As a follow-up to my initial post on the Paycheck Protection Program (PPP), there has been a some speculation as to the specific documentation required to prove your eligibility and payroll numbers. Each lender may have some discretion as to exactly what they require, but here is what Bank of America has listed as required documentation to submit:
Organizations with employees who file Tax Form 940:
- Tax Form 940 from 2019
- Bank of America Paycheck Protection Program Loan Amount Template
- Bank of America Paycheck Protection Program Application Addendum
- Tax form 941 or Payroll processor records for the period including Feb 15, 2020
Documents for Sole Proprietors or Self Employed, who do not file Tax Form 940:
- 1040 Schedule C, if filed for 2019 OR
- Draft 1040 Schedule C for 2019 if not filed
- Bank of America Paycheck Protection Program Application Addendum
Documents for All Other Small Businesses:
- Form 1099-MISC for 2019, for services rendered as an independent contractor
- Bank of America Paycheck Protection Program Application Addendum
As far as I can tell, the BofA Application Addendum contains the same certifications and questions as the paper PPP application.
Hopefully, this will help you get your documents in order ahead of time so that you can get your applications approved more quickly.
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Any resources for those with B of A who have had accounts for many years but not a “business” account for applying to PPP?
I would personally use the locator in the previous PPP post and find a local credit union that you can submit an application and create a relationship with. You might also try the Kabbage link in the comments. BofA may open up things later on on 4/10 when it opens to contractors, but they are going to be pretty swamped.
https://www.mymoneyblog.com/paycheck-protection-program-ppp-loans.html
Hello Jonathan, thanks for that information. Do you know what can be used as a “Draft 1040 Schedule C” for sole proprietorships who have not filed 2019 taxes?