payment protection program

What do I need for my PPP application?

PPP Loan Program

What do I need for my PPP application?

Important Update

(Updated 4/24/20) On Thursday, April 23rd, the House approved $484 billion package to help small businesses. This includes $310 billion for additional Paycheck Protection loans. The SBA has yet to re-open the application process. We will continue to update this post as we learn more. READ MORE HERE

One of the most talked-about benefits of the coronavirus CARES Act is the Paycheck Protection Program also known as PPP. This program is intended to provide businesses with eight weeks of cash-flow for employers that keep their staff on payroll. We outlined what this program means for those that are self-employed here.

Now, we want to help break down how the PPP loans are calculated and the fastest way to obtain these numbers. It’s important to note that how you will record your salary will vary based on your business entity type.

How is the PPP loan calculated?

The Paycheck Protection Program loans are calculated using the average monthly cost of the salaries paid to you and your employees. As a business owner, your salary is defined by the way your business is taxed.

What is the fastest way to get these numbers?

The fastest way to get these numbers is to download a payroll report through your payroll provider – this is if you have employees and/or pay yourself a salary). To our knowledge, we have seen that certain payroll providers are now offering “PPP reports” that output all the details you need for your loan application. Consult with your current payroll provider to see if this is an option.

 If you are self-employed, the fastest way to get your net profit is by getting catch-up bookkeeping done for 2019, including January and February of this year. By receiving catch-up bookkeeping services, your bookkeeper will provide you with an annual income statement that includes your net profit. For businesses that do not currently have a bookkeeping service, set up a no-cost consultation with our team. We are happy to help. 

What is the fastest way to get these numbers?

The Xendoo team is here to help provide as much information as possible in regards to the Paycheck Protection Program and additional loan options available. If you’re a current customer and have questions that we can possibly help with, please contact our team at

If you need assistance getting your financials in order so you can apply for these relief efforts, please set up a no-cost consultation with our team to get started. We are here to help.

Last update  4 / 14 / 20

This post is intended to be used for informational purposes only and does not constitute as legal, business, or tax advice. Please consult your attorney, business advisor, or tax advisor with respect to matters referenced in our content. Xendoo assumes no liability for any actions taken in reliance upon the information contained herein.