The Paycheck Protection Program (PPP) is supposed to be rolling out today, even if financial institution are currently asking for additional guidance.
Information sheet – PPP Borrower Information Fact Sheet
PPP Form – PPP Borrower Application Form updated
Payroll Schedule – Payroll Schedule
Note that the financial institutions are asking to prepare the following information based on the SBA website:
- 2019 IRS Quarterly 940, 941 or 944 payroll tax reports
- Last 12 months of Payroll Reports beginning with your last payroll date. These 12 months of Payroll Reports should include the following:
- Gross wages for each employee, including the officer(s) if paid W-2 wages
- Paid time off for each employee
- Vacation pay for each employee
- Family medical leave pay for each employee
- State and Local taxes assessed on the employee’s compensation for each employee
- 2019 1099s for any independent contractors that would otherwise be an employee of your business (excluding 1099s for services rendered).
- Documentation showing the total of all health insurance premiums paid by the Company Owner under a group health plan for all employees and owners.
- Document the sum of all retirement plan funding that was paid by the Company Owner (exclude monies that came from the employees paycheck contributions). This includes 401K plans, Simple IRA, and SEP IRAs.
From communications with the major payroll companies, they are expecting to release as soon as possible “a special payroll report to comply with the loans associated with COVID-19.”
Note that the application was updated last Friday and this blog has been updated to reflect the new application. Previous application Paycheck-Protection-Program-Application-3-30-2020-v3