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How do You Report Your SBA Funds Received

You can still report your SBA funds received if you are not able to file it using the year 2020. You can use the reports of the year 2019 as it has all the data that is required to apply for it and get the PPP loan.

Follow the process for SBA funds received

  1. For this, you have to download the application form
  2. Then, collect all the documents that are required for lenders and borrowers

For borrowers

  1. Payroll process verification documents
  2. Certification of both the employees lives in the U.S or not with their salaries
  3. Articles of the incorporation for all the entities who are borrowing
  4. The list of owners who hold at least 20% stake in your company and also provide their information like any identification proof provided by the government
  5. To start eligibility, payroll tax filings, payroll processor records; a form 1099-MISC if you are an independent business owner
  6. IRS form 940 and 941
  7. An operating agreement or by-laws for all entities
  8. Recent mortgage or statement of utility bills or rent
  9. Summary reports of payroll with the bank statements
  10. Trailing 12- months of your profit and loss statement
  11. Payroll benefits breakdown like retirement benefits, allowance of dismissal, vacation, healthcare group benefits, and more.

For lenders

  1. SBA Loan Application Form- Complete the loan application form with correct information
  2. Business Financial Statements- It has information about your ability to repay the loan. So, include the financial statements that are as follows:-
    1. Projected financial statements- It shows the income and finances of one year and then write the summary about how you can achieve the projection shown.
    2. Profit and loss statement- This statement is shown in the previous 180 days from the application submitted. Also, attach the last 3 years of schedules.
  3. Personal Background and the financial statement- For this, fill the Form 413 (Personal Financial Statement) and Form 912 (Statement of Personal History) as the part of this process
  4. Business History and Overview- Give the history in detail of your business with all the challenges you faced. Also, explain why your business needs the SBA loan and how does it help in your business
  5. Ownership and Affiliations- In contains the information of subsidiaries and affiliates with their names and addresses list. It also has the concerns that affiliate by the franchise, stock ownership, proposed merger, or other concerns that hold your controlling interests.
  6. The Income-tax returns- It includes your last 3 years of business and personal federal income tax returns according to your business principals
  7. Business License / Certificate- In this, show your original business license or the certificate for doing the business. Stamp the corporate seal on your loan application form of SBA if your business is a corporation
  8. The Loan application history- If have applied for any loans in the past then show that history to them
  9. Business Lease- If your business is on lease then provide the copy of it or the note from your landlord that mentioned the terms of the proposed lease in it
  10. Resumes- Must have the personal resume for all the principals
  11. For purchasing an existing business- The information that is required in this case are:-
    1. Previous 2 years of federal tax return of the business
    2. Price list with the schedule of furniture & fixtures, inventory, machinery and equipment
  • The current balance sheet with profit and loss statement of your business that you are going to purchase
  1. The proposed bill of sale that includes all the terms of business sale.
  1. Now all the information required is collected from the payroll

After collecting all the documents you have to get some information from the details of payroll or summary reports. This information is required for over 12 months. The information you want is:-

  1. Retirement funding plan- In this information, all the contributions done by the business to the employee retirement plans are included
  2. Gross Pay- It contains information related to the gross wages, family medical leave pay, vacation pay, and paid time off. The employees who make more than 100k a year get the payroll capped.
  3. Premiums of Health Insurance- It has information about premiums done for group health insurance and paid by the company.

Tax withholdings from the form 941

This form is for considering the first half of the year 2020 with the year 2019 for showing the state, local, and federal income tax of the last 12 months.

How to connect with

Above is the process for how do you report your SBA funds received and also includes the list of requirements that you need to fulfill for the loan. For more information related to the PPP loan, contact the QuickBooks Paycheck Protection Program number 1800-816-6849 which is a toll-free number. The team is here 24/7 hours to help you in resolving all your glitches. They provide you the best assistance whenever required. You can also reach the team by sending the email at or do a live chat with them.

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