How to Apply for a PPP Loan
How to Apply for a PPP Loan in 8 Steps. If you’re a small business owner, you may be wondering how to apply for a PPP loan.
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SBA Loan Application Portal
You may apply for a Paycheck Protection Program loan if you are a small business owner, self-employed, or a gig worker. The Paycheck Protection Program is a loan designed to help you keep your employees on the payroll during the COVID-19 pandemic.
Go to SBA.gov
The first step in applying for a PPP loan is to go to the SBA.gov website. Click on the “Apply Now” button and you will be directed to the application portal.
Find the PPP Loan Application Portal
The Paycheck Protection Program (PPP) loan application portal is now open.
The PPP loan application portal is for small businesses and sole proprietorships to apply for a first draw PPP loan.
The PPP loan application portal will be open until March 31, 2021.
If you are a small business owner or sole proprietor and you need help with your PPP loan application, you can contact the SBA at 1-800-659-2955 (the TTY number is 1-800-877-8339) or by email at [email protected].
Click on the “Apply Now” Button
Applying for an SBA loan has never been easier. You can now apply for a Paycheck Protection Program (PPP) loan directly through the SBA’s Loan Application Portal.
To get started, simply click on the “Apply Now” button on the homepage of the portal. You will then be prompted to create an account. Once you have created an account, you will be able to login and complete the application process.
The entire process can be completed online and you should receive a decision on your loan within 10 days. If you are approved, you will then be able to access the funds through your chosen lender.
Application Form
The PPP loan application form is available on the SBA website. You will need to provide your personal information, business information, and information about your loan. You will also need to upload your most recent tax return.
Personal Information
In order to apply for a Paycheck Protection Program (PPP) loan, you will need to provide the following personal information:
-Your name
-Your Social Security number
-Your date of birth
-Your mailing address
-Your email address
-Your phone number
You will also need to provide the following information about your business:
-The legal name of your business
-The doing business as (DBA) name of your business, if applicable
-The physical address of your business
-The type of business entity you operate (e.g., sole proprietorship, partnership, limited liability company, etc.)
-Your employer identification number (EIN) or social security number (SSN), if applicable
-The North American Industry Classification System code (NAICS) for your business
Business Information
In order to apply for a Paycheck Protection Program loan, you will need to provide the following information about your business:
-Your business name, address, and contact information
-The names of all owners and their percentage of ownership of the business
-The legal structure of your business ( sole proprietorship, partnership, limited liability company, etc.)
-The number of employees you have
-Your average monthly payroll costs over the past twelve months
Loan Information
PPP loans are available through participating lenders including banks, credit unions, and community development financial institutions. You can also apply for a PPP loan through the Small Business Administration (SBA) by completing and submitting an application form online.
To be eligible for a PPP loan, you must be a small business owner, an independent contractor, or a sole proprietor with a valid Social Security number. You must also have experienced economic hardship as a result of the coronavirus pandemic.
If you are applying for a PPP loan through the SBA, you will need to provide:
-Your business name and address
-Your employer identification number (EIN)
-Your business type (e.g., sole proprietorship, partnership, corporation)
-The number of employees or contractors you have
-Your gross annual revenue for 2019
Supporting Documentation
You will need to have the following documentation in order to apply for a PPP loan:
Documentation Needed for the Application Form
To complete the application form, you will need the following documentation:
-Your most recent tax return
-Your business license
-Your most recent bank statements
Additional Documentation That May Be Required
In addition to the required documentation, lenders may ask for additional documentation to help them process your loan. This may include:
-Payroll reports
-Tax filings
-Profit and loss statements
-Bank statements
-SBA Form 912 (Statement of Personal History)
-SBA Form 413 (Personal Financial Statement)
Submission
Applying for a Paycheck Protection Program (PPP) loan is a straightforward process that can be completed entirely online. The Small Business Administration (SBA) has an streamlined application process that takes about 10 minutes to complete. You will need to provide some basic personal and business information, as well as information about your intended use of the loan proceeds.
Submit the Application Form
The first step is to fill out and submit the application form. You can do this online or via mail. Be sure to include all required documents, such as:
-Your most recent tax return
-Your business license
-Articles of incorporation
-Proof of payment for any business debts
Submit Supporting Documentation
Applications for PPP loans will be accepted beginning on Friday, April 3. To apply for a PPP loan, you will need to submit the following information:
-Payroll documentation from the last 12 months
-Documentation verifying that you have been in business for at least 2 years
-Your most recent tax return
-Your most recent bank statement
Once you have gathered all of the required documentation, you can begin the online application process. The online application will take approximately 20 minutes to complete.
