For loan amounts of $150,000 or less, in most cases, you will not need to provide any documents to Citizens for us to submit the application to the SBA for approval; however, you must retain documentation to substantiate forgiveness.

For loan amounts above $150,000, here are some documentation tips to expedite processing of your forgiveness application:

1: If you use a payroll service, explore the availability of a PPP report that formats your data for the application process. This speeds up the process significantly.

2: On bank statements and other documents, circle and label the transactions that apply to the expenses you are claiming for forgiveness.

3: Submit proof of February 2020 payments for all non payroll expenses to show that the obligation (utility, loan, rent) was in place in February and not new.

4: Taking the 24 week covered period may help maximize your forgiveness amount. It gives you the ability to include almost 6 months of expenses if you need them to get to your full loan forgiveness amount.

5: Review income limitations for how much payroll you can claim for each employee and owner based upon the covered period you select. Reduce cash compensation amount you claim for individuals paid more than $100,000/year.