The Paycheck Protection Program (PPP) included in the CARES Act is the biggest benefit for employers providing 100% forgivable loans to small businesses to use for payroll, rent or lease obligations, and utilities as long as you continue to employ your full staff.

The application process opened on April 3. You must apply through an existing SBA lender, FDIC-insured institution, credit union, or financial-technology lender that has signed up for the program.

Documentation
In addition to your completed application, your lender may require the following documents:

• Articles of incorporation for each borrowing entity

• By-laws or operating agreement for each borrowing entity

• Copies of each owner’s driver’s license

• Payroll expense verification documents (RS forms 940 and 941; Payroll summary report with corresponding bank statements; Breakdown of payroll benefits (vacation, allowance for dismissal, group healthcare benefits, retirement benefits, etc.); 1099s (if you are an independent contractor)

• Certification that all employees live within the United States. If any do not, provide a detailed list with corresponding salaries.

• Trailing twelve-month profit and loss statement (as of the date of application) for all applicants

• Most recent mortgage or rent statement

• Most recent utility bills