Checklist

If your loan amount is $150,000 or less and you would prefer to apply through the SBA directly for forgiveness, get started here.

Returning? Learn how to create a second draw application here.

Access the PPP forgiveness application here.

PPP Forgiveness - Loans Over $150,000

PPP Forgiveness - For Loans $150,000 & Under ()

The documentation listed below will be required to complete the application and all borrowers should retain copies for their records.

If your loan is for $150,000 or more, you will be prompted to upload the documents as you complete the application.

Independent contractors/Self-employed borrowers (no employees) will need:

• Tax ID used for the PPP loan
• Online banking login:
  • Automatically import expenses from an external bank account
• Loan amount & disbursement date
• A copy of the most recent Schedule C used to obtain the loan.
• Documents to show how the PPP funds were paid out (e.g. bank statements, canceled checks, payroll tax reports).

Business with employees will need:

• Tax ID used for the PPP loan
• Online banking login:
  • Automatically import expenses from an external bank account
• Loan amount & disbursement date
• Payroll report: Borrowers are required to provide evidence of cash compensation and hours worked by each employee for (a) the covered period (b) the reference period
  • A specific PPP Forgiveness report may be available from your payroll provider. If you have a payroll provider but they do not offer a PPP Forgiveness report, create a Payroll Report within the system showing all employees for the covered and reference period.
  • The portal contains instructions on how to find and export either the PPP Forgiveness Report or an appropriate Payroll Report from these payroll systems:
    • ADP - RUN; WorkforceNow; Comprehensive Services; TotalSource
    • Gusto
    • OnPay
    • Patriot
    • QuickBooks - Desktop Payroll; Online Payroll
    • Paychex - Flex; SurePayroll
    • Square Payroll
    • Wave Payroll
    • Xero
    • Zenefits
    • … and more coming soon!
  • If no payroll provider is used, there will be a template available within the application.
• If Healthcare Expenses were paid, include a document with a summary of those Payments during the Covered Period and proof of payment
• If Retirement Expenses were paid, include a document with a summary of those Payments during the Covered Period and proof of payment

Non-Payroll:

• The allowable expense categories for business properties are:
  • Mortgage interest
  • Rent or lease
  • Electricity
  • Water
  • Gas
  • Phone
  • Internet
• To include mortgage interest: provide a schedule from the lender showing the interest portion of the payments received and evidence that the payments were made (e.g. bank statements or canceled checks)
• For the remaining expenses, we will require a copy of the contract/account and evidence the payments were made.
• The contract/service must be in force as of Feb 15, 2020 Contracts/accounts created after this date will not count towards forgiveness.

Note: Currently, we are using the most recent guidance. We will update this webpage with any rule changes as soon as it is made available.

Most recent forgiveness FAQ from SBA:

https://home.treasury.gov/system/files/136/PPP--Loan-Forgiveness-FAQs.pdf

Resources:

https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program#section-header-8

Email us at Paycheckprotection@usffcu.org for questions.