Bank Statements for PPP & EIDL Documentation: The Challenge
PPP and EIDL loan recipients need bank statements to document eligible expenses, payroll costs, and fund usage for SBA forgiveness applications and ongoing compliance.
How BankScan AI Helps with PPP & EIDL Documentation
Convert bank statements to structured spreadsheets to document PPP-eligible expenses, track EIDL fund usage, and prepare forgiveness application supporting documents.
How It Works
Upload your bank statement PDF
Supports all major banks. 8-24 week covered period for PPP forgiveness; EIDL loan term (up to 30 years) with ongoing compliance documentation of fund usage of statements? No problem.
AI extracts every transaction
Our AI pulls out dates, descriptions, amounts, and balances — the Payroll costs (must be at least 60% of PPP funds), rent, uti you need.
Use for ppp & eidl documentation
Download a clean Excel or CSV file formatted for ppp & eidl documentation. Expenses categorized by PPP-eligible category (payroll, rent, utilities, etc.) with dates proving they fall within the covered period; FTE headcount evidence from payroll transactions
Supported Banks
BankScan AI works with all major UK and US banks, including:
Why BankScan AI for PPP & EIDL Documentation
- Built for PPP & EIDL Documentation — Convert bank statements to structured spreadsheets to document PPP-eligible expenses, track EIDL fund usage, and prepare forgiveness application supporting documents.
- Key data extracted — Payroll costs (must be at least 60% of PPP funds), rent, utilities, mortgage interest, covered operations expenditures, PPP fund receipt and disbursement dates
- Deadline ready — PPP forgiveness applications should be submitted within 10 months of the covered period end to avoid loan repayment starting; SBA OIG audits can occur years after forgiveness
Legal & Regulatory Context
Bank statements for ppp & eidl documentation are typically required under: CARES Act section 1106 (PPP forgiveness); Economic Aid Act (PPP Second Draw); SBA Interim Final Rules on PPP forgiveness (85 FR 33004)
- Typical timeframe: 8-24 week covered period for PPP forgiveness; EIDL loan term (up to 30 years) with ongoing compliance documentation of fund usage
- Required by: SBA and the PPP/EIDL servicing lender for forgiveness review; SBA Office of Inspector General for post-forgiveness audits
What Data You Need for PPP & EIDL Documentation
When preparing bank statements for ppp & eidl documentation, these are the key data points SBA and the PPP/EIDL servicing lender for forgiveness review; SBA Office of Inspector General for post-forgiveness audits look for:
- Payroll — Payroll costs (must be at least 60% of PPP funds)
- rent — rent
- utilities — utilities
- mortgage — mortgage interest
- covered — covered operations expenditures
Formatting Your Statements for PPP & EIDL Documentation
Getting bank statements right for ppp & eidl documentation requires attention to specific formatting requirements:
- Expenses categorized by PPP-eligible category (payroll, rent, utilities, etc.) with dates proving they fall within the covered period; FTE headcount evidence from payroll transactions
- Deadline pressure: PPP forgiveness applications should be submitted within 10 months of the covered period end to avoid loan repayment starting; SBA OIG audits can occur years after forgiveness
Prepare Statements for PPP & EIDL Documentation — Fast
PPP forgiveness applications should be submitted within 10 months of the covered period end to avoid loan repayment starting; SBA OIG audits can occur years after forgiveness
Convert for PPP & EIDL Documentation — Free