Congressional Bank

Paycheck Protection Application Checklist

Follow the guide to assemble the required documents to apply for a paycheck protection loan. These documents will be required for Congressional Bank to process a Paycheck Protection Program loan on behalf of a small business

Document List

SBA Paycheck Protection Application

  • Completed in its entirety, including initialing in all required areas. A business address must reflect a physical address, no P.O. Boxes

☐ Formation Documents, as applicable (choose as applicable to your business type):

  • Articles of Incorporation
  • Certificate of Incorporation
  • Charter
  • Partnership Agreement
  • Operating Agreement
  • Non-Profit Bylaws
  • 501(3)(c) Evidence
  • Trust Agreement
  • Certificate of Trust
  • Estate Agreement
  • Certificate of Formation

IF YOU ARE FILING AS AN INDIVIDUAL, THIS IS NOT REQUIRED

☐ Signed Beneficial Ownership Form (for all applicable parties)

  • MUST include driver’s license (or other primary ID) for all parties listed on this form

IF YOU ARE FILING AS AN INDIVIDUAL, THE BENEFICIAL OWNERSHIP FORM IS NOT REQUIRED. HOWEVER, YOU ARE REQUIRED TO PROVIDE A VALID DRIVER’S LICENCE OR PASSPORT.

☐ Supporting Documentation for Payroll

  • Calculation worksheet demonstrating calculation for requested loan amount, tying to supporting documents provided per below. The easier we can follow your calculation, the quicker your request will be processed.

For a Business or an Individual with Employees:

  • 2019 or 2020 annual payroll statement by employee that will provide the following information (where possible, preferably from payroll provider or payroll system). Many payroll providers have a specific PPP report available.
    • Salary, wages, commissions, or tips (not exceeding $100,000 annually for each employee)
    • Costs for vacation, parental, family, medical or sick leave
    • Costs for separation or dismissal of employees
    • State & local taxes assessed on employee compensation
  • IRS Forms 941 for all 4 quarters of the applicable year or IRS Form 944 (if applicable)
  • IRS Form 940 for applicable year
  • IRS Form 1040 Schedule C (if your business is a sole proprietorship)
  • Schedules K-1 for each Partner (if your business is an LLC or partnership and is claiming owner compensation as part of the loan amount)
  • Health insurance premiums for employees paid by the business owner under a group health plan (if applicable)
  • Retirement plan funding for employees paid for by business owner (if applicable)

For Individuals:

  • 1040 with Schedule C
  • 1099-MISC forms

☐ Payroll Document, Invoice or Bank Statement for Period Including February 15, 2020

  • Demonstrate that business was in operation and had employees as of February 15, 2020.