Update on the Paycheck Protection Program
Update, 4/27/20: The Paycheck Protection Program officially reopened on April 27, 2020, after Congress approved an additional $310 billion to finance the program with the “Paycheck Protection Program and Health Care Enhancement Act.” This comes after the first round of funding ran out on April 16.
We identify appropriate lenders to work with small businesses and help those small businesses to quickly prepare accurate PPP loan applications free of charge. We do not control the SBA PPP loan application evaluation process of the SBA lenders with whom we work. These lenders retain full control of the loan underwriting process. We have no authority to bind either a lender or the SBA
How to apply for PPP
Each lender may have a different application process, though most will ask for similar information. The SBA has provided a copy of its official Paycheck Protection Program application form, which will likely be a part of many lenders’ application processes.
Per that application form, business owners will need to provide:
- Average monthly payroll costs
- Basic business information (including business name, address, and tax ID number)
- Answers to questions regarding ownership background, previous and/or current federal loans, and citizenship status
- A good faith certification regarding how they’ve been impacted by the coronavirus pandemic
When applying, business owners should prepare to upload or otherwise share the following documents with their lender:
- Business bank statement
- Copy of drivers license
- Proof of payroll (IRS Form 941)
- Voided business check