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The deadline for filing for either your first or second PPP draw is March 31, 2021.

What You Need to Have, Know, and Provide to Claim Your PPP Loan

Business owners who still need to file for PPP will need the following forms:

  • A completed SBA PPP application (Form 2483, 2483C, 2483 SD, or 2483 SD-C). Remote Accounting Experts can help you with this step. Just sign up for a 1 hour PPP Filing Reinforcement session on our contact page.

  • For your first PPP draw: Your most recent 1040, Schedule C (either 2019 or 2020). The monthly income recorded on this form will determine the amount of PPP you will be able to claim. (This is determined by Gross income on Schedule C divided by 12)

  • Form 940 or four quarterly Form 941s if you are filing a draw for a business with employees other than yourself

  • For your second draw: You must have income or bank statements that show a 25% loss of income, in at least one quarter, when comparing 2019 to 2020.

You will also need to know:
 

  • Your business entity

  • Start date of business

  • The number of owners of your business

  • Your business contact information

You will need to provide or prove:
 

  • A copy of your driver’s license

  • A voided check

  • Proof of payroll

Several lenders are currently offering to process PPP loan requests for business owners. Please contact RAE for complementary filing support and to learn which lender may best suit your particular business and PPP draw type.

Hot PPP Tip: Once you receive your PPP loan, we recommend moving your PPP funds to another account, either personal or savings. From there, we advise that you transfer your “pay” over to your usual payroll direct deposit account every 2 weeks for the intended period of the loan, or 2.5 months to mimic your usual pay cycle. This is not required, but it may be helpful to PPP recipients for the purposes of managing their loan as they would normal payroll.

PPP Loan Forgiveness

As a PPP recipient, you can only file for loan forgiveness 60 days after the date on which the loan was deposited into your bank account. Once this date has passed, your lender of choice will send you access to the correct PPP loan forgiveness portal. You will be able to apply for forgiveness from there, as long as you do so within a 10 month period of the date on which your loan was received.

To receive PPP loan forgiveness, you will need to prove that:
 

  • At least 60% of your loan went to payroll.

  • Your employee and payroll levels did not change during the term of the loan.
     

This will require you to submit the following documents, in addition to the forgiveness forms provided to you by your lender:
 

  1. Bank statements or similar that document payroll compensation.
     

  2. Payroll tax forms and/or quarterly business or employee wage reporting statements for the payment term covered by the PPP loan.
     

  3. Payroll receipts, account statements, or canceled checks that will account for your employer contributions to employee retirement or insurance programs.
     

  4. Payment documentation related to business utilities, rent, or mortgage.