PPP 7(a) Documents – Saturday, April 4, 2020 9:24PM

Word is coming from many of you regarding the documents required to submit a PPP application. They are all over the board ranging from detailed monthly payroll registers to Articles and Bylaws to tax returns to your first-born child. Some applications are requesting detailed costs for your expected use of the funds. There is little consistency, save one-Forms 941 for all of 2019 and possibly through first quarter 2020 will be required.  State unemployment forms are sometimes being requested as well. 

Whatever they ask, just play along. But don’t expect a quick answer. Many banks are simply gathering the applications and still need to submit them to SBA. Some banks have already temporarily suspended accepting applications because of overload. And there are still many questions about the process that remain unanswered.  But don’t fear. Things will fall into place in due time.