Documentation Requirements

Subchapter S and C Corp

1. SBA Form 2483 (first-time borrowers) or 2483-SD (second-draw borrowers)
2. If second-draw loan is greater than $150,000, income statements and/or bank statements documenting 25% decrease in gross receipts
3. IRS Form 941 or other tax forms containing similar information
4. State Unemployment Tax Act (SUTA) reports
5. If a payroll provider was used, statement from payroll provider documenting wages
6. Evidence of employer-paid retirement and health contributions
7. Payroll statement or similar documentation from the pay period that covered February 15, 2020, to establish you were in operation

Partnerships

1. SBA Form 2483 (first-time borrowers) or Form 2483-SD (second-draw borrowers); 2019 or 2020 IRS Form 1065, including Schedule K-1
2. If second-draw loan is greater than $150,000, income statements and/or bank statement documenting 25% decrease in gross receipts
3. IRS Form 1065, including Schedule K-1
4. IRS Form 941 or other tax forms containing similar information
5. State Unemployment Tax Act (SUTA) reports
6. If a payroll provider was used, statement from payroll provider documenting wages
7. Evidence of employer-paid retirement and health contributions
8. If employees, payroll statement or similar documentation from the pay period that covers February 20, 2020
9. If no employees, an invoice, bank statement or book of record to establish business was in operation on February 15, 2020

1040 Filer With No Employees

1. SBA Form 2483 (first-time borrowers) or 2483-SD (second-draw borrowers)
2. If second-draw loan is greater than $150,000, income statements and/or bank statements documenting 25% decrease in gross receipts
3. IRS Schedule C or Schedule F – depending on type of business
4. Invoice, bank statement, book of record that covers period on or about February 15, 2020
5. IRS Form 1099-Misc evidencing nonemployee compensation (box 7)

1040 Filer With Employees

1. SBA Form 2483 (first-time borrowers) or 2483-SD (second-draw borrowers)
2. If second-draw loan is greater than $150,000, income statements and/or bank statement documenting 25% decrease in gross receipts
3. IRS Schedule C or Schedule F – depending on type of business
4. IRS Form 941 or other tax forms containing similar information
5. State Unemployment Tax Act (SUTA) reports
6. If payroll provider was used, statement from payroll provider documenting wages
7. Evidence of employer-paid retirement and health contributions
8. Payroll statement or similar documentation from pay period that covered February 15, 2020
9. IRS Form 1099-Misc evidencing nonemployee compensation (box 7)

Trustmark does not offer tax or legal advice, and the information on this page does not address all provisions of the CARES Act. Trustmark recommends that borrowers consult their tax advisors and/or legal counsel with questions about the PPP, CARES Act, and how the borrower’s specific financial situation may impact the borrower’s eligibility to qualify for forgiveness of a PPP loan.