Paycheck Protection Program (PPP) Documentation Checklist
Get prepared for your PPP loan application

Use the following checklist to gather the documentation you need!

Preparing to apply for a Paycheck Protection Program loan is the key to a smooth and swift experience. The SmartBiz Loans team wants to help you get the funding you need! We’ve prepared this updated checklist for you and hope you find it helpful.

Apply for the latest round of PPP funding

CARES Act Report

A CARES Act Report is generated straight from your payroll provider, such as ADP or Gusto. This method allows your loan processing team to review your loan quicker. Visit the SmartBiz Learning Center to learn how your payroll processor can help. We recommended the CARES Act report as it will expedite your application.

Tax Documents for either 2019 or 2020

If you don’t have a CARES Act report, you may upload tax documents instead. Your required tax document will depend on your business's entity type. If you must submit Form 940/941, make sure they are from the same tax year as your other documents.

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Bank Account Information

You will need your account number and routing number. You can find this information on a bank statement, by logging into your bank’s website, or from one of your business checks.

Driver's License or Passport Number

Have your driver’s license or passport handy so you can enter either number on your loan application.

Frequently Asked Questions

What do Independent Contractors need to apply?

For this round of funding, the document requirements for independent contractors, sole proprietors and gig economy workers has been simplified. Have on hand:

  • 2019 or 2020 tax returns (Form 1040, Schedule C)
  • Income and expenses, bank records
  • Gross receipts from any calendar quarter in 2020 that show at least a 25% reduction in gross revenue from the same quarter in 2019 to qualify for a second draw PPP loan.
  • Proof of being in business in February 2020 (i.e. bank statement, invoice, etc.)

The SmartBiz PPP application does not require you to upload a driver’s license or passport, an EIN or SSN, or a voided check. However, please have your driver’s license or passport, and bank routing and account number handy so you can enter the numbers on your loan application.

How do I know if my business is eligible for a second PPP loan?

Previous PPP loan recipients with fewer than 300 employees may qualify if they have more than a 25% drop in revenue quarter over quarter from
the previous year. You will need to have used the full amount of funds from your first PPP loan before your second is disbursed.

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