How to Submit Your PPP Loan Application
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If you’re a small business owner looking for information on how to submit your PPP loan application, you’ve come to the right place. In this blog post, we’ll walk you through the process step-by-step so you can get the funding you need to keep your business running during these difficult times.
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SBA Loan Application Portal
The government’s Paycheck Protection Program (PPP) offers low-interest loans to small businesses that have been impacted by the coronavirus pandemic. The loan can be used to cover payroll costs, rent, utilities, and other expenses. To apply for a PPP loan, you’ll need to fill out an application and submit it to the Small Business Administration (SBA).
Go to SBA.gov
The fastest and easiest way to submit your Paycheck Protection Program (PPP) loan application is through the SBA.gov website. You can submit your application online 24 hours a day, 7 days a week.
If you have questions about the PPP or need help with your application, you can also call the SBA’s Customer Service Center at 1-800-659-2955. The center is open Monday through Friday from 8:00 a.m. to 8:00 p.m. ET.
Once you have registered for an account, you will be able to log in and begin the application process. To begin, click on the “Apply for a Loan” button on the homepage.
Welcome to the SBA Loan Application Portal!
To get started, please select “7(a)” from the “Loan Type” drop-down menu. Once you have done so, you will be prompted to provide additional information about your business and the loan amount you are requesting.
Thank you for your interest in applying for an SBA loan!
To begin your PPP loan application, log in to the SBA Loan Application Portal. Once you are logged in, select “Paycheck Protection Program” from the “Loan Purpose” drop-down menu.
You will then be directed to the PPP loan application form. This form must be completed in its entirety before you can submit your loan application.
Please note that you will need to provide information about your business, such as your business name, address, and tax identification number. You will also need to provide information about your business’s payroll expenses for the 2019 calendar year.
Once you have submitted your PPP loan application, a Loan Officer will review your application and contact you to discuss your options.
Personal Information
Applicants must provide their legal name, physical address, email address, and telephone number. If the applicant is submitting the application on behalf of a business, they must also provide the business name and address, as well as the business telephone number.
Enter your legal name
Your legal name is the name that appears on your government-issued ID (usually a driver’s license or passport). If you have a DBA (“Doing Business As”) or other name for your business that you use for marketing and branding purposes, you will enter that information later in the application.
Enter your email address
You will need to enter your email address so the SBA can send you a confirmation email. The email address you enter will be your login to check the status of your application.
Enter your phone number
Your phone number is required so we can reach you if we have questions about your application. We will only contact you about your application and will never sell or give your information to anyone outside of the SBA.
Business Information
To apply for a Paycheck Protection Program (PPP) loan, you’ll need to gather some information about your business. This includes your business name, address, EIN, and contact information. You’ll also need to provide information about your business finances, such as your average monthly payroll expenses.
Enter your business name
Your business name is the legal name that you registered your business with. If you are a sole proprietor, enter your name as it appears on your Social Security card.
You will also need to provide your business’ EIN (Employer Identification Number). You can find this on last year’s tax return or by contacting the IRS.
Enter your business address
Be sure to have your business address handy. You will need to input the physical address of your business when you begin your application. If you have more than one location, you will need to fill out a separate application for each location.
Enter your business type
Sole Proprietorship
If you are a sole proprietor, you can apply for a PPP loan if you meet the eligibility criteria. You will submit information about your business and yourself as the owner, including tax information.
To apply, you will need:
-Your Social Security number
-Your driver’s license or state ID
-The EIN for your business, if you have one
-Your most recent tax return
-Your most recent financial statement
Enter your business size
The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
To be eligible, you must certify that your business employs 500 or fewer employees, or falls under the size standard associated with your industry as provided by the Small Business Administration’s table of size standards. You will also need to demonstrate that your business has been affected by the coronavirus pandemic.
Loan Amount
You will need to know how much money you need to borrow before you begin your application. The loan amount will be based on your average monthly payroll costs from the last 12 months. You can calculate this yourself or use the SBA PPP Loan Calculator. Be sure to include any additional funds you may need for expenses such as rent, mortgage, and utilities.
Enter the amount of money you are requesting
In the “Loan Amount” field, enter the total amount of money you are requesting from the PPP. This should be the amount of your PPP loan that you are requesting, which is equal to 2.5 times your average monthly payroll costs from the last 12 months.
Supporting Documentation
Upload your most recent tax return
To help speed up the processing of your loan, please upload your most recent tax return. You can find this document in your online banking portal or by contacting your accountant. If you have not yet filed your taxes for the current year, please upload your tax return from the previous year.
Upload your most recent business bank statement
To complete your PPP application, you’ll need to upload your most recent business bank statement.
Here’s how to find your bank statement:
1. Log in to your online banking account. If you don’t have online banking, you can usually find your bank statements by logging into your account on the bank’s website.
2. Look for the section labeled “Statements.” This is usually located near the top of the page, although the location will vary depending on your bank’s website layout.
3. Click on the link for your most recent statement. This will open a PDF of the statement in a new window or tab.
4. Save a copy of the PDF to your computer so that you can upload it when prompted during the PPP application process.
Upload your most recent personal bank statement
Upload your most recent personal bank statement. This can be a PDF of an online statement. If you don’t have a PDF of your statement, you can take a picture of it.
