PPP Loan Forgiveness

As you prepare to apply for loan forgiveness, please begin gathering the following documents:

i. Bank statements or payroll reports documenting the amount of cash compensation paid to employees.

ii. Tax forms that overlap with the Covered Period or the Alternative Payroll Covered Period (payroll tax filings using IRS Form 941, and State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported).

iii. Payment receipts, cancelled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans. 

iv. Documentation showing:

• The average number of FTE’s on payroll per month between February 15, 2019 and June 30, 2019.
• The average number of FTE’s on payroll per month between January 1, 2020 and February 29, 2020; or
• If you are a seasonal employer, the average number of FTE’s on payroll per month between February 15, 2019 and June 30, 2019; between January 1, 2020 and February 29, 2020; or a consecutive twelve-week period between May 1 and September 15, 2019.

v. For business mortgage interest payments, a copy of your lender’s amortization schedule and receipts or cancelled checks verifying eligible payments from the Covered Period; or lender account statements from February 2020 and the months of the Covered Period through one month after the end of the Covered Period.

vi. For business rent or lease payments, a copy of your current lease agreement and receipts or cancelled checks verifying eligible payments from the Covered Period; or lessor account statements from February 2020 and the months of the Covered Period through one month after the end of the Covered Period.

vii. For business utility payments, a copy of invoices from February 2020 and those paid during the Covered Period and receipts, cancelled checks, or account statements verifying those eligible payments.

PPP Forgiveness Application

Paycheck Protection Program

For existing customers only

We will not be paying agents or third party fees

To expedite your application for the SBA PPP, please prepare the following items:

1. Completed PPP Application Form

FILL OUT APPLICATION

2. Standard BSA Information (Entity Documents, Driver’s License, & Certificate of Beneficial Ownership)

3. Verification that your business was in operation on February 15, 2020

• 2/29/2020 payroll report with detail for each individual employee

4. Verification that you had employees for whom you paid salaries and payroll taxes

• 2/29/2020 year to date payroll report with detail for each individual employee

5. Verification for the dollar amount of average monthly payroll costs

• 12/31/19 year to date payroll report with detail for each individual employee.  Must be sufficient to support average payroll cost calculation.  Applicants should use the FGB Max Loan Calculation worksheet to assist with calculations.
  

MAX LOAN CALCULATION WORKSHEET

You can view the available information at: https://home.treasury.gov/cares.  We are working diligently to prepare for this program and will continue to provide information as it becomes available.                   

Borrower Checklist

PPP Loan Forgiveness