DOCUMENT CHECKLIST —
FOR 3508EZ
Sole Proprietorship, Independent Contractor and Self-employed Individuals:
Payroll (Bank account statements) showing amount used to cover payroll
Payments made to cover utilities and other eligible business expenses (IF PPP funds were not used 100% on the payroll)
Business mortgage interest payments (i. Copy of lender amortization schedule and receipts or cancelled checks verifying eligible payments from the Covered Period; OR ii. 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)
Business rent or lease payments (i. Copy of current lease agreement and receipts or cancelled checks verifying eligible payments from the Covered Period; OR ii. Lessor account statements from February 2020 and from the Covered Period through one month after the end of the Covered Period verifying eligible payments.
Business utility payments (i. Copy of invoices from February 2020 and those paid during the Covered Period and receipts, cancelled checks, OR ii. Account statements verifying those eligible payments)
Companies with W-2 Employees:
Bank statements or payroll reports documenting the amount of cash compensation paid to employees.
Payment receipts, cancelled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that the Borrower included in the forgiveness amount.
Tax forms for the periods that overlap with the Covered Period
i. Payroll tax filings reported - Form 941
ii. State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported
The average number of full-time equivalent employees on payroll employed by the Borrower on January 1, 2020 and at the end of the Covered Period.
Payments made to cover utilities and other eligible business expenses (if any):
Business mortgage interest payments (i. Copy of lender amortization schedule and receipts or cancelled checks verifying eligible payments from the Covered Period; OR ii. 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)
Business rent or lease payments (i. Copy of current lease agreement and receipts or cancelled checks verifying eligible payments from the Covered Period; OR ii. Lessor account statements from February 2020 and from the Covered Period through one month after the end of the Covered Period verifying eligible payments.
Business utility payments (i. Copy of invoices from February 2020 and those paid during the Covered Period and receipts, cancelled checks, OR ii. Account statements verifying those eligible payments)
DOCUMENTS TO KEEP BUT NOT REQUIRED TO SUBMIT AT THIS TIME —
Paperwork showing annual salaries or hourly wages were not reduced by more than 25 percent during the Covered Period or the Alternative Payroll Covered Period relative to the period between January 1, 2020 and March 31, 2020. This documentation must include payroll records that separately list each employee and show the amounts paid to each employee during the period between January 1, 2020 and March 31, 2020, and the amounts paid to each employee during the Covered Period or Alternative Payroll Covered Period.
Evidence of any employee job offers and refusals, refusals to accept restoration of reductions in hours, firings for cause, voluntary resignations, written requests by any employee for reductions in work schedule, and any inability to hire similarly qualified employees for unfilled positions on or before December 31, 2020.
Documentation showing the Borrower did not reduce the number of employees or the average paid hours of employees between January 1, 2020 and the end of the Covered Period (other than any reductions that arose from an inability to rehire individuals who were employees on February 15, 2020, if the Borrower was unable to hire similarly qualified employees for unfilled positions on or before December 31, 2020). This documentation must include payroll records that separately list each employee and show the amounts paid to each employee between January 1, 2020 and the end of the Covered Period.
Documentation showing that the Borrower was unable to operate between February 15, 2020 and the end of the Covered Period at the same level of business activity as before February 15, 2020 due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020 by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to the maintenance of standards of sanitation, social distancing, or any other work or customer safety requirement related to COVID-19. This documentation must include copies of the applicable requirements for each borrower location and relevant borrower financial records.
All records relating to the Borrower’s PPP loan, including documentation submitted with its PPP loan application, documentation supporting the Borrower’s certifications as to the necessity of the loan request and its eligibility for a PPP loan, documentation necessary to support the Borrower’s loan forgiveness application, and documentation demonstrating the Borrower’s material compliance with PPP requirements.
The Borrower must retain all such documentation in its files for six years after the date the loan is forgiven or repaid in full, and permit authorized representatives of SBA, including representatives of its Office of Inspector General, to access such files upon request.
Note, you will start the application here in a separate tab window. Do not download a form. Use our form within the Lexicon Bank portal. You can pause and return at any time via a link that will be sent to your email.