Fillable Form 1.: Paycheck Protection Program (PPP) Loan Forgiveness

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Form 1.: Paycheck Protection Program (PPP) Loan Forgiveness

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Guidance
Paycheck Protection Program (PPP)
Loan Forgiveness Checklist
The first step in preparing your Loan Forgiveness Application, is to determine if you will
select the 8-week (56 days) Covered Period or the 24-week (168 days) Covered Period.
If you received your PPP funds on or after June 5, 2020, you are required to select the
24-week (168 days) Covered Period.
Did you know…
• PPP Flexibility Act introduced the option of selecting a 24-week (168 days) Covered
Period, which can offer you additional flexibility if you are seeking full loan forgiveness
• For many of the items that we’ll be reviewing, we’ll need to validate:
- Expenses were in place prior to February 15, 2020
- Costs were incurred during the Covered Period
- Proof that you made payments during the Covered Period
Your next step is to understand if you will use the simplified Loan Forgiveness Application
(SBA Form 3508S), the streamlined Loan Forgiveness Application (SBA Form 3508EZ), or the
standard Loan Forgiveness Application (SBA Form 3508):
Keep in mind, your SBA PPP loan number and Lender PPP loan number will be provided in M&T’s
online application.
Prefill and print the checklist below to assist with gathering the necessary information.
Keep in mind that…
• Documents will address the span of the Covered Period (or when the money is spent); as
such, several months of information are needed
• Additionally, all documentation must be uploaded into a PDF format (not password protected)
Note: Per SBA guidance, all gathered documentation must be kept for six (6) years
Recommended Steps to Prepare for PPP Loan Forgiveness
1.
2.
Application Type Instructions Application Reminders
Simplified Loan
Forgiveness
Click here SBA Form 3508S
You must meet certain criteria to
use this application
Streamlined
Loan Forgiveness
Click here SBA Form 3508EZ
You must meet certain criteria to
use this application
Standard
Loan Forgiveness
Click here SBA Form 3508
Before completing your application, fill-
out the Schedule A Worksheet, which is
located on pages 3-4
Note: Schedule A Worksheet does not
need to be provided to M&T Bank, please
retain a copy for your records
3.
Loan Forgiveness Document Checklist
Completion
Status
Guidance Supporting Information
Identify your start and end date for the Covered Period:
1. Your Covered Period begins on the date you received your PPP funds; enter
that date to the right
2. Next, identify the Covered Period that you believe you will need in order to
spend all your PPP funds on eligible expenses
3. Finally, based on the Coverage Period you selected, document your end date
Additional Information: Expenses must be incurred or paid within the
Covered Period.
Start Date:
8-weeks (56 days)
24-weeks (168 days)
End Date:
If you are using an Alternative Payroll Covered Period, what is your start date and
end date?
Additional Information: Borrowers with a biweekly (or more frequent) payroll
schedule may elect to calculate eligible payroll costs using the 8-week (56-day)
or 24-week (168 days) period that begins on the first day of their first pay period
following their PPP Loan Disbursement Date (the “Alternative Payroll Covered Peri-
od”). As a reminder, the Alternative Covered Period starts the first payroll following
disbursement of the loan through the 56 or 168 days (based on the Covered Period
selected).
Start Date:
End Date:
For administrative purposes, the SBA is collecting Employee counts at the time
of the PPP Loan Application and Loan Forgiveness Application.
Additional Information: This total may be different than the Full-Time
Equivalent (FTE) calculations.
# of Employees at time of PPP
Application:
# of Employees at time of Loan
Forgiveness Application:
Obtain Economic Injury Disaster Loan (EIDL) Advance amount and application
number (if applicable).
Additional Information: The EIDL Advance is a grant, not a loan. Advances are
up to $10,000 ($1,000 per employee up to $10,000). Advance amounts will be
deducted from your eligible Loan Forgiveness amount by the SBA.
Amount:
Application Number:
For the Covered Period, obtain proof of: Cash Compensation/Salary or Wages
Additional Information: Independent Contractors, Self-Employed Individuals
and Sole Proprietors can opt to use their 2019 tax documentation to
demonstrate their net profit
Bank statements as proof of payment;
and
Tax forms as proof of incurred costs
(reported or that will be reported); or
Third party payroll service provider
reports documenting the amount of
cash compensation paid to employees
For the Covered Period, obtain proof of: Employee Health Insurance
Contributions
Payment receipts; or
Canceled checks that specify employer
health insurance contributions; or
Account statements documenting the
amount of any employer contributions
to employee retirement
For the Covered Period, obtain proof of: Employer Retirement Contributions
Payment receipts; or
Canceled checks that specify employer
health insurance contributions; or
Account statements documenting the
amount of any employer contributions
to employee retirement
For the Covered Period, obtain proof of: State and Local Taxes Assessed
on Employee Compensation
Additional Information: Federal taxes are excluded (FICA taxes)
Bank statements as proof of payment;
and
Tax forms as proof of incurred costs
(reported or that will be reported); or
Third party payroll service provider
reports documenting the amount of
cash compensation paid to employees
GETTING STARTEDPAYROLL EXPENSES
Loan Forgiveness Document Checklist
Equal Housing Lender. ©2020 M&T Bank. Member FDIC. 48832 201120 VF
All loans are subject to approval under the SBA Paycheck Protection Program. Certain conditions and restrictions apply. This is for informational purposes only and for borrowers to seek professional advice for other questions.
Completion
Status
Guidance Supporting Information
For the Covered Period, obtain proof of: Full-Time Equivalent (FTE) Documentation
Additional Information:
• If you used the SBA Form 3508S, FTE documentation is NOT required
• If you are using SBA Form 3508, use the reference period dates noted
to the right
• Selected reference period must be displayed in the documentation
that is provided
• Documents may include third party payroll reports or payroll tax filings
(reported or that will be reported to the IRS)
Select ONE reference period, and provide
documentation that includes the selected
Covered Period:
Period 1: Average number of FTE employees
on payroll per week employed between
February 15, 2019 and June 30, 2019
Period 2: Average number of FTE employees
on payroll per week between January 1, 2020
and February 29, 2020
Period 3: In the case of a seasonal employer,
the average number of FTE employees on
payroll per week between February 15, 2019
and June 30, 2019; between January 1, 2020
and February 29, 2020; or any consecutive
12-week period between May 1, 2019 and
September 15, 2019
For the Covered Period, obtain proof of: Business Mortgage Obligation
Interest Expense
Additional Information: “Eligible expense” is the interest portion of
payment on a business mortgage obligation on real or personal property.
SBA has indicated that “real property” is real estate and “personal
property” is business equipment.
Copy of lender amortization schedule and
receipts; or
Canceled 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 (or month in
which borrower applies) verifying interest
amounts and eligible payments
For the Covered Period, obtain proof of: Business Lease Agreement and
Business Lease Payments
Additional Information: “Rental/Lease property” or “lease payments”
may include personal property, rent/leases on furniture, fixtures, tools,
vehicles, and machinery and equipment used for business purposes.
Documentation must verify the existence of the obligations/services prior
to February 15, 2020 and eligible payments from the Covered Period.
Executed copy of current lease agreement
with a start date prior to February 15, 2020,
proof of payment and receipts or canceled
checks verifying eligible payments from the
Covered Period; or
Lessor account statements from February
2020 for the Covered Period or the month
in which borrower applies through one
month after the end of such period
verifying eligible payments
For the Covered Period, obtain proof of: Business Utility Payments
Additional Information: This includes payments made for electricity, gas,
water, transportation, telephone or internet access for which service
began before February 15, 2020
Copy of utility invoice/statement for the
cycle February 2020 demonstrating
services were in place prior to
February 15, 2020; and
Statement paid during the Covered Period
or incurred during the Covered Period.
Additionally, through the month following
the coverage period; and
Proof of Payment, which includes payment
receipts, bank statements or canceled
checks
Optional: Demographic Information on Owners
Additional Information: As part of the application, the SBA is seeking to
collect veteran/gender/race/ethnicity data for program reporting
purposes only. Providing this information is optional.
Principal Name
Position
Veteran Status
PAYROLL EXPENSESNON-PAYROLL EXPENSES
Gender
Race
Ethnicity
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Form 1.: Paycheck Protection Program (PPP) Loan Forgiveness

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Completed 19 January 2021

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