What You Need to Know and How to Prepare to Apply For a First Draw PPP Loan

What You Need to Know and How to Prepare to Apply For a First Draw PPP Loan

If you are applying for a First Draw PPP loan, you will need to complete the PPP Loan Application through Firstrust’s Loan Portal. Firstrust will send you an invitation to apply when the Portal is open. We will not be taking paper applications.

Below is a list of documents that you should have ready to upload to the PPP Loan Application Portal when you are apply for your loan. There may be additional documentation required upon PPP application review. 

☐ A brief summary of your business along with NAICS code

☐ Depending on your business structure, the following formation documentation should be provided:

  • Corporation
    ◦ State stamped Articles of Incorporation
    ◦ The names of the Officers who will be signing the note
  • LLC
    ◦ State Stamped Certificate of Formation
    ◦ Executed Operating Agreement
    ◦ If on Operating Agreement, Approval for Letter in Lieu
    ◦ If any member or manager is an entity, we need their organizational 
  • General Partnership
    ◦ State Stamped Fictitious name filing if one was done – not required to register name in a general partnership
    ◦ Partnership agreement if one exists – general partnerships do not require one
  • Limited Partnership
    ◦ State Stamped Partnership Registration
    ◦ Partnership Agreement
    ◦ If general partner is an entity, include their organizational documents
  • Self-Employed/Independent Contractors
    ◦ Proof the company was in business as of February 15, 2020

☐ Front and back of drivers license for each owner

☐ Payroll Information 
For borrowers that do not have any such documentation, the borrower must provide other supporting documentation, such as bank records, sufficient to demonstrate the qualifying payroll amount.

  • 2019 or 2020 IRS Quarterly 940, 941 or 944 payroll tax reports
  • Payroll reports for all twelve-months. To determine maximum eligibility, provide as much detail as possible, such as:
    ◦ Gross wages for each employee, including officer(s) if paid W-2 wages
    ◦ Paid time off for each employee Vacation pay for each employee Family medical leave pay for each employee
    ◦ State and local taxes assessed on an employee’s compensation
    ◦ 2019 Documentation showing total of all health insurance premiums paid by the company owner(s) under a group health plan
    ◦ Include all employees and the company owners
    ◦ Document the sum of all retirement plan funding that was paid by the company owner(s)
    ◦ Do not include funding that came from employees out of their paycheck deferrals
    ◦ Include all employees and the company owners
    ◦ Include 401K plans, Simple IRA, SEP IRA’s
  • 2019 or 2020 IRS Form 1040 Schedule C for self-employed applicants
    ◦ 2019 or 2020 1099-misc, bank statements, or other documentation supporting annual income
  • For partnerships, you must supply 2019 or 2020 (whichever you used to calculate loan amount) IRS Form 1065 (including K-1s) and other relevant supporting documentation if the partnership has employees, including the 2019 or 2020 (whichever you used to calculate loan amount) IRS Form 941 and state quarterly wage unemployment insurance tax reporting form from each quarter (or equivalent payroll processor records or IRS Wage and Tax Statements) along with records of any retirement or health insurance contributions
  • If the partnership has employees, a payroll statement or similar documentation from the pay period that covered February 15, 2020 must be provided to establish the partnership was in operation and had employees on that date. If the partnership has no employees, an invoice, bank statement, or book of record establishing the partnership was in operation on February 15, 2020 must instead be provided

☐ If company has more than 2 owners, upload a page to the application that lists this information. 

  • The SBA requires each owner’s interest for application acceptance.

☐ Beneficial Ownership Form - View Here

Instructions on completing the form can be found here.

If you would like to preview the SBA application that you will be completing, you can visit the SBA website by clicking here.