PPP – How to Prepare for Application

PPP Loan Resources  || PPP Applicatin Form ||  PPP Loan Prep || PPP Links

For Economic Injury Disaster Loans (EIDL) – Click Here

SC SBDC State Resources || SC SBDC Upstate Resources

Keeping in mind that this bill is still fluid and being interpreted, here is what we know so far about the Paycheck Protection Program:

The SBA must issue its guidance on the program before we’ll be able to accept and process loan applications. Once the program is ready, you can reach out to your SBA lender to get started.

Here’s What You Can Do to Get a Head Start
Specific application requirements haven’t been determined yet for this program. Based on the intent of the loan and the assistance it seeks to provide, we recommend you start collecting the following documentation.

Needed to help you calculate the eligible loan amount:

  • Payroll reports for 2019 and 2020 year to date showing the following by employee and/or officers:
    • Gross wages
    • Paid time off
    • Paid vacation
    • Pay for family medical leave
    • State and local taxes (form 940, 941, or 944)
    • 1099’s for independent contractors (if applicable)
  • Completed 2019 tax return OR 2019 Profit and Loss Report and Balance Sheet
  • Documentation Showing:
    • Funds received in the form an Economic Injury loan since 1/31/20
    • Payments for group health care benefits including premiums paid in 2019 to 2020 year to date
    • Payment of any retirement benefits paid in 2019 and 2020 year to date

Needed for verification of forgiveness amount:

  • Quarterly IRS forms 940, 941, or 944 for the following dates:
    • March 31, 2019 and June 30, 2019
    • March 31, 2020 and June 30, 2020
  • Documentation in the form of canceled checks, payment receipts, and bank statements showing payment of the following items from 2/15/20 to 6/30/20:
    • Mortgage Interest
    • Rent payments
    • Utilities

Application Download – PDF