PPP Forgiveness

In order to streamline the Paycheck Protection Program (PPP) Forgiveness Application and make it as efficient as possible, we have provided some "best practices" below. Please read through these prior to submitting your forgiveness application. Only complete applications will be forwarded on to the SBA for consideration of forgiveness.  

Please see the below list of documents which will be helpful for your application process.  

Cash Payroll Compensation

Documents used to verify eligible cash payroll payments from the covered period or the alternative payroll covered period consist of the following:

  • Third-party payroll report, or
  • Form 941 reported or that will be reported, or
  • Internal payroll report of bank statement 

Non-Cash Payroll Compensation

Documents used to verify eligible non-cash payroll payments from the covered period or alternative payroll covered period consist of the following:

  • Unemployment insurance tax filings reported or that will be reported,
  • Account statements, and 
  • Payment receipts or cancelled check

Owner Compensation

Documents verifying the eligible cash compensation to an owner-employee, a self-employed individual, or general partner from the covered period or alternative payroll covered period consist of the following:

  • 2019 Tax Form 1040 Schedule C,
  • 2019 Tax Form 1040 Schedule F, and 
  • 2019 Tax Form 1065 Schedule K1 

If payments were made to more than one owner-employee/general partner, you must also provide a table with the name and amount paid to each. 

Business Mortgage Interest Payments

Documentation verifying the existence of the mortgage prior to 2/15/2020, eligible payments, paid or incurred, from your covered period and one month after your covered period ends consist of the following:

  • Lender account statements showing the amount owed and paid, or
  • Account statements showing the amount owed AND payment receipts or cancelled checks, or
  • Copy of entire rent or lease agreements AND payment receipts or cancelled checks

Business Rent or Lease Payments

Documentation verifying the existence of the rent or lease prior to 2/15/2020, eligible payments, paid or incurred, during your covered period and one month after your covered period ends consist of the following:

  • Account statements or invoices showing the amount owed and paid, or
  • Account statements showing the amount owed AND payment receipts or cancelled checks, or
  • Copy of entire rent or lease agreements AND payment receipts or cancelled checks. 

Business Utility Payments

Documentation verifying the existence of the utility prior to 2/15/2020, eligible payments, paid or incurred, during your covered period and one month after your covered period ends consist of the following: 

  • Account statements or invoices showing the amount owed and paid, or
  • Account statements showing the amount owed AND payment receipts or cancelled checks, or
  • Invoices showing the amount owed AND payment receipts or cancelled checks 
In addition, we encourage our PPP clients to remind our legislators that they need to urge their party leadership to move streamlined PPP loan forgiveness as standalone legislation either in the form of H.R. 7777 in the House or S.4117 in the Senate. If you have not yet done so, please contact your legislator and let them know.
 
To begin the PPP Forgiveness Application, please enter the portal below. 
 
 
If you have additional questions, please review the most recent FAQ from the SBA and Department of the Treasury below. 
 

As always, thank you for your business. Please contact us should you need anything: contact@lbtexas.com or 888-456-LAKE (5253). 

Thank you,

Paul R. Haney
President & CEO
Lakeside Bank