Fillable PPP Loan Forgiveness Application Documentation (MidFirst Bank)

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PPP Loan Forgiveness Application Documentation (MidFirst Bank)

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PPP Loan Forgiveness Application Documentation
PAYROLL
Documentation verifying the eligible cash compensation and non-cash benefit payments from the Covered Period
consisting of each of the following:
Bank account statements or third-party payroll service provider reports documenting the amount of cash
compensation paid to employees.
Payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941 or equivalent third-party
payroll service provider reports) for the periods that overlap with the Covered Period.
State quarterly business and individual employee wage reporting and unemployment insurance tax filings
(or equivalent third-party payroll service provider reports) reported, or that will be reported, to the relevant state
for the periods that overlap with the Covered Period.
Health Benefits (Schedule A, Line 6): Payment receipts, cancelled checks, or account statements documenting
the amount of any employer contributions to employee group health, life, disability, vision or dental insurance
insurance that the Borrower included in the forgiveness amount.
Retirement Benefits (Schedule A, Line 7): Payment receipts, cancelled checks, or account statements documenting
the amount of any employer contributions to employee retirement plans that the Borrower included in the
forgiveness amount.
The documentation needed to verify eligible owner compensation replacement from the Covered Period is based on how
you file your taxes:
IRS Form 1040 Schedule C filers (sole proprietors) must provide the Schedule C that was used to calculate their
loan amount (typically, 2019 or 2020).
IRS Form 1040 Schedule F filers (farmer / rancher sole proprietors) must provide the Schedule 1 and Schedule F
that was used to calculate their loan amount (typically, 2019 or 2020).
IRS Form 1065 filers (partnerships) must provide the 1065 (include the schedule K-1’s) that was used to calculate
their loan amount (typically, 2019 or 2020) and documentation (third-party payroll provider reports, bank statements,
or cancelled checks) showing payment to partners in the Covered Period.
IRS Form 1120 / IRS Form 1120S filers (C-Corporations and S-Corporations) must provide documentation (third-party
payroll provider reports, bank statements, or cancelled checks) showing payments to owner-employees (individuals with
5% or more ownership) in the year used to calculate their loan amount (typically, 2019 or 2020) and the covered period.
FTE
Documentation showing the average number of FTE employees on payroll per week employed by the Borrower for one of the
following periods (at the election of the borrower
1
). Documents submitted may cover periods longer than the specific time period:
• February 15, 2019, through June 30, 2019
• January 1, 2020, through February 29, 2020
(
)
(
)
and
and
and
and
or
or
or
For Documents that each borrower must maintain but is not required to submit with the Forgiveness Application –
See SBA Payroll Protection Program Loan Forgiveness Application.
In the case of a seasonal employer,
• February 15, 2019, through June 30, 2019, or
• January 1, 2020, through February 29, 2020, or
• Any consecutive 12-week period between between February 15, 2019 and February 15, 2020
Payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941).
State quarterly business and individual employee wage reporting and unemployment insurance tax filings
reported, or that will be reported, to the relevant state.
Other documentation showing the average number of FTE employees on payroll per week employed by the
Borrower during the relevant period.
1
The selected time period must be the same time period selected for purposes of completing PPP Schedule A, line 11.
NON-PAYROLL
Documentation verifying eligible non-payroll payments from the Covered Period. In addition, documentation verifying existence of the
obligations/services prior to February 15, 2020 is required for business interest, rent / lease, and utility payments that are included in
the forgiveness calculation.
Business mortgage interest payments:
Copy of lender amortization schedule and receipts or cancelled checks verifying eligible payments from
the Covered Period.
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.
Business rent or lease payments:
Copy of current lease agreement and receipts or cancelled checks verifying eligible payments from
the Covered Period.
Lessor account statements from February 2020 and from the Covered Period through one month after the
end of the Covered Period verifying eligible payments.
Business utility payments:
Copy of invoices from February 2020 and those paid during the Covered Period and receipts, cancelled
checks, or account statements verifying those eligible payments.
Covered operations expenditures
2
:
Copy of invoices, orders, or purchase orders paid during the Covered Period and receipts, cancelled checks,
or account statements verifying those eligible payments.
Covered property damage costs:
Copy of invoices, orders, or purchase orders paid during the Covered Period and receipts, cancelled checks,
or account statements verifying those eligible payments, and documentation that the costs were related to
property damage and vandalism or looting due to public disturbances that occurred during 2020 and such
costs were not covered by insurance or other compensation.
(
)
(
)
or
or
or
or
For Documents that each borrower must maintain but is not required to submit with the Forgiveness Application –
See SBA Payroll Protection Program Loan Forgiveness Application.
Covered supplier costs:
Copy of contracts, orders, or purchase orders in effect at any time before the Covered Period (except for perishable
goods) and copy of invoices, orders, or purchase orders paid during the Covered Period and receipts, cancelled
checks, or account statements verifying those eligible payments.
Covered worker protection expenditures:
Copy of invoices, orders, or purchase orders paid during the Covered Period and receipts, cancelled checks, or account
statements verifying those eligible payments, and documentation that the expenditures were used by the Borrower to
comply with applicable COVID-19 guidance during the Covered Period.
2
Covered Operations Expenditures is defined as payments for any business software or cloud computing service that facilitates business operations, product or service delivery,
the processing, payment, or tracking of payroll expenses, human resources, sales and billing functions, or accounting of tracking of supplies, inventory, records, and expenses.
(
)
For Documents that each borrower must maintain but is not required to submit with the Forgiveness Application –
See SBA Payroll Protection Program Loan Forgiveness Application.
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PPP Loan Forgiveness Application Documentation (MidFirst Bank)

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Completed 6 August 2021

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