White Crown Credit Union | Competitive Loan Rates in ...



Paycheck Protection Program (PPP) Loans – Initial Documentation Initial Application Documentation Requirements:Please include the following documentation when submitting your application: For Small Business: ______ Copies of payroll tax reports file with the IRS for 2019 This can include: IRS Form 941 – Employer’s Quarterly Federal Tax Return for each quarter in 2019; 2019 State Tax Filing records2019 Federal Tax Return_____ Corporate By-Laws, operating agreement(s) and/or other ownership documentation. _____ Proof that the business paid wages and salaries February 2020For Sole Proprietors, Independent Contractors, and Self-Employed Members: ______ A copy of Schedule C and Schedule SE from 2019 Tax Return, 2019 Income Statement, payroll processor records, payroll tax filings, or Form 1099-MISC(s) This can include: IRS Form 941 – Employer’s Quarterly Federal Tax Return for each quarter in 2019; 2019 State Tax Filing records2019 Federal Tax Return_____ Updated Business License or Date Business Established ____________________________________ Proof that the business paid wages and salaries February 2020Breakdown of Proceeds: Please provide the breakdown of the loan proceeds from this loan$_____________________Payroll Costs$_____________________Mortgage/Lease Payments$ _____________________Utilities$ _____________________Other ________________________________All documentation provided to White Crown Federal Credit Union will be reviewed and used to calculate the qualifying loan amount for each request.Paycheck Protection Program (PPP) Loans – Loan Forgiveness Documentation Loan Forgiveness Requirements: _____ Copies of payroll tax reports files with the IRS (including Forms 941, 940, state income unemployment tax filing reports) for the 8-week period following the loan origination date. _____ Copies of payroll reports for each pay period for the 8-week period following the loan origination date. Gross wages including PTO (which might include vacation, suck, and other PTO) should be reflected. _____ Documentation reflecting the health insurance premiums paid by the company under a group health plan including the owners of the company for the 8-week period following the loan origination date should be provided. Copies of the monthly invoices should suffice. _____ Copies of all lease agreements for real estate and tangible personal property should be presented along with progg of payment during the 8-week period following the loan origination date. _____Copies of cancelled checks, statements or other evidence of utilities paid during the “covered period” for the 8-week period following the loan origination date. **Each borrower will also be required to certify that the documentation provided is true and correct. It must also be certified that the amount for which forgiveness if being requested was used to make payments to retain employees, and make interest payments on covered mortgages, rent or lease payments, utility payments, or interest payments for other debut incurred on or before 2/15/2020 (EIDL loans included). ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download