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Applying for the Paycheck Protection Program€¦ · 4 5 . P r o o f o f P a y r o l l F o r m 9 4...
Transcript of Applying for the Paycheck Protection Program€¦ · 4 5 . P r o o f o f P a y r o l l F o r m 9 4...
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Applying for thePaycheck Protection Program
Required Documents for:
Sole Proprietorship
Self-Employedwith Employees
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Sole Proprietorship / Self Employed with Employees
If you’re a Sole Proprietorship with employees or you’re self-employed with employees, you’ll need the following documentation when applying for this round of the SBA Paycheck Protection Program (PPP) through Cross River Bank’s automated application system.
Note: This application process works best if you are using a desktop computer (rather than a mobile device), using a Chrome web browser.
1. Driver’s License / Photo ID
2. Voided Check
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3. Form 1040 Schedule C
If line 31 is $0 or negative, you are ineligible to include this owner’s income in the PPP loan calculation
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4. Bank Statements Please provide a bank statement that covers 2/15/2020 as proof that the Applicant was in
business as of 2/15/2020. If available, bank statements that are downloaded from your bank’s website will work better than scanned versions.
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5. Proof of Payroll Form 940 *Applicable only if you have employees*
While it is preferable to provide a 940, you may provide four 941 quarterly forms instead. If you choose to provide 941’s instead of a 940, please make sure that they are four consecutive quarters covering your full calculation
period (2019 or 2020). Using 941’s may require a manual underwriting which can delay your application.
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