SBA guidelines have frankly left banks wondering which documents banks should require, when making Paycheck Protection Program loans. Banks, for their part, have been inconsistent in their own requirements and how loans are processed.
During the first instance of the PPP — for companies farsighted to apply early and fortunate enough to have a call back from the bank — banks have been calling to request additional materials.
For companies with regular employee payroll, do your best to have as many of these items available as possible:
Your Tax Form 940 or 943 (Agriculture) from 2019, if these were filed;
Your 2019 IRS Form 941 and state quarterly wage unemployment insurance tax reporting form, from each of the quarters;
Your 2019 Income Tax Return; this may be Form 1065 (including K-1s) for partnerships, Form 1120-S (including K-1s) for S-Corps, Form 1120 for C-Corps) or Form 990 for non-profits;
Your 2019 Payroll processor records including gross salaries and wages similar to those produced by acceptable payroll providers; acceptable providers typically include SAP, Paycom, ADP, Ceridian, Intuit INTU/Quickbooks, Paylocity, Workday WDAY, and Paychex PAYX;
Your 2020 Tax form 941 or Payroll processor records for the period between Feb 14-29, 2020;
Your documentation of any retirement or health insurance contributions.