How to Apply for Your PPP Loan application online & SBA loan requirements
What exactly is SBA.com?
SBA.com is a privately held and operated website with no government affiliation. We provide small company information and services.
Are you a trader, a small business owner, or perhaps a corporation CEO looking for a loan to help your firm? Then a PPP loan is ideal for you. Private lenders and credit unions make PPP loans, which are backed by the Small Business Administration. The primary purpose of the PPP loans is to motivate firms to keep people on the payroll and re-hire workers who lost income and salaries because of the epidemic. This loan can be used for a variety of things, including rent, utilities, mortgage interest, and wages. This platform lends you money as a small business owner or even as a worker, with a 5-year repayment period.
The Paycheck Protection Program, established by the CARES Act, is administered by the Small Business Administration with help from the Treasury Department. This program funds small firms to cover up to 8 weeks of payroll costs, including benefits. Funds can also pay mortgage, rent, and utility interest.
The Paycheck Protection Program prioritizes millions of Americans who work for small businesses by approving up to $659 billion in job retention and other expenses.
Individuals that are self-employed or independent contractors, as well as small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses listed in the Small Business Act, are eligible if they also meet program size standards.
The first PPP loan;
Your company must be in operation by February 12, 2021.
Your company is still open and operating.
You do not employ over 500 people.
If your company has multiple locations and branches, but only 500 employees per branch.
You must show a 25% or greater decrease in gross revenue.
PPP Loans with a Second Draw
You must have applied for your first PPP loan.
Your company was in operation before February 15, 2020.
The company is still in operation.
You do not have over 300 employees.
You have only 300 employees in your various business locations.
You can showcan show a 25% or larger reduction in gross income.
How to Fill Out a PPP Loan Application
This page is targeted at users who made a loan request through SBA.com® and are gathering and completing their PPP loan application through SBA.computing. ®’s This page is not designed for those who desire to apply through a different channel. SBA.com® is not a lender, and you are not required to apply for a loan through SBA.com® or its partner to access PPP funds.
Step 1: Log in to your PPP application.
When you make a PPP loan request on SBA.com®, you will be forwarded to your PPP application with our partner. You should be on this page if you just submitted your request. You will complete your application with our partner, and once it has been completed and submitted to a lender in our partner’s approved PPP lender marketplace, it will be finalized and sent to a lender in our partner’s approved PPP lender marketplace.
If you’ve already left the application portal, here’s how to get back to your application. You should have received an email from our partner containing your login information for the application portal. If you can’t find this email, you can still access your application site by resetting your password and logging in with the email address from your loan request. Your portal login information will be the same whether you access the partner’s portal through SBA.com® or through our partner. Once you’ve logged into the application portal, click ‘Edit Application’ to go through your existing information and fill in any gaps.
You must take additional steps from this point forward in order to finish your application with our partner and have it sent to a lender.
Step 2: Update or Confirm Existing Business Data
Make sure this section is filled out. Some sections to pay special attention to are listed below.
Confirm that the business address is correct, including the 5-digit zip code (it’s critical that it’s the 5-digit zip code and not the 9-digit zip code).
Business type: Double-check that you’ve chosen the correct business type. This impacts the documents you may be needed to submit.
Enter or check that you have supplied a valid 9-digit tax ID for your business. Check any mistakes and make sure the ID number is 9 digits long.
The loan amount requested is: The amount requested should be 2.5 times the average monthly payroll expenditures. It should not be zero dollars. Hundreds of millions of dollars should not be required. You can get aid from our PPP loan calculator.
Employee count: Ensure that the employee count is between 1 and 500. Sole proprietors and 1099 employees should enter 1. 0 is not an acceptable entry.
Step 3: Add New Business Information Requirements
You must fill out these new mandatory fields on the application’s “Business Information” page.
The commencement date of your business must be the same as the date on your Secretary of State file.
Industry: Begin typing your industry, then choose it from the list of alternatives that appears. If you don’t see your precise industry, choose the closest match. Without an industry, applications cannot be allowed by the SBA.
Step 4: Confirm or Enter Ownership
Confirm the applicant’s ownership proportion on the initial “Owner Information” page. The percentage of ownership must be larger than zero.
Step 5: Input or Confirm Additional Owner Information
Following that, enter or confirm any relevant information for additional owners (if any). You must include information for anyone who owns at least 20% of the company.
All fields on the “Additional Owner” page, including the date of birth, must be filled out. (On the “E-Sign” page, you will also be required to add the owner’s date of birth.)
Please keep in mind that you will require a color copy of each owner’s driver’s license, both front, and back. You will be prompted to upload the copies in the “Documents” section (which will appear next. We wanted to give you a head-up so you’re prepared).
Step 6: Confirm or Upload Documents
To ensure a complete PPP application, you must provide all essential documents or validate that everything previously supplied is correct and add any documents you’re missing on the “Upload Your Documents” page.
Please upload the following attachments if they haven’t already been added to your application:
All owners with a 20% or greater stake in the company must have a driver’s license: A color copy of the front and back of each owner’s valid driver’s license. Make certain that the driver’s license is not expired.
Acceptable Payroll Documents (listed in order of apparent favor by the SBA):
For enterprises seeking a PPP loan:
941 Quarterly Tax Returns (2019, 2020 Q1)
944 Annual Tax Returns (2019)
Payroll Register for the preceding year
Bank statements from the previous 12 months
Individuals that are 1099 Independent Contractors or self-employed and are seeking a PPP loan:
Schedule C 1099s on IRS Form 1040 (under which you were paid)
2019 income and expense statements
For all candidates
Bank statements for business accounts
Any other documentation that can prove your payroll expenses
Step 7: Monitor your email for any additional instructions from our partner or your lender.
Once your application has been validated and processed with our partner, it will be placed in their lender marketplace where a PPP lender might choose to accept it and give you a PPP loan. If your application is accepted by a lender, you will receive a confirmation email from the partner and/or your lender. To ensure that you can acquire your loan, read these emails carefully and follow all requirements.
If you are allowed, you will need to give a copy of the avoided check to your lender to show where the funds must be directed. You will also be required to sign a Note. Lenders have 10 days from approval to funding, although this is a changing target at the present, and the rules have been revised several times to allow flexibility to lenders who may require extra time to fund loans. If you wish, you may withdraw your request using the partner’s site.
SBA.com® is not a lender, and you are not required to apply for a loan through SBA.com® or its partner to access PPP funds.
Important: Once a lender accepts your application and you receive an email with a PLP number (preferred lending partner number), you are also in the loan system of the United States Small Business Administration, and the lender who accepted your application will be the only lender who can make you a PPP loan. You should not fully complete and certify your application with our partner if you want to keep your options open over which PPP lender to employ.