How To Start Your PPP Loan Application (2021) Immediately ?
This page is meant for users that submitted a loan request through SBA.com® and are using SBA.com®’s spouse to collect and finish their PPP loan application. This page isn’t designed for anyone that wants to apply through another source. SBA.com® isn’t a lender, and you don’t need to ask for a loan through SBA.com® or its partner to get PPP funds.
Step 1 – Access Your PPP Loan Application…
When you submit a PPP loan request on SBA.com®, you’re first redirected to a PPP program with your spouse. You will complete your program with your spouse. Once it’s all necessary information and documentation, it’ll be finalized and submitted to a lender in our spouse’s approved PPP lender marketplace.
In case you’ve left the program portal already, here is how you come back to your PPP Loan Application. You should have received an email from our spouse with your account details to get to the application portal. Your login information to the portal will be precisely the same if you’re logging into the spouse’s portal through SBA.com® or via our spouse. Once logged into the program portal, selected Program’ to review your current data and complete any missing requirements.
You have to take additional actions to complete your program with our partner and get it submitted to a creditor.
Step 2 – Add or Confirm Existing Business Information
Ensure everything in this segment is filled in. Following are a few sections to pay exclusive attention to.
Business address: Verify that the speech is proper, for instance, 5-digit zip code (it is significant that it is the 5-digit zip code rather than the 9-digit zip code).
Business type: Ensure you have chosen the correct company kind. That also impacts the files you might have to provide. Double-check for any typos and affirm the ID number is 9 liters. It shouldn’t be 0. It ought not to be countless millions of dollars. Sole proprietors and 1099 employees should input 1. 0 isn’t a legitimate entry.
Step 3: Insert New Requirements for Business Information
On precisely the same “Business Information” page of this program, you have to finish these new mandatory fields.
Industry: Start typing on your business, then pick it in the menu choices that appear. Suppose you do not see your specific business, select one which matches the nearest. The SBA can’t accept application with no company.
Step 4 . On the very first “Owner Information”
page, affirm the owner proportion of this applicant. The Ownership percentage has to be greater than 0.
Step 5: Input or Verify Additional Owner Info
Then add in or affirm all essential information for further owners (if any). You have to add info for any person with a 20 per cent share in the business enterprise.
All areas on the “Added Owner” page have to be finished, such as the arrival date. (You may also request to contain the date of arrival for the proprietor who’s applying on the”E-Sign” page)
Note: You may require a colour copy of every proprietor’s Driver’s License–both the back and front. You’ll be requested to upload the documents from the “Records” section (It is next. We wanted to provide you with a reasonable warning so that it’s on your radar).
Step 6. – Upload Your legal Documents And Confirm
you need to upload all essential files or affirm that everything previously uploaded is correct and add any files you are missing to guarantee a finished PPP Loan Application.
If you do not already have the following attachments included for your application, please upload them:
- Driver’s Permit for all owners with 20%share in the company: A colour copy of the front and rear of a valid Driver’s License for every proprietor. Be sure that you double-check the Driver’s Permit isn’t expired.
2.Acceptable Payroll Records (listed in order of their SBA’s seeming taste ):
- For businesses Purpose applying for a PPP Loan:
- 941 Quarterly Tax Filings (2019, 2020 Q1)
- 944 Annual Tax Filings (2019)
- Payroll Register for the previous 1 yrs.
- last 1 year most recent bank statements
- For 1099 Independent Contractors or self-employed or individuals apply for a PPP loan:
- IRS 1040 Schedule C
- 1099s (under which you were paid)
- Income and expense reports for 2019
- For all Loan Costumer’s
- Business (current account ) bank statements
- Any other legal document that can prove your payroll expenditures.
Step 7 – Check your email for next instruction from our partner or your lender
Once your program is certified and finalized together with our partner, the partner will put it in their lender market, where a PPP lender can decide to take your PPP Loan Application and provide you with a PPP loan Application. If a creditor chooses to accept your application, you’ll be given a confirmation mail from the applicant and your lender. Make sure to read these emails carefully and follow all directions to be sure that you can receive your loan.
If you’re approved, you will need a copy of a voided check to supply your creditor to denote where funds must visit. You will also signal a Note. Lenders have ten days from approval to finance, however at the moment, this was a moving target, and the principles have been updated a few times to provide flexibility to creditors who may need additional time to finance loans. You may withdraw your request through the spouse in their portal site if you desire.
SBA.com® isn’t a creditor, and you do not need to request financing via SBA.com® or its partner to access PPP funds.
If you would like to keep options about which PPP lender to use, you should not fully complete and certify your partner’s program.