Paycheck Protection Program: Documents Needed to Apply

Paycheck Protection Program: What You Need to Apply

April 6, 2020|3 min read

By the team at Bluevine

Update: Paycheck Protection Program has ended

It was our honor to have supported more than 300,000 small businesses with COVID-19 relief loans to help them cover expenses, pay employees and get back on their feet.

For the best tips on running and scaling your growing business, check out the latest on our blog:

How to Generate New Streams of Revenue for Your Business

Young Black business owner in a denim shirt and glasses talking on his phone while sitting at his desk.

The Paycheck Protection Program (PPP) is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Initially, this was a $350-billion program providing small businesses with eight weeks of cash-flow assistance through federally guaranteed loans that functioned similarly to a non-taxable grant. In December 2020, the government passed a stimulus package committing an additional $284.5B to PPP.

Because the PPP is available through Mar 31, 2021, and funds are limited, you’ll want to gather the right documents for the loan application right away. Here’s a checklist of what’s required:

PPP Loan Application Checklist

General Business Information Needed

Basic information about you and your business
Average monthly payroll costs
Details of full-time employees and associated payroll costs
Details of all persons with 20% or greater ownership stakes

Required documents based on First and Second Draw

First Draw Documents	Second Draw Documents
Proof of payroll: You’ll need to submit payroll documents so we can determine your average monthly payroll costs. We recommend: Quarterly 941 forms, yearly 940 or 944 forms, 1120 form, 1120-S form, 1065 form, Schedule C, or payroll documentation with a corresponding letter from the payroll processor Bank statements: You will need to provide a bank statement that shows you were in operation on Feb 15, 2020.	Proof of payroll: You’ll need to submit payroll documents so we can determine your average monthly payroll costs. We recommend: Quarterly 941 forms, yearly 940 or 944 forms, 1120 form, 1120-S form, 1065 form, Schedule C, or payroll documentation with a corresponding letter from the payroll processor Bank statements: You’ll need to provide a bank statement that shows you were in operation on Feb 15, 2020. Loan note: If you received your First Draw PPP loan from a lender other than Bluevine, you’ll need to submit the loan note for your First Draw. Revenue drop: For loan amounts of $150,000 or more, you will need to provide documentation that shows gross receipts for the appropriate time period.

First Draw Documents

Second Draw Documents

Proof of payroll: You’ll need to submit payroll documents so we can determine your average monthly payroll costs. We recommend:
- Quarterly 941 forms, yearly 940 or 944 forms, 1120 form, 1120-S form, 1065 form, Schedule C, or payroll documentation with a corresponding letter from the payroll processor

Bank statements: You will need to provide a bank statement that shows you were in operation on Feb 15, 2020.

Proof of payroll: You’ll need to submit payroll documents so we can determine your average monthly payroll costs. We recommend:
- Quarterly 941 forms, yearly 940 or 944 forms, 1120 form, 1120-S form, 1065 form, Schedule C, or payroll documentation with a corresponding letter from the payroll processor
Bank statements: You’ll need to provide a bank statement that shows you were in operation on Feb 15, 2020.

Loan note: If you received your First Draw PPP loan from a lender other than Bluevine, you’ll need to submit the loan note for your First Draw.

Revenue drop: For loan amounts of $150,000 or more, you will need to provide documentation that shows gross receipts for the appropriate time period.

We understand this is a difficult time for everyone, and we’re committed to helping business owners with government emergency relief resources and clear steps.

Bluevine is an official direct non-bank lender for the government-backed SBA Paycheck Protection Program. Our entire PPP application process, including retrieving your loan number, is automated and online. Get started with a fast and secure online PPP loan application.

Small business checking, built for your needs

Unlimited transactions, live support, high interest rates, and no monthly fees. Open a Bluevine business checking account online today.

Learn more

Graphic of mobile phone with Bluevine Business Checking app open and Business Debit Card

Paycheck Protection Program: What You Need to Apply

Table of Contents

PPP Loan Application Checklist

General Business Information Needed

Required documents based on First and Second Draw

Related posts

More power to your
business.

Self-guided resources

Help center

Connect with us

Live chat Beta

Subscribe to our newsletter and stay up to date.

Paycheck Protection Program: What You Need to Apply

PPP Loan Application Checklist

General Business Information Needed

Required documents based on First and Second Draw

Related posts

More power to your business.

Self-guided resources

Help center

Connect with us

Live chat Beta

Subscribe to our newsletter and stay up to date.

More power to your
business.