Checklist
PPP Forgiveness Application Tutorial
We're currently only accepting round 1 forgiveness. If your loan originated in 2021, you'll be notified when it's time to apply.
Access the PPP forgiveness application here.
The following documentation will be required:
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.
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