Business loans through the Paycheck Protection Program
Documentation required
- Paycheck Protection Program Borrower Application Form (completed and signed)
- Borrowers must submit such documentation necessary to support the loan amount requested:
- Driver's license
- Payroll processor records covering 12 months, or
- Payroll tax filings covering 12 months (e.g. IRS Form 941), or
- Form 1099-MISC (independent contractors only), or
- Income and expenses from a sole proprietorship, or
- For borrowers that do not have any such documentation, the borrower must provide other supporting documentation, such as bank records, sufficient to demonstrate the qualifying payroll amount, covering 12 months.
Body (Limited)
We've provided a link to the Interim final rule from the U.S. Treasury for more information to help you understand how to calculate your loan amount. We've also provided a few examples to help you as well.
SAMPLE borrower maximum loan amount calculations, not to exceed $10,000,000 as per the Paycheck Protection Program:
| Example 1 – No employees make more than $100,000 | Example 2 – Some employees make more than $100,000 | Example 3 – No employees make more than $100,000, outstanding EIDL loan of $10,000 |
|---|---|---|
| Annual payroll: $120,000 | Annual payroll: $1,500,000 Subtract compensation amounts in excess of an annual salary of $100,000: $1,200,000 |
Annual payroll: $120,000 |
| Average monthly payroll: $10,000 | Average monthly qualifying payroll: $100,000 | Average monthly payroll: $10,000 |
| Multiply by 2.5 = $25,000 | Multiply by 2.5 = $250,000 | Multiply by 2.5 = $25,000 Add EIDL loan of $10,000 = $35,000 |
| Maximum loan amount is $25,000 | Maximum loan amount is $250,000 | Maximum loan amount is $35,000 |