PPP loan forgiveness (2024)

Provide documentation for all payroll periods that overlapped with the Covered Period:

• Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employees
• Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the Covered Period:
  • Payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941); and
  • State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state
• Payment receipts, canceled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that the borrower included in the forgiveness amount
• Do NOT include the following when calculating eligible payroll costs for loan forgiveness:
  • Qualified wages paid during April 1, 2020, through December 31, 2021, that are taken into account for purposes of claiming:
    • The Employee Retention Credit under section 2301 of the CARES Act, as amended by sections 206 and 207 of the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (additionalGuidance on the Employee Retention Credit under Section 2301 of the Coronavirus Aid, Relief, and Economic Security Act (PDF)andGuidance on the Employee Retention Credit under the CARES Act for the First and Second Calendar Quarters of 2021 (PDF) are both available from the IRS), and the Employee Retention Credit under section 3134 of the Internal Revenue Code of 1986, as enacted by the American Rescue Plan of 2021. (Note that reporting these qualified wages in the payroll costs entered on your loan forgiveness application will affect the amount of qualified wages that can be used to claim the employee retention credit.)

For expenses that were incurred or paid during the Covered Period and showing that obligations or services existed prior to February 15, 2020, for the first three listed obligations/services:

• Business mortgage interest payments: Copy of lender amortization schedule and receipts verifying payments, or lender account statements
• Business rent or lease payments: Copy of current lease agreement and receipts or canceled checks verifying eligible payments
• Business utility payments: Copies of invoices and receipts, canceled checks or account statements
• Covered operations expenditures:Copy of invoices, orders or purchase orders paid, and receipts, canceled checks or account statements verifying eligible payments
• Covered property damage costs:Copy of invoices, orders or purchase orders paid, and receipts, canceled checks or account statements verifying eligible payments, and verification that costs were related to uninsured property damage due to public disturbance vandalism or looting that occurred in 2020
• 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, and receipts, canceled checks, or account statements verifying eligible payments
• Covered worker protection expenditures: Copy of invoices, orders or purchase orders paid, and receipts, canceled checks or account statements verifying eligible payments, and verification that expenditures were used to comply with COVID-19 guidance