Revised February 23, 2021
U.S. Bank Public
PAYCHECK PROTECTION PROGRAM FORGIVENESS DOCUMENTATION: FORM 3508
Under current Small Business Administration (SBA) guidelines for the Paycheck Protection Program (PPP), you will be required to submit documentation supporting
your request for loan forgiveness (e.g., cancelled checks, account statements, payroll records) along with your completed application.
Required documentation
These documents must be uploaded into the U.S. Bank loan forgiveness portal as part of the forgiveness application. Please make note of the time periods required
for each set of documents.
• Many of these documents may not be available at the end of your covered period. For example, statements demonstrating utility payments made during
the covered period may not be available until the month after the covered period ends.
• You should use the same covered period length throughout the application and documentation.
• For many time periods, you may need to pull multiple months or pay periods to cover the entire time period. For example, if your covered period spans
mid-April through mid-June, you may need to pull documentation for April, May and June to cover the full period.
• In the case of time periods that start after the first day of the month, quarter or pay period, or end before the last day of the month, quarter or pay period,
your documentation may include the entire month, quarter or pay period.
Additional resources
This list reflects requirements for SBA Form 3508. For those using SBA Form 3508EZ, including sole proprietors and independent contractors, refer to our 3508EZ
forgiveness documentation reference guide.
For additional information, please refer to the SBA PPP website
. The table below reflects SBA guidance through January 19, 2021.
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Payroll cost Documents that may fulfill the requirement
Cash compensation in total and to individual
employees paid or incurred
Third-party payroll service provider report
Or if you do not provide a third-party payroll service provider report:
Bank account statements
AND any of the following federal tax documents:
IRS Form 941
IRS Form W-2 and IRS Form W-3 in place of IRS Form 941
IRS Form 943 or 944 in place of IRS Form 941
Self-employment income for self-employed
individuals, sole proprietors, independent
contractors. and partners
Tax information must correspond to the tax year that was used when applying for the PPP loan. Any of the
following federal tax documents, as applicable:
Form 1040 Schedule C
Form 1040 Schedule F
Form 1065 including K-1s
Non-cash benefit payments paid or incurred
to employees
Payments of state and local payroll taxes:
State and local quarterly business and individual wage reporting and unemployment insurance filings
Any of the following for health and retirement/defined benefit contributions:
Payment receipts
Cancelled checks
Account statements that reflect employer contributions/payment
Records from a retirement administrator to document employer retirement contributions
Records from a health insurance company or third-party administrator for a self-insured plan can
document employer health insurance contributions
Full-time equivalent (FTE) Documents that may fulfill the requirement
Average number of FTE employees on
payroll per week employed by the borrower
during the borrower selected pre-COVID
reference period
Any of the following federal tax documents, as applicable:
IRS Form 941
IRS Form W-2 and IRS Form W-3 in place of IRS Form 941
IRS Form 944 in place of IRS Form 941
AND State quarterly business and individual wage reporting and unemployment insurance tax filings
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Non-payroll costs Documents that may fulfill the requirement
Business mortgage interest paid or incurred
during the covered period
Mortgage lender account statements:
Statements that reflect payments paid to the lender during the covered period
Statement that reflects payment for interest incurred during the covered period and paid one month
after the covered period ends
Account statement from February 2020
Or other proof of payment and existence of obligation prior to February 15, 2020:
Cancelled checks or receipts for payments made to lenders during the covered period
Cancelled checks or receipts for eligible payments incurred during the covered period and paid one
month after the covered period ends
Amortization schedule
Business rent or lease paid or incurred
during the covered period
Rent/lease account statements:
Statements that reflect payments paid to the lessor during the covered period
Statement that reflects payment for rent/lease incurred during the covered period and paid one month
after the covered period ends
Account statement for February 2020
Or other proof of payment and existence of obligation prior to February 15, 2020:
Cancelled checks or receipts for payments made to lessor during the covered period
Cancelled checks or receipts for rent/lease incurred during the covered period and paid one month
after covered period ends
Rent/lease agreement and extensions
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Non-payroll costs Documents that may fulfill the requirement
Business utility expenses paid or incurred
during the covered period
Utility account statements:
Statements that reflect payments paid to the utility company during the covered period
Statement that reflects payment for utility incurred during the covered period and paid one month after
the covered period ends
Account statement from February 2020
Or other proof of payment and existence of obligation prior to February 15, 2020:
Cancelled checks or receipts for payments made to utility company during the covered period
Cancelled checks or receipts for utilities incurred during the covered period and paid to utility company
one month after covered period ends
Account statement from February 2020
Covered operations expenditures paid or
incurred during the covered period
Invoices, orders, or purchase orders paid during the covered period
Receipts, cancelled checks, or account statements verifying the payments
Covered property damage costs paid or
incurred during the covered period
Invoices, orders, or purchase orders paid during the covered period
Receipts, cancelled checks, or account statements verifying the payments
Documentation that the costs were related to property damage and vandalism or looting due to public
disturbances that occurred during 2020
Documentation that the costs were not covered by insurance or other compensation
Covered supplier costs paid or incurred
during the covered period
Contracts, orders, or purchase orders in effect at any time before the covered period (except for
perishable goods)
Invoices, orders, or purchase orders paid during the covered period
Receipts, cancelled checks, or account statements verifying the payments
Covered worker protection expenditures
paid or incurred during the covered period
Invoices, orders, or purchase orders paid during the covered period
Receipts, cancelled checks, or account statements verifying the payments
Documentation that the expenditures were used to comply with applicable COVID-19 guidance during
the covered period
Supporting documentation
In addition, each borrower is required to retain (but not deliver) a number of supporting documents as part of the loan forgiveness process for six years. Please refer to pages 7-8 (PDF pages 12-13) of the
Form 3508 Instructions for a listing of such documents.
Subject to credit approval and program guidelines. SBA loans are subject to SBA eligibility guidelines. Certain restrictions apply to refinancing options and are subject to program terms. Refinances of existing SBA loans are excluded. Financing
maximums and terms are determined by borrower qualifications and use of funds. U.S. Bank and its representatives do not provide tax advice. Consult an advisor regarding a particular financial situation. Credit products are offered by U.S. Bank
National Association. © U.S. Bank 2021
