to Southside for SBA Form 3508S; however, the SBA requires that you retain documents in your records for a period of time.  Please reference the SBA Form 3508S forgiveness application for details.

 

"EZ" PPP Loan Forgiveness Application (SBA Form 3508EZ)

Payroll

Detail Summary Payroll Report
Summary by employee showing gross pay for the covered period. The report(s) should match the total cash compensation payroll field. (Adjustments may be necessary for employees making more than $100,000 annually.)

941 Tax Statement
Statement should overlap the covered period and can be either filed or intended to file

Bank Account Statements
Include any statements during the covered period for accounts where payroll is made

State Unemployment Filings*
Include if claiming state unemployment tax paid as a payroll cost

Employer Contributions for Health Insurance or Employee Retirement Plans*
Account statements from insurance or plan administrator verifying eligible payments and proof of payments for the covered period

Full Time Equivalent (FTE) Verification
This is only needed if you have selected the second box on the SBA Form 3508EZ checklist. Verification showing the average number of FTEs for the payroll period including January 1, 2020 and the last payroll period included in your forgiveness request is required.

Click here for more information and to view example calculations.

 

Non-Payroll

(Must be in existence on February 15, 2020 to qualify) 

RENT OR LEASE*
Copy of Lease or Rental Agreement
Legal Document

Canceled Checks or Bank Statements
Proof that rent payments were made during covered period



UTILITY BILLS*
Copy of Utility Bills
Must show amount invoiced

Canceled Checks or Bank Statements
Must provide statement/canceled checks for February 2020 and covered period showing that payment was made during covered period as well as the service was in existence during February 15, 2020.



BUSINESS MORTGAGE INTEREST*
Lender Amortization Schedule

Showing interest on note (only interest paid is forgivable)

Copy of Canceled Checks 
Proof that payment was made



OTHER COVERED EXPENDITURES
Covered operating expenses and other expenses as noted by the SBA here.


 

Standard PPP Loan Forgiveness Application (SBA Form 3508)

Payroll

Detail Summary Payroll Report
Summary by employee showing gross pay for the covered period.  The report(s) should match the total cash compensation payroll field. (Adjustments may be necessary for employees making more than $100,000 annually.)

941 Tax Statement
Statement for first quarter of 2020 and statement that overlaps the covered period (either filed or intended to file)

State Unemployment Filings*
Needed if claiming state unemployment tax paid as a payroll cost

Employer Contributions for Health Insurance or Employee Retirement Plans*
Account statements from insurance and plan administrator verifying eligible payments and proof of payments for the covered period

Full Time Equivalent (FTE) Verification
FTE report showing average number of FTE during one of these periods: February 15, 2019 to June 30, 2019; or January 1, 2020 to February 29, 2020; or For seasonal employer, select a period above or any consecutive 12 week period May 1, 2019 to September 15, 2019 (seasonal employers must use same time period in 2020)

Non-Payroll

(Must be in existence on February 15, 2020 to qualify) 

RENT OR LEASE*
Copy of Lease or Rental Agreement
Legal Document

Canceled Checks or Bank Statements
Proof that rent payments were made during the covered period



UTILITY BILLS*
Copy of Utility Bills
Must show amount invoiced

Canceled Checks or Bank Statements 
Must provide statement/canceled checks for February 2020 and the covered period showing that payment was made during covered period as well as the service was in existence during February 15, 2020



BUSINESS MORTGAGE INTEREST*
Lender Amortization Schedule

Showing interest on note (only interest paid is forgivable)

Copy of Canceled Checks 
Proof that payment was made



OTHER COVERED EXPENDITURES
Covered operating expenses and other expenses as noted by the SBA here.



 

* Documentation only required if used as part of forgiveness calculation

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