Required Data for PPP Loan Forgiveness

September 8, 2021

PPP loan forgiveness application forms are required to be completed and submitted to your lender. In order to do so you must spend some time accumulating information from your payroll database in order to complete fields within the application. Although these accumulations are not required to be submitted along with the applications, you are certifying with submission that all requirements of the application have been met. Some of these requirements are shown below:

  • Employee headcounts and compensation levels must be maintained
  • Proceeds from the PPP loans must be utilized for payroll cost and other eligible expenses
  • 60% of the proceeds must be spent directly on payroll costs

The applications and the completion requirements vary. For instance, if your loan amount was $150,000 or less you would be filing form 3508S. The majority of our readers, however, are most likely filing forms 3508EZ or form 3508 depending on whether the headcount was reduced by more than 25% within a specific time period.

Compiling this information in order to feel comfortable certifying that all of these requirements have been met has never been easier. It may seem daunting at first, but with the use of your existing technology you may already have the capability to export the data into Excel spreadsheets and pivot the information in ways that would easily provide what is needed. Additionally, it would allow you to maintain the information to provide at a later date if needed in order to proof the data provided.

This can be done by using software such as Sage 300 CRE, ODBC, and/or Office Connector and querying information directly into Excel.

The following questions can be answered as needed for your applications:

  • Active employees at the time of loan application
  • Active employees at the time of loan forgiveness application
  • % Increase/decrease in employee headcount
  • % Increase/decrease of compensation
  • Hours worked during covered period
  • FTE during covered period
  • Calculated comparison prior to covered period to covered period
  • Any additional information required or requested

If you have additional questions regarding compiling the required data for your PPP loan forgiveness applications, please reach out to our team.