top of page

Possible PPP Required Documentation to Apply for a PPP Loan in 2021

  • Facebook
  • Twitter
  • LinkedIn

Share this

Important Date

This current round of PPP funding extends through March 31, 2021, or until the funding is exhausted.

Details regarding PPP second round funding


A second wave of stimulus is on its way into the US economy and the Paycheck Protection Program for small businesses is on the forefront of this important legislation. On December 21, Congress passed a $900 billion Covid-19 relief bill and the president signed the bill into law on December 27.

A PPP loan is designed to provide a direct incentive for small businesses to keep their workers on the payroll. PPP loans are eligible for full or partial forgiveness if the money is used for qualifying costs including payroll, rent, mortgage interest, or utilities.

Under the renewed program, the list of expenses eligible for forgiveness has been expanded to include four new categories:

  • Costs for personal protective equipment and more that help a PPP loan recipient comply with federal and/or health and safety guidelines related to COVID-19

  • Software, cloud computing, human resources, and accounting needs

  • Any spending not covered by insurance that is related to property damage due to public disturbances that occurred during 2020.

  • Spending on supply costs essential to the business operations at the time the expense occurred. For instance, restaurants’ purchases of perishable goods can now qualify.

Who is eligible for a second PPP Loan


Learn more about the guidelines for small businesses as they stand to date:

  • Have 300 or fewer employees.

  • Have less than the revenue threshold specified in section 121.201 of Title 13, Code of Federal Regulations (sometimes as low as $1,000,000 but often quite a bit more) or a size that falls under the alternative size standard established under Section 632(a)(5), which is a tangible net worth of the applicant of not more than $15,000,000 or average net income for federal tax purposes of not more than $5,000,000 excluding carry-over losses.

  • Be a private and not public entity.

If your business falls into one of the “typically ineligible” categories, but the PPP laws or rules have already allowed you to get a first PPP loan, you may be eligible for a second PPP loan.

For a second PPP loan, the revenue drop needs to be at least 25% from the year before. The difference for new businesses is in the quarters they use to demonstrate the loss.

  • Except as provided below, had gross receipts during the first, second, third, or, only with respect to an application submitted on or after January 1, 2021, fourth quarter in 2020, that demonstrate not less than a 25 percent reduction from the gross receipts of the entity during the same quarter in 2019

  • If the entity was not in business during the first or second quarter of 2019, but was in business during the third and fourth quarter of 2019, had gross receipts during the first, second, or third quarter of 2020 that demonstrate not less than a 25 percent reduction from the gross receipts of the entity during the third or fourth quarter of 2019

Excluded categories include:

  • An entity organized for research or for engaging in advocacy in areas such as public policy or political strategy or that otherwise describes itself as a think tank in any public documents.

  • Any business concern or entity primarily engaged in political or lobbying activities.

  • Any entities affiliated with entities in the People’s Republic of China, the Special Administrative Region of Hong Kong, or that retains as a member of the board of directors a person who is a resident of the People’s Republic of China.

Documents to gather to prepare for a PPP application


Here is a list of documents for you to organize and digitize. As the final requirements have not been put into place by the SBA, this might not be a comprehensive list. Make sure to consult the SBA website for final guidelines.


When you apply for PPP funding through Talega Capital, our streamlined process can help you determine the documentation that is relevant to your business type and type of PPP application.


Payroll Documentation

In the Talega online application, you will be able to choose which payroll documents to use to help determine the PPP loan amount you're eligible for. There are 2 primary options:


One of the following valid and unexpired must be provided:

  • Driver’s License

  • State ID

  • Passport



Bank Account Information

Depending on the lender that funds your PPP loan, you might need to provide a voided business check that shows the routing and account number.


Payroll Calculations (Your Payroll Processor Can Help)

If you work with a payroll processor like ADP or Gusto, most have programs in place to help you calculate costs needed to apply for PPP funding.

Tax Returns

Depending on what type of documentation you choose for payroll, you may need to provide your 2019 or 2020 business tax return.

Additional Information

If you operate an affiliate owned business, additional documentation may be requested on a revenue drop potentially during 2019 and 2020. Additionally, a profit and loss statement on quarterly basis, yet to be confirmed by SBA, may be required only for loans that are greater than $150,000.

Next Steps


Let Talega Capital help you get ready for the new round of the Paycheck Protection Program (PPP) approved by Congress*. While the SBA prepares to accept applications, we’ve put together a Prep List to help you identify of the relevant documents for your PPP loan application. Download the Prep List and we’ll alert you when it’s time to begin your PPP loan application with us. As the final requirements have not been put into place by the SBA, this might not be a comprehensive list. Make sure to consult the SBA website for final guidelines.

Talega Capital works with small business owners like you every day to help you apply for the funding you need. Since 2011, we’ve specialized in SBA (Small Business Administration) loans. The new round of the Paycheck Protection Program, to be administered by the SBA, provides continued financial support to help eligible small businesses keep their employees and stay open safely during the COVID-19 pandemic.




*The availability of PPP loans remains subject to SBA guidance and other factors, including the amount of funding available to banks and the quantity of eligible applicants considered on a first-come, first-served basis. The information provided above is for educational purposes only. Please consult the SBA’s website for actual rules and the most current guidance.

*We dont charge for this service.  Banks pay us for helping point you in the right direction!

Need assistance with your application? Please call our help line at 877-237-7703 or email

bottom of page