Requirements for Complete PPP Application Package

Select the appropriate entity type below to view a list of all required documentation. 

Sole Proprietor and 1099 Contractors

No Employees

  • Complete the application form found on our website here.
  • Provide a cover sheet or calculation showing how you arrived at your requested loan amount. Your banker must be able to verify the calculation of your loan amount before we can proceed. You can find an example of a calculator here
  • Payroll statement as of 2/15/2020
  • 2019 payroll statement
  • Schedule C or F of 2019 tax returns; regardless of whether or not 2019 returns have been filed, this is a requirement.
  • A copy of your 1099
  • A bank statement or invoice to show you were in operation on or around February 15, 2020
  • If you are including an Addendum A to your application, for affiliates, it must include the number of employees for each affiliate
  • If the entity applying for a PPP loan is not currently a customer of Choice Bank, you must also provide the documentation outlined here
  • Indicate your PPP loan preferred funding method by filling out this form

With Employees

  • Complete the application form found on our website here.
  • Provide a cover sheet or calculation showing how you arrived at your requested loan amount. Your banker must be able to verify the calculation of your loan amount before we can proceed. You can find an example of a calculator here
  • Payroll statement as of 2/15/2020
  • 2019 payroll statement
  • Schedule C or F of 2019 tax returns; regardless of whether or not 2019 returns have been filed, this is a requirement.
  • Provide a copy of your 1099
  • A bank statement or invoice to show you were in operation on or around February 15, 2020
  • IRS Form 941 or IRS Form 944 from each quarter of 2019
  • 2019 health insurance premium expense (if group health costs were included in your payroll calculations)
  • 2019 retirement plan expenses (if retirement plans were included in your payroll calculations
  • 2019 State quarterly Wage Reporting, for all quarters of 2019
  • If you are including an Addendum A to your application, for affiliates, it must include the number of employees for each affiliate
  • If the entity applying for a PPP loan is not currently a customer of Choice Bank, you must also provide the documentation outlined here
  • Indicate your PPP loan preferred funding method by filling out this form

Partnerships

No Employees

  • Complete the application form found on our website here.
  • Provide a cover sheet or calculation showing how you arrived at your requested loan amount. Your banker must be able to verify the calculation of your loan amount before we can proceed. You can find an example of a calculator here
  • Payroll statement as of 2/15/2020
  • 2019 payroll statement
  • 2019 tax returns + Schedule K1s (filed or unfiled)
  • If you are including an Addendum A to your application, for affiliates, it must include the number of employees for each affiliate
  • If the entity applying for a PPP loan is not currently a customer of Choice Bank, you must also provide the documentation outlined here
  • Indicate your PPP loan preferred funding method by filling out this form

With Employees

  • Complete the application form found on our website here.
  • Provide a cover sheet or calculation showing how you arrived at your requested loan amount. Your banker must be able to verify the calculation of your loan amount before we can proceed. You can find an example of a calculator here
  • Payroll statement as of 2/15/2020
  • 2019 payroll statement
  • 2019 tax returns + Schedule K1s (filed or unfiled)
  • 2019 health insurance premium expense (if group health costs were included in your payroll calculations)
  • 2019 retirement plan expenses (if retirement plans were included in your payroll calculations
  • If you are including an Addendum A to your application, for affiliates, it must include the number of employees for each affiliate.
  • IRS Form 941 (for year-end 2019)
  • IRS Form 944 (for year-end 2019)
  • 2019 State quarterly Wage Reporting, for all quarters of 2019
  • If you are including an Addendum A to your application, for affiliates, it must include the number of employees for each affiliate
  • If the entity applying for a PPP loan is not currently a customer of Choice Bank, you must also provide the documentation outlined here
  • Indicate your PPP loan preferred funding method by filling out this form

S and C Corporations

  • Complete the application form found on our website here.
  • Provide a cover sheet or calculation showing how you arrived at your requested loan amount. Your banker must be able to verify the calculation of your loan amount before we can proceed. You can find an example of a calculator here
  • Payroll statement as of 2/15/2020
  • 2019 payroll statement
  • IRS Form 941, 944 (for year-end 2019 and for Q1 2020, if applicable); if not available, you may also provide bank records, payroll records, general ledger records or other supporting documentation.
  • IRS Form 1120/1120S; regardless of whether or not 2019 returns have been filed, this is a requirement.
  • 2019 health insurance premium expense (if group health costs were included in your payroll calculations)
  • 2019 retirement plan expenses (if retirement plans were included in your payroll calculations
  • 2019 State quarterly Wage Reporting, for all quarters of 2019
  • If you are including an Addendum A to your application, for affiliates, it must include the number of employees for each affiliate
  • If the entity applying for a PPP loan is not currently a customer of Choice Bank, you must also provide the documentation outlined here
  • Indicate your PPP loan preferred funding method by filling out this form

LLCs

LLCs should follow the instructions that apply to their tax filing situation, for example, whether they file as a sole proprietor, a partnership or a corporation.

 

Sole Proprietors and 1099 Contractors    Partnerships     S and C Corporations     Non-Profits     Religious, Veteran and Tribal Businesses

 

 

Non-Profits

  • Complete the application form found on our website here.
  • Provide a cover sheet or calculation showing how you arrived at your requested loan amount. Your banker must be able to verify the calculation of your loan amount before we can proceed. You can find an example of a calculator here
  • Payroll statement as of 2/15/2020
  • 2019 payroll statement
  • IRS Form 941, 944 (for year-end 2019); if not available, you may also provide bank records, payroll records, general ledger records or other supporting documentation.
  • IRS tax returns Form 990
  • 2019 health insurance premium expense (if group health costs were included in your payroll calculations
  • 2019 retirement plan expenses (if retirement plans were included in your payroll calculations
  • 2019 State quarterly Wage Reporting, for all quarters of 2019
  • If you are including an Addendum A to your application, for affiliates, it must include the number of employees for each affiliate
  • If the entity applying for a PPP loan is not currently a customer of Choice Bank, you must also provide the documentation outlined here
  • Indicate your PPP loan preferred funding method by filling out this form

Religious, Veteran and Tribal Businesses

  • Complete the application form found on our website here.
  • Provide a cover sheet or calculation showing how you arrived at your requested loan amount. Your banker must be able to verify the calculation of your loan amount before we can proceed. You can find an example of a calculator here
  • Payroll statement as of 2/15/2020
  • 2019 payroll statement
  • IRS Form 941, 944 (for year-end 2019); if not available, you may also provide bank records, payroll records, general ledger records or other supporting documentation.
  • 2019 health insurance premium expense (if group health costs were included in your payroll calculations)
  • 2019 retirement plan expenses (if retirement plans were included in your payroll calculations
  • 2019 State quarterly Wage Reporting, for all quarters of 2019
  • If you are including an Addendum A to your application, for affiliates, it must include the number of employees for each affiliate
  • If the entity applying for a PPP loan is not currently a customer of Choice Bank, you must also provide the documentation outlined here
  • Indicate your PPP loan preferred funding method by filling out this form

 

PPP Loan Amount Calculator

You can use this example calculator to show how you have arrived at your requested loan amount. You may also use a calculation provided by your CPA.

Download Calculator

 

Additional Requirements for Entities Not Currently a Customer of Choice Bank

 

Confirmation of EIN and NAICS Code (the front page of your most recent tax return)

Beneficial Ownership Form, available here

Copy of the driver’s license for any proprietor, partner, officer, director or shareholder with 20% or more ownership in the applicant business entity

Corporate documents for applicant business:

Corporations

  • Articles of Incorporation (must contain date stamp from Secretary of State)
  • Bylaws (if applicable)

General, Limited or Limited Liability Partnerships

  • Copy of Limited Liability Partnership Agreement
  • Names and street addresses of all partners
  • Addresses of all partnership’s place(s) of business

Non-Profit Corporation

  • Executed Board Resolution defining who has authority to enter into a borrowing agreement with the bank

Member-managed LLC

  • Articles of Organization (must contain date stamp from Secretary of State)
  • LLC Operating Agreement
  • Board-managed LLC
  • Articles of Organization (must contain date stamp from Secretary of State)

LLC Operating Agreement

  • Board Resolution authorizing the proposed borrowing, and authorizing board governors to sign loan documents on behalf of the LLC

Non-Profit LLC

  • Board Resolution authorizing the proposed borrowing, and authorizing board governors to sign loan documents on behalf of the LLC