COVID-19: PPP & EIDL Loan Information

required documentation

You are required to maintain copies of your documentation for a period of time following the date your PPP loan was 100% forgiven or the maturity date of your PPP loan. If your loan or forgiveness amount is audited by the SBA, you will be required to provide documentation supporting your loan amount and the calculation of your forgiveness amount.

The following table lists the number of years you should retain documents for specific forgiveness forms.

Retention Requirements
Form Payroll Non-Payroll
Form 3508S 4 Years 3 Years
Form 3508EZ 6 Years 6 Years
Form 3508 6 Years 6 Years
Employee Cash Compensation
Employer-Paid Benefits
  • Payment receipts, cancelled checks, invoices or statements to support employer insurance premiums.
Employer-Paid Retirement Contributions
  • Payment receipts, cancelled checks, invoices or statements to support employer retirement contributions.
Owner Replacement Compensation
  • Self-employed individual or sole individuals: IRS Form 1040 Schedule C
  • Farmers and ranchers: IRS Form 1040 Schedule F
  • Partnerships: IRS Form 1065 K-1
  • S-Corp and C-Corp owner-employees: Copies of IRS Form W-2 for year used to calculate the PPP loan amount.
  • C-Corp owner-employees: Documentation supporting the employer-paid benefits paid on behalf of the owner-employees (healthcare, group life, disability, vision, and dental premiums) for year used to calculate the PPP loan amount.
  • S-Corp and C-Corp owner-employees: Documentation supporting the employer-paid retirement contributions for year used to calculate the PPP loan amount.
Non-Payroll Documents

Documentation to support eligible costs for mortgage interest, rent payments, utilities, and covered operations costs, covered property damage costs, covered supplier costs, and covered worker protection costs:

  • Payment receipts, cancelled checks, or invoices paid or incurred during and one month following the Covered Period.
  • Payment receipts, cancelled checks, or invoices for one month following the Covered Period for rent payments, utilities and covered operations costs.
  • Payment receipts, cancelled checks, or invoices paid for utilities and rent payments for February 2020 to support that these agreements were in place on or before February 15, 2020.
  • Contracts or purchase orders for covered supplier costs.
  • Copies of rent agreements.
  • Copies of the lender amortization schedules to support mortgage interest.
Revenue Test for Second Draw Loans
  • Revenue Report that shows revenues for the selected calendar quarter in 2020 compared to the required quarter in 2019 OR
  • IRS Form 1040 Schedule C for 2020 and 2019.

Contact

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