PPP Application checklist IRS Form 990 - Chase

PPP APPLICATION CHECKLIST

IRS FORM 990 or 990-EZ, NONPROFIT

Please review this checklist BEFORE you apply All applicants

Verify that this is the right PPP Application Checklist for your business by checking the top right corner of this page.

Make sure your TIN/EIN on your IRS forms and payroll documents are for the borrower on your PPP application. Make sure the business name on your IRS forms and payroll documents matches the borrower name on your PPP loan application. If it does not match, please include a written explanation. Choose whether to use 2019 or 2020 (2020 can be draft or filed) for your payroll calculations and prepare an electronic version (for example, a PDF) of any documents you are submitting to us for our review You must provide all documents used to calculate your average monthly payroll, including: ? 2019 or 2020 IRS Form 990, 990-EZ, W-2 or W-3, as applicable, or other documentation of any retirement or

group health, life, disability, vision, and dental contributions ? 2019 or 2020 IRS Form 941* (or equivalent third party payroll processor records)

o If your business uses a Professional Employer Organization (PEO), you can use the PEO information. If you do, you must provide a letter from your PEO that includes your (1) business name, (2) states they are the PEO for your business and (3) states the payroll period date as an alternative to a Schedule R (Form 941).

? If you plan to include unemployment insurance tax in your average monthly payroll calculation, provide all 4 quarterly forms that report your state wage unemployment insurance tax and match the dates of your payroll calculations (or equivalent third party payroll processor records). Note: You don't need to submit the quarterly state unemployment insurance forms if you are not including state unemployment insurance contributions in your payroll amount.

? A payroll statement or similar documentation from the pay period that covered February 15, 2020 to establish you were in operation and had employees on that date.

? See below for Seasonal and New Businesses.

*An applicant may provide IRS Form W-2s and IRS Form W-3s or third party payroll processor records, including quarterly and annual tax reports, in lieu of IRS Form 941s.

If you paid Form 1099 independent contractors, you cannot include them in your average monthly payroll calculation.

You must select a 6-digit NAICS code from the SBA's Table of Small Business Size Standards to use on your PPP application. The SBA will not accept your application if the code you provide is not on its table. If you are applying through us, we will only use this SBA NAICS code for your PPP application.

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IMPORTANT NOTE: This checklist is for general informational purposes only and may not be appropriate for every applicant. The information on this checklist is subject to change. For the most up to date program details visit and for program details.

PPP is a SBA program that JPMorgan Chase facilitates as an SBA lender. All loans are subject to other requirements and availability of funds under the SBA program.

EQUAL CREDIT OPPORTUNITY ACT NOTICE The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The Federal agency that administers compliance with this law concerning this creditor is the Bureau of Consumer Financial Protection, 1700 G Street NW, Washington, DC 20006.

JPMorgan Chase Bank, N.A. or any of its affiliates are not liable for decisions made or actions taken in reliance on any of the information covered in this checklist. Please consult with your personal tax, legal or accounting advisor. JPMorgan Chase Bank, N.A. Member FDIC Equal Opportunity Lender. ?2021 JPMorgan Chase & Co.

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PPP APPLICATION CHECKLIST

IRS FORM 990 or 990-EZ, NONPROFIT

All applicants

For Seasonal Businesses: If you were in business for any consecutive 12-week period between February 15, 2019 and February 15, 2020, you can select that 12-week period for your payroll calculation. Do not include more than 12 weeks. Please include a summary page stating you are a seasonal business along with the 12-week period you selected and make sure your documentation supports your payroll calculation.

First-time PPP loan applicants

For New Businesses: If your business was in operation on February 15, 2020, but was not in operation between February 15, 2019, and June 30, 2019, you have two options for calculating your average monthly payroll. You can choose to either: ? Follow the above instructions (utilizing 2020 information) and provide your supporting documents OR ? Use just the two months of January 2020 and February 2020. Submit a coversheet that (1) states you are a

new business and (2) states you used January 2020 and February 2020 for your calculation. Additionally, you must provide: o Payroll records from January and February 2020. o Your IRS Form 941* for the first quarter of 2020.

If your business uses a Professional Employer Organization (PEO), you can use the PEO information. If you do, you must provide a letter from your PEO that includes your (1) business name, (2) states they are the PEO for your business and (3) states the payroll period date as an alternative to a Schedule R (Form 941).

o Documentation of any employer retirement and group health, life, disability, vision, and dental insurance contributions from January and February 2020, if used as part of your calculation.

*An applicant may provide IRS Form W-2s and IRS Form W-3s or third party payroll processor records, including quarterly and annual tax reports, in lieu of IRS Form 941s.

Review How to Calculate First Draw PPP Loan Amounts (on ) to see how to calculate your average monthly payroll. Make sure you've capped each employee's annualized compensation at $100,000.

Continue to the next page

IMPORTANT NOTE: This checklist is for general informational purposes only and may not be appropriate for every applicant. The information on this checklist is subject to change. For the most up to date program details visit and for program details. PPP is a SBA program that JPMorgan Chase facilitates as an SBA lender. All loans are subject to other requirements and availability of funds under the SBA program. EQUAL CREDIT OPPORTUNITY ACT NOTICE The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The Federal agency that administers compliance with this law concerning this creditor is the Bureau of Consumer Financial Protection, 1700 G Street NW, Washington, DC 20006. JPMorgan Chase Bank, N.A. or any of its affiliates are not liable for decisions made or actions taken in reliance on any of the information covered in this checklist. Please consult with your personal tax, legal or accounting advisor. JPMorgan Chase Bank, N.A. Member FDIC Equal Opportunity Lender. ?2021 JPMorgan Chase & Co.

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PPP APPLICATION CHECKLIST

IRS FORM 990 or 990-EZ, NONPROFIT

First-time PPP loan applicants only

If you intend to use your new PPP loan to refinance an EIDL loan you received between January 31, 2020 and April 3, 2020, you must provide the following information about your EIDL Loan: ? Date loan received ? Loan number ? Principal amount ? Outstanding balance of your EIDL ? Amount of any separate EIDL advance received IMPORTANT: This is NOT an opportunity to apply for an EIDL.

Second-time PPP loan applicants only

2020 PPP Loan Number: We will pre-fill this if you received your first loan through Chase. If you received a 2020 PPP loan from another lending institution, you will need your PPP Loan Number to complete your application.

2020 PPP Loan Amount: We will pre-fill this if you received your first loan through Chase. If you received a 2020 PPP loan from another lending institution, you will need your PPP Loan Amount to complete your application.

For New Businesses: If your business was in operation on February 15, 2020, but was not in operation for the full one-year period preceding February 15, 2020, you will need to: ? Calculate average monthly payroll using information from when your business was first established in 2019 or

2020, through the end of calendar year 2020. ? Submit:

o A coversheet that (1) states you are a new business and (2) states the payroll period used in your calculation. o Your IRS Form 941s* and state quarterly wage unemployment insurance tax reporting forms for each

quarter your business was in operation and which you used to calculate your average monthly payroll (or equivalent third party payroll processor records). If your business uses a Professional Employer Organization (PEO), you can use the PEO information. If

you do, you must provide a letter from your PEO that includes your (1) business name, (2) states they are the PEO for your business and (3) states the payroll period date as an alternative to a Schedule R (Form 941). o Documentation of any employer retirement and group health, life, disability, vision, and dental insurance contributions, if used as part of your calculation. o A payroll statement or similar documentation from the pay period that covered February 15, 2020 establishing you were in operation and had employees on that date. *An applicant may provide IRS Form W-2s and IRS Form W-3s or third party payroll processor records, including quarterly and annual tax reports, in lieu of IRS Form 941s.

Continue to the next page

IMPORTANT NOTE: This checklist is for general informational purposes only and may not be appropriate for every applicant. The information on this checklist is subject to change. For the most up to date program details visit and for program details.

PPP is a SBA program that JPMorgan Chase facilitates as an SBA lender. All loans are subject to other requirements and availability of funds under the SBA program.

EQUAL CREDIT OPPORTUNITY ACT NOTICE The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The Federal agency that administers compliance with this law concerning this creditor is the Bureau of Consumer Financial Protection, 1700 G Street NW, Washington, DC 20006.

JPMorgan Chase Bank, N.A. or any of its affiliates are not liable for decisions made or actions taken in reliance on any of the information covered in this checklist. Please consult with your personal tax, legal or accounting advisor. JPMorgan Chase Bank, N.A. Member FDIC Equal Opportunity Lender. ?2021 JPMorgan Chase & Co.

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PPP APPLICATION CHECKLIST

IRS FORM 990 or 990-EZ, NONPROFIT

Second-time PPP loan applicants only

Review Second Draw PPP Loans: How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide (on ) Remember: When calculating your average monthly payroll, make sure you've capped each employee's annualized compensation at $100,000.

To demonstrate that your business experienced at least 25% reduction in gross receipts in 2020 compared to 2019, identify: ? the 2020 period (year or quarter) meeting the reduction requirement ? the same 2019 year or quarter ? the gross receipts amounts from each reference year or quarter

? If showing the reduction in gross receipts in any one quarter in 2020 compared to the same quarter in 2019, you must provide either: o Financial statements for the relevant quarters in both 2019 and 2020. If the financial statements are not audited by a certified public accountant: Sign and date the first page of those financial statements Initial or sign all remaining pages o Quarterly or monthly bank statements showing deposits from the relevant quarters in both 2019 and 2020 Clearly indicate which deposits on your bank statement are your gross receipts Create and provide a summary document that lists each of those deposits and add them up to show your total gross receipts. o If your business was not in operation for all of 2019, click here for further guidance.

? If showing the reduction in annual gross receipts for the full year 2020 compared to 2019: o Provide annual tax forms for 2019 and 2020 o Filed taxes should include an e-file receipt or filed stamp from the IRS o If your business has not yet filed a tax return for 2020: Fill out the return forms Calculate the relevant gross receipts Sign and date the first page attesting that the values that you have entered into the gross receipts calculations are the same that your business will use on its 2020 tax return.

Continue to the next page

IMPORTANT NOTE: This checklist is for general informational purposes only and may not be appropriate for every applicant. The information on this checklist is subject to change. For the most up to date program details visit and for program details. PPP is a SBA program that JPMorgan Chase facilitates as an SBA lender. All loans are subject to other requirements and availability of funds under the SBA program. EQUAL CREDIT OPPORTUNITY ACT NOTICE The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The Federal agency that administers compliance with this law concerning this creditor is the Bureau of Consumer Financial Protection, 1700 G Street NW, Washington, DC 20006. JPMorgan Chase Bank, N.A. or any of its affiliates are not liable for decisions made or actions taken in reliance on any of the information covered in this checklist. Please consult with your personal tax, legal or accounting advisor. JPMorgan Chase Bank, N.A. Member FDIC Equal Opportunity Lender. ?2021 JPMorgan Chase & Co.

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PPP APPLICATION CHECKLIST

IRS FORM 990 or 990-EZ, NONPROFIT

Second-time PPP loan applicants only

? For loan requests of $150,000 or less, you won't need to upload the documentation supporting the 25% revenue reduction when you apply. But you will need to retain and submit these documents for the SBA and if you request loan Forgiveness.

? For loan requests greater than $150,000, you must upload the documentation supporting the 25% revenue reduction when you apply.

Last step: Check your document formats before you apply

TIPS FOR UPLOADING DOCUMENTS

Please make sure documents:

? Are easy to read ? Have any password protections removed ? Have file names no longer than 40 characters

? Don't include special characters, such as *|"?/, in the

file name

Maximum file sizes:

? Per attachment: 5MB ? All attachments: 25MB

Acceptable file formats: ? JPG, PDF, XLSX and PNG (we do not accept

XLS)

You may find file size and image options under the advanced settings section of the software you are using.

IMPORTANT NOTE: This checklist is for general informational purposes only and may not be appropriate for every applicant. The information on this checklist is subject to change. For the most up to date program details visit and for program details.

PPP is a SBA program that JPMorgan Chase facilitates as an SBA lender. All loans are subject to other requirements and availability of funds under the SBA program.

EQUAL CREDIT OPPORTUNITY ACT NOTICE The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The Federal agency that administers compliance with this law concerning this creditor is the Bureau of Consumer Financial Protection, 1700 G Street NW, Washington, DC 20006.

JPMorgan Chase Bank, N.A. or any of its affiliates are not liable for decisions made or actions taken in reliance on any of the information covered in this checklist. Please consult with your personal tax, legal or accounting advisor. JPMorgan Chase Bank, N.A. Member FDIC Equal Opportunity Lender. ?2021 JPMorgan Chase & Co.

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