Fillable Loan Forgiveness preparation checklist (Wells Fargo)

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Paycheck Protection Program
Loan Forgiveness Preparation Checklist
To help you prepare for forgiveness, we have designed this checklist so that you can easily see what documents you’ll
need to submit with your application.
All forgiveness applications for Wells Fargo Paycheck Protection Program (PPP) loans must be submitted using our
online application. Once the application is available, you can access it through Wells Fargo Business Online® or the
Commercial Electronic Office® (CEO®). Please do not attempt to submit the PPP loan forgiveness application
downloaded from the Small Business Administration (SBA) site.
For an explanation of important forgiveness terms and eligibility requirements, or to check for recent updates, visit
the SBA or the Wells Fargo Forgiveness Center & FAQs.
Before you start your online application:
Determine the form you plan to use. You should consider using Form 3508EZ if you meet the
eligibility conditions, otherwise you should use Form 3508.
Understand your covered period or alternative covered period, con!rm your documents correspond to the
applicable dates, and make sure you have spent your PPP funds on eligible costs. The covered period is 24-weeks
(168 days), unless you received your loan before June 5, 2020, then you can choose 8 weeks (56 days) or 24 weeks
(168 days).
Obtain all relevant including the number and dates of any FTE reductions and if and when they
were restored, as well as any salary reductions. Consider contacting your payroll service provider (if applicable)
to see if they have special forgiveness reports that will make completing the application easier.
Gather all of your supporting documents. Make sure the documents you intend to upload are not encrypted or
password protected; in an acceptable format (PDF, PNG, JPEG, TIFF, not Excel/XLS); and are smaller than 25 MB.
payroll information
When you start your online application:
Save your application frequently, so you don’t lose the information you have entered.
Once you start uploading documents, complete and submit your application within 30 days, to avoid having to
upload documents again.
Make sure you receive an onscreen con!rmation to con!rm each document has been successfully uploaded.
Review your application, verify documents have been uploaded, and con!rm the amount you’re requesting
before you submit your application.
The information contained in this checklist is based on laws, rules, regulations, and related guidance with
respect to the Paycheck Protection Program, including guidance issued by the U.S. Small Business
Administration (SBA) on August 11, 2020. We will periodically update this information, so please check the SBA
or the Wells Fargo Forgiveness Center & FAQs for updates. In the event of any discrepancies between the
information on this site and the SBA’s site, please follow o"cial SBA guidance.
© 2020 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. Page 1
Does your business qualify for a simpli!ed EZ forgiveness application?
The EZ form is a shorter application process that requires fewer calculations and less supporting documentation than
the standard form. Consider using Form 3508EZ if you meet at least one of the conditions below.
I am self-employed with no employees
You are a self-employed individual, independent contractor, or sole proprietor who had no employees at the time of
the PPP loan application and did not include any employee salaries in the computation of average monthly payroll in
the Borrower Application Form (SBA Form 2483).
Or
Salaries and the number of employees and hours were not reduced during the covered period
You did not reduce annual salary or hourly wages of any employee by more than 25 percent during the covered period
or the alternative payroll covered period compared to the period between January 1, 2020 and March 31, 2020 (for
purposes of this statement, “employees” means only those employees that did not receive, during any single period
during 2019, wages or salary at an annualized rate of pay in an amount more than $100,000);
And
You did not reduce the number of employees or the average paid hours of employees between January 1, 2020 and
the end of the covered period. (Ignore reductions that arose from an inability to rehire individuals who were
employees on February 15, 2020 if you were unable to hire similarly quali!ed employees for un!lled positions on or
before December 31, 2020. Also ignore reductions in an employee’s hours that you o"ered to restore and the
employee refused). See 85 FR 33004, 33007 (June 1, 2020) for more details.
Or
Salaries were not reduced and unable to return to same level of business activity during the covered period
You did not reduce annual salary or hourly wages of any employee by more than 25 percent during the covered period
or the alternative payroll covered period compared to the period between January 1, 2020 and March 31, 2020 (for
purposes of this statement, “employees” means only those employees that did not receive, during any single period
during 2019, wages or salary at an annualized rate of pay in an amount more than $100,000);
And
You were unable to operate during the covered period at the same level of business activity as before February 15,
2020, due to compliance with requirements established or guidance issued between March 1, 2020 and December
31, 2020 by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and
Prevention, or the Occupational Safety and Health Administration, related to the maintenance of standards of
sanitation, social distancing, or any other work or customer safety requirement related to COVID-19.
For further guidance, please refer to the SBA site.
© 2020 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. Page 2
Form 3508 EZ acceptable documents
Payroll
Third-party payroll service provider reports documenting the amount of cash compensation paid to
employees and taxes reported, if included. Please provide tax information detailed below, if not included in
third-party payroll service provider reports.
Or
Bank account statements and payroll tax forms (e.g. form 941) and state quarterly employee wage reporting
and unemployment insurance tax !lings reported, or that will be reported, to the relevant state.
And
Account statements, payment receipts, or cancelled checks documenting the amount of any employer
contributions to employee health insurance and retirement plans included in the forgiveness amount, unless
details are included in the third-party payroll service report (if applicable).
And
If using Form 3508EZ and you meet the conditions related to reduction of salaries, number of employees
and hours, you will need to document the average number of FTE employees on payroll employed on
January 1, 2020 and at the end of the covered period.
Note: If providing a self-prepared payroll report or schedule, please provide a consolidated payroll register with
summary !gures from all paycheck dates in the covered period. Reports must include company totals and clearly
list employer-paid state and local taxes.
Nonpayroll
Business mortgage interest payments:
Lender account statements from February 2020 and the months of the covered period through one month
after the end of the covered period verifying interest amounts and eligible payments.
Or
Copy of lender amortization schedule and receipts or cancelled checks verifying eligible payments from the
covered period.
Business rent or lease payments:
Lessor account statements from February 2020 and from the covered period through one month after the
end of the covered period verifying eligible payments.
Or
Copy of current lease agreement and receipts or cancelled checks verifying eligible payments from the
covered period.
Business utility payments:
Account statements or a summary page as long as it contains account owner and address, date of service,
and amount paid.
Or
Invoices from February 2020 and invoices paid during the covered period and receipts and cancelled checks.
© 2020 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. Page 3
Form 3508 acceptable documents
The following documents are the types of supporting documentation that you may need to submit with a PPP loan
forgiveness application.
Payroll
Third-party payroll service provider reports documenting the amount of cash compensation paid to
employees and taxes reported, if included. Please provide tax information detailed below, if not included in
third-party payroll service provider reports.
Or
Bank account statements and payroll tax forms (e.g. form 941) and state quarterly employee wage reporting
and unemployment insurance tax !lings reported, or that will be reported, to the relevant state.
And
Account statements, payment receipts, or cancelled checks documenting the amount of any employer
contributions to employee health insurance and retirement plans included in the forgiveness amount, unless
details are included in the third-party payroll service report (if applicable).
Note: If providing a self-prepared payroll report or schedule, please provide a consolidated payroll register with
summary !gures from all paycheck dates in the covered period. Reports must include company totals and clearly
list employer-paid state and local taxes.
FTE
FTE report showing average number of FTE employees per week during one of these periods:
•
February 15, 2019 to June 30, 2019; or
•
January 1, 2020 to February 29, 2020; or
•
For a seasonal employer, one of the periods above or any consecutive 12-week
period May 1, 2019 to September 15, 2019
Nonpayroll
Business mortgage interest payments:
Lender account statements from February 2020 and the months of the covered period through one month
after the end of the covered period verifying interest amounts and eligible payments.
Or
Copy of lender amortization schedule and receipts or cancelled checks verifying eligible payments from the
covered period.
Business rent or lease payments:
Lessor account statements from February 2020 and from the covered period through one month after the
end of the covered period verifying eligible payments.
Or
Copy of current lease agreement and receipts or cancelled checks verifying eligible payments from the
covered period.
Business utility payments:
Account statements or a summary page as long as it contains account owner and address, date of service,
and amount paid.
Or
Invoices from February 2020 and invoices paid during the covered period and receipts and cancelled checks.
© 2020 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. Page 4
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