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Fountainhead PPP Round Two Checklist

ppp2checklist

About

As a national non-bank direct lender we specialize in helping small to midsize businesses finance their growth and create wealth through our SBA 504, SBA 7(a) and low LTV conventional loan programs.

“Ultimate Guide to The SBA 504 and 7(a)”

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PPP Round Two

For all 2nd Draw PPP Loan Requests

Under $150,000 PPP loans:

  • Entity Formation Documents, if applicable
  • Driver’s License (or passport) on all owners of 20% or more of the borrowing entity
  • 2019 or 2020 IRS Form 940/1120S (whichever year the borrower chooses to base their loan on)
  • Payroll summary report (or W2’s on all employees) for the corresponding year, which reflect all employee annual wages, taxes withheld, etc. (in order to comply with SBA’s guidelines to filter-out compensation above $100k for loan amount calculations)
  • Any other corresponding documentation that you wish to include in the loan amount calculation, such as receipts for employees’ health insurance paid by the company
  • Email Wire Info Document (download sample is on our portal)

Over $150,000 PPP loans:

  • Entity Formation Documents, if applicable
  • Driver’s License (or passport) on all owners of 20% or more of the borrowing entity
  • 2019 or 2020 IRS Form 940/1120S (whichever year the borrower chooses to base their loan on
  • IRS Form 941 (quarterly payroll tax forms) for all four quarters of 2019 and 2020 (Q4 as well, if available)
  • 2019 Business Tax Returns
  • Quarterly P&L Financial Statements for 2019 and 2020 OR just the comparative quarters showing at least a 25% revenue reduction (i.e. Q2 2019 vs. Q2 2020).  PLEASE sign the front page of these and initial each additional page.
    • If you have affiliate entities, you must also provide quarterly P&L Financial Statements for the same periods above for each entity. The SBA requires Lenders include the affiliates’ revenue in the reduction calculation
  • Payroll summary report (or W2’s) for the corresponding period, which reflect all employee annual wages, taxes withheld, etc. (in order to comply with SBA’s guidelines to filter-out compensation above $100k for loan amount calculations)
  • Any other corresponding documentation that you wish to include in the loan amount calculation, such as receipts for employees’ health insurance paid by the company
  • Wire Info Document (download sample is on our portal)

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