What You Need to Apply for PPP, Forms & Documents

Small businesses are often passion projects that started to turn a profit. There are endless tales of small businesses owners who can’t manage the books. If this resonates with you, you aren’t alone. During the first round of PPP many small business owners found themselves ineligible or unwilling because of the paperwork. You run a small business because you love your customers and the work you do. What we learned, maybe the hard way, is that we need to have our business records in order just in case of a global pandemic.

To be prepared to apply for the PPP loan this time, here is what you need:

– Photo IDs for all owners with 20% or more ownership of the business
– 2019 and 2020 Profit & Loss statements, showing revenue loss in 2020
– 2019 business tax returns
– If your business is a partnership you need to include the IRS Form 1065 and Schedule K-1
– Sole proprietors must include 1040 Schedule C
– Business Organizational Documents (ie articles of incorporation, by laws)
– Payroll Reports to include list of gross wages, paid time off and taxes assessed for all employees for all 12 months of 2020
– All 4 quarters of 2020 Employer IRS Documents
– Form 941, Employer’s Quarterly Federal Tax Return
– Form 944, Employer’s Annual Federal Tax Return
– Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return
– Form W-3, Transmittal of Wage and Tax Statements
– Statements showing Health Insurance and Retirement expenses

If these are simply a print out away, good job. For those of us who have to go searching, don’t beat yourself up about it. We’re in this together. Help is here!