- 12 -
|
OMB Control No.: 3245-0407
Paycheck Protection Program Expiration Date: 9/30/2021
Loan Forgiveness Application Form 3508 Revised January 19, 2021
Documents that Each Borrower Must Submit with its PPP Loan Forgiveness Application
PPP Loan Forgiveness Calculation Form
PPP Schedule A
Payroll: Documentation verifying the eligible cash compensation and non-cash benefit payments from the Covered Period consisting of
each of the following:
a. Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid
to employees.
b. Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the Covered
Period:
i. Payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941); and
ii. State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported,
or that will be reported, to the relevant state.
c. Payment receipts, cancelled checks, or account statements documenting the amount of any employer contributions to
employee group health, life, disability, vision or dental insurance and retirement plans that the Borrower included in the
forgiveness amount (PPP Schedule A, lines (6) and (7)).
FTE: Documentation showing (at the election of the Borrower):
a. the average number of FTE employees on payroll per week employed by the Borrower between February 15, 2019 and
June 30, 2019;
b. the average number of FTE employees on payroll per week employed by the Borrower between January 1, 2020 and
February 29, 2020; or
c. in the case of a seasonal employer, the average number of FTE employees on payroll per week employed by the Borrower
between February 15, 2019 and June 30, 2019; between January 1, 2020 and February 29, 2020; or any consecutive 12-week
period between February 15, 2019 and February 15, 2020.
The selected time period must be the same time period selected for purposes of completing PPP Schedule A, line 11. Documents
may include 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.
Documents submitted may cover periods longer than the specific time period.
Nonpayroll: For categories a-c, documentation verifying existence of the obligations/services prior to February 15, 2020 and, for
all categories, eligible payments from the Covered Period.
a. Business mortgage interest payments: Copy of lender amortization schedule and receipts or cancelled checks verifying
eligible payments from the Covered Period; or 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.
b. Business rent or lease payments: Copy of current lease agreement and receipts or cancelled checks verifying eligible
payments from the Covered Period; or lessor account statements from February 2020 and from the Covered Period through
one month after the end of the Covered Period verifying eligible payments.
c. 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.
d. Covered operations expenditures: Copy of invoices, orders, or purchase orders paid during the Covered Period and receipts,
cancelled checks, or account statements verifying those eligible payments.
e. 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.
f. Covered supplier costs: Copy of contracts, orders, or purchase orders in effect at any time before the Covered Period (except for
perishable goods), copy of invoices, orders, or purchase orders paid during the Covered Period and receipts, cancelled checks,
or account statements verifying those eligible payments.
g. 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.
Documents that Each Borrower Must Maintain but is Not Required to Submit
PPP Schedule A Worksheet or its equivalent and the following:
a. Documentation supporting the listing of each individual employee in PPP Schedule A Worksheet Table 1, including the
“Salary/Hourly Wage Reduction” calculation, if necessary.
b. Documentation supporting the listing of each individual employee in PPP Schedule A Worksheet Table 2; specifically, that
SBA Form 3508 (01/21)
Page 7
|