The SBA requires documents supporting payroll expenses, non-payroll expenses, and FTE counts. SVB has developed a Documentation Guide to help borrowers identify and gather the necessary documents and prepare for forgiveness.
A full list of the SBA documentation, submission and retention requirements can be found on the PPP Forgiveness Application (SBA Form 3508) instructions, the SBA Form 3508EZ application instructions, and the SBA Form 3508S application instructions. In addition, each form’s application instructions lists the documents that each borrower much maintain but is not required to submit. These documents may be requested if the SBA selects your application for a detailed review. If your loan amount was less than or equal to $150,000, you may qualify for the SBA Form 3508S Application. The 3508S application does not require supporting documents to be provided during the loan forgiveness process. Our Forgiveness Team will inform you in the case we need any documents prior to submitting your application to the SBA.
We encourage our clients to provide Silicon Valley Bank with Professional Employer Organization (PEO) or payroll service company reports to evidence these items. In many cases, these providers are creating specialized reports that correspond to a client’s covered period.