Fillable Form 1.: Paycheck Protection Program (PPP) Loan Forgiveness (M&T Bank)

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Form 1.: Paycheck Protection Program (PPP) Loan Forgiveness (M&T Bank)

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Guidance
Paycheck Protection Program (PPP)
Loan Forgiveness Checklist
The first step in preparing your Loan Forgiveness Application is to determine your Covered
Period, which ends on a date selected by you that is at least 8 weeks following the date of
loan disbursement, and not more than 24 weeks after the date of loan disbursement.
Did you know…
• For many of the items that we’ll be reviewing, we’ll need to validate:
- Eligible non-payroll expenses were in place prior to February 15, 2020
- At least 60% of your requested loan forgiveness amount must come from payroll expenses
- If your payroll expenses cover your requested loan forgiveness amount, you may not be
required to submit non-payroll documentation
- Eligible costs include those incurred or paid during the Covered Period
Your next step is to understand if you will use the simplified Loan Forgiveness Application
(SBA Form 3508S), the streamlined Loan Forgiveness Application (SBA Form 3508EZ),
or the standard Loan Forgiveness Application (SBA Form 3508):
Keep in mind, your SBA PPP loan number and Lender PPP loan number will be provided in M&T’s
online application.
Recommended Steps to Prepare for PPP Loan Forgiveness
1.
2.
Application Type Instructions and Applications Reminders
Simplified Loan
Forgiveness
SBA Form 3508S
You must meet certain criteria to use
this application.
SBA Form 3508S requires fewer calculations
and less documentation for eligible borrowers
with loans of $150,000 or less. The Form does
not require borrowers to show the calculations
used to determine their loan forgiveness
amount. However, the SBA may request
information and documents as part of its loan
review or audit process.
Streamlined
Loan Forgiveness
SBA Form 3508EZ
SBA Form 3508EZ is for loans that do not qualify
for use of SBA Form 3508S. You must meet
certain criteria to use this application.
Standard
Loan Forgiveness
SBA Form 3508
If you do not qualify for use of SBA Form 3508S
or SBA Form 3508EZ, you must use SBA Form
3508. Before completing your application,
fill-out the Schedule A Worksheet, which
is located on page 4.
Note: While your Schedule A Worksheet does
not need to be provided to M&T Bank, please
retain a copy for your records.
Loan Forgiveness Document Checklist
Completion
Status
Guidance Supporting Information
q
Identify your start and end date for the Covered Period:
1. Your Covered Period begins on the date you received your PPP funds;
enter your start date
2. Based on the Covered Period you selected, document your end date
Additional Information: Expenses eligible for forgiveness are those that
incurred or paid over an 8 (56 days) to 24-week (168 days) period.
q
Start Date:
q
End Date:
q
For the Covered Period, obtain proof of: Cash Compensation/Salary or Wages
Additional Information: Independent Contractors, Self-Employed Individuals
and Sole Proprietors can opt to use 2019 tax documentation (or 2020 if your
loan was originated in 2021) to demonstrate net profit
q
Third party prepared payroll report
(a summary of eligible salaries/wages
from your payroll provider for the full
Covered Period is acceptable); or
q
Quarterly federal or state payroll tax
forms, and canceled checks or bank
statements that clearly identify dates
and amounts of eligible expenses
q
For the Covered Period, obtain proof of: Employer Health Insurance Contributions
q
Canceled checks or provider account
statements identifying employer
contributions
q
For the Covered Period, obtain proof of: Employer Retirement Contributions
q
Canceled checks or provider account
statements identifying employer
contributions
q
For the Covered Period, obtain proof of: State and Local Taxes Assessed on
Employee Compensation
Additional Information: Federal taxes are excluded (FICA taxes)
q
Quarterly state payroll tax forms,
and canceled checks or bank
statements that clearly identify dates
and amounts of eligible expenses
q
For the Covered Period, obtain proof of: Compensation to Owners
q
Third party payroll service provider
reports documenting the amount of cash
compensation paid to employees; or
q
Quarterly federal or state payroll tax
forms, and canceled checks or bank
statements that clearly identify dates
and amounts of eligible expenses; or
q
2019 (or 2020 if your PPP loan was
originated in 2021) IRS Form 1040,
Schedule C, IRS Form 1065 K-1 or
Schedule F, depending on your entity
type, and canceled checks or bank
statements clearly identifying dates
and amounts or eligible expenses.
GETTING
STARTED
PAYROLL EXPENSES
Please utilize the checklist below to assist with gathering the necessary information.
• Gather documents for expense types applicable to your application
• Documents address the span of the Covered Period (or when the money is spent); as such, several
months of information might be needed
• The business name found on supporting documents must be the same as the borrowing entity
• If you are using SBA Form 3508S, supporting documentation must be retained, however, it is not
required to be submitted
• All documentation must be uploaded as an image or PDF (not password protected)
3.
Completion
Status
Guidance Supporting Information
q
For the Covered Period, obtain proof of: Business Mortgage Obligation
Interest Expense
Additional Information: “Eligible expense” is the interest portion of
payment on a business mortgage obligation on real or personal property
SBA has indicated that “real property” is real estate and “personal
property” is business equipment
q
Copy of lender amortization schedule and
receipts; or
q
Canceled checks prior to February 15, 2020
and those verifying eligible payments from
the Covered Period; or
q
Lender account statements from February
15, 2020, the Covered Period, and the month
following the last payment included for
review (interest must be clearly identified;
principal payments are not eligible)
q
For the Covered Period, obtain proof of: Business Lease Payments
Additional Information: “Rental/Lease property” or “lease payments”
may include personal property, rent/leases on furniture, fixtures, tools,
vehicles, and machinery and equipment used for business purposes
Documentation must verify the existence of the obligations/services prior
to February 15, 2020 and eligible payments from the Covered Period
q
Executed copy of current lease agreement
with a start date prior to February 15, 2020,
including signed extension notices, and
canceled checks or bank statements that
clearly identify dates and amounts of
eligible expenses; or
q
Lessor account statements from February
15, 2020, the Covered Period, and the
month following the last payment included
for review
q
For the Covered Period, obtain proof of: Business Utility Payments
Additional Information: This includes payments made for electricity, gas,
water, transportation, telephone or internet access for which service
began before February 15, 2020
q
Copy of utility invoices/statements from
February 15, 2020 and those from
the Covered Period; and
q
Payment receipts, canceled checks or
bank statements that clearly identify
dates and amounts of eligible expenses
q
For the Covered Period, obtain proof of: Covered Operations Expenditures
Additional information: Payments for any business software or cloud
computing service that facilitates business operations, product or service
delivery, the processing, payment, or tracking of payroll expenses, human
resources, sales and billing functions, or accounting of tracking of supplies,
inventory, records, and expenses
q
Copies of invoices/orders; or
q
Purchase orders plus receipts; or
q
Canceled checks; or
q
Biller account statements
q
For the Covered Period, obtain proof of: Covered Property Damage Costs
Additional Information: Costs related to property damage and vandalism
or looting due to public disturbances that occurred during 2020 that were
not covered by insurance or other compensation
q
Copies of invoices, orders, or purchase
orders from the Covered Period; and
q
Receipts, canceled checks or bank
statements that clearly identify the dates
and amounts of eligible expenses; and
q
Documentation that the costs were related
to property damage and vandalism or
looting due to public disturbances that
occurred during 2020; and
q
Documentation that such costs were
not covered by insurance or other
compensation
NON-PAYROLL EXPENSES
Loan Forgiveness Document Checklist
Loan Forgiveness Document Checklist
Completion
Status
Guidance Supporting Information
q
For the Covered Period, obtain proof of: Covered Supplier Costs
Additional Information: Expenditures made to a supplier of goods for the
supply of goods that are essential to the operations of the borrower at the
time at which the expenditure is made, and made pursuant to a contract,
order, or purchase order in effect prior to the beginning of the Covered
Period (for perishable goods, the contract, order, or purchase order may
have been in effect before or at any time during the Covered Period)
q
Copies of contracts, orders, or purchase
orders in effect at any time before the
Covered Period (except for perishable
goods); and
q
Copy of invoices, orders or purchase orders
from the Covered Period; and
q
Receipts, canceled checks or bank
statements that clearly identify the dates
and amounts of eligible expenses
q
For the Covered Period, obtain proof of: Covered Worker
Protection Expenditures
Additional information: Operating or capital expenditures that facilitate
the adaptation of the business activities of an entity to comply with the
requirements established or guidance issued by the Department of Health
and Human Services, the Centers for Disease Control, or the Occupational
Safety and Health Administration, or any equivalent requirements
established or guidance issued by a State or local government, during the
period starting March 1, 2020 and ending on the date on which the national
emergency declared by the President with respect to the Coronavirus
Disease 2019 (COVID-19) expires related to maintenance standards for
sanitation, social distancing, or any other worker or customer safety
requirement related to COVID-19, but does not include residential real
property or intangible property
q
Copies of invoices, orders, or purchase
orders from the Covered Period; and
q
Receipts, canceled checks or bank
statements that clearly identify dates and
amounts of eligible expenses; and
q
Documentation that the expenditures
were used by the borrower to comply
with applicable COVID-19 guidance
during the Covered Period
q
For the Covered Period, obtain proof of: Full-Time Equivalent
(FTE) Documentation
Additional Information: If you are using SBA Form 3508 and the
“No Employee Reduction” or “Safe Harbor” boxes are not selected on the
application, use ONE of the reference period dates noted to the right.
• Selected reference period must be displayed in the documentation
that is provided
• Documentation may include an extended period, but may never be less
than the selected reference period
• Documents may include third party payroll reports, payroll tax filings
(reported or that will be reported to the IRS), or internally prepared
FTE reporting
Note: If you are using SBA Form 3508EZ, FTE documentation may still be
required
Select ONE reference period, and provide
documentation that includes the selected
reference period:
q
Period 1: Average number of FTE on
payroll per week employed between
February 15, 2019 and June 30, 2019
q
Period 2: Average number of FTE
on payroll per week between
January 1, 2020 and February 29, 2020
q
Period 3: In the case of seasonal
employers, any 12-week period between
February 15, 2019 and February 15, 2020
q
Optional: Demographic Information on Owners
Additional Information: As part of the application, the SBA is seeking to
collect veteran/gender/race/ethnicity data for program reporting
purposes only. Providing this information is optional.
q
Principal Name
q
Position
q
Veteran Status
NON-PAYROLL EXPENSES
q
Gender
q
Race
q
Ethnicity
When You’ll Hear From us After Applying for Loan Forgiveness
After you have gathered your documentation and submitted your loan forgiveness application, you can anticipate the following
e-mails from us:
• Once your submission is complete
• Once the review of your application is complete
including our decision
•
Once the SBA completes its review
• From CustomerCARES@mtb.com if any additional information
is needed
MISCELLANEOUS INFORMATION
Loan Forgiveness Document Checklist
E
qual Housing Lender. ©2021 M&T Bank. Member FDIC. 110703 210622
All loans are subject to approval under the SBA Paycheck Protection Program. Certain conditions and restrictions apply. This is for informational purposes only and for
borrowers to seek professional advice for other questions.
Second Draw Loans - Revenue Reduction Documentation: Before or at the time of application you must provide documentation
that you experienced minimally a 25% reduction in revenue. Below is the acceptable documentation, please submit ONE of the
following for the time periods you selected:
• Quarterly financial statements for the entity. If the financial statements are not audited, you must sign and date each
un-audited financial statement, attesting to their accuracy. If the financial statements do not specifically identify the line
item(s) that constitute gross receipts, you must annotate which line item(s) constitute gross receipts.
• Quarterly or monthly bank statements for the entity showing deposits from the relevant quarters. You must annotate,
if it is not clear, which deposits listed on the bank statement constitute gross receipts (e.g., payments for purchases of
goods and services) and which do not (e.g., capital infusions).
• Annual IRS income tax filings of the entity (required if using an annual reference period). If the entity has not yet filed a
tax return for 2020, you must fill out the return forms, compute the relevant gross receipts value and sign and date the
return, attesting that the values that enter into the gross receipts computation are the same values that will be filed on the
entity’s tax return.
Glossary:
• Expenses Incurred - An incurred expense is a cost that your business owes when receiving goods or services. Incurred
expenses typically refer to costs incurred that have not yet been paid.
• Expenses Paid - Paid expenses are incurred expenses that you have paid for. For example, the payment of a telephone
bill after it’s received. Please note that expenses paid prior to the start date of your Covered Period are not eligible for
loan forgiveness.
• Average FTE - This calculates the average full-time equivalency (FTE) during the reference period. For each employee,
enter the average number of hours paid per week, divide by 40, and round the total to the nearest tenth. The maximum
for each employee is capped at 1.0. A simplified method that assigns a 1.0 for employees who work 40 hours or more per
week and 0.5 for employees who work fewer hours may be used at the election of the Borrower
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Form 1.: Paycheck Protection Program (PPP) Loan Forgiveness (M&T Bank)

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Completed 6 August 2021

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