Business Loans

Step-by-Step Guide: Complete the Paycheck Protection Program (PPP) Loan Application

Apr 08, 2020 • 5 min read
Small business owner applying for a loan on their computer
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      The good news: PPP loans are rolling out as fast as governmentally possible. The bad news: applications rolled out without full guidance from the SBA, so we’re all learning as we go. While the SBA opened applications a little over a week ago, on April 3, 2020, we received a number of updates this week—some of which have changed application requirements.

      Now that the SBA has begun funding loans, we know more about what will lead an application to be accepted vs. what will get it rejected. This step-by-step guide will walk you through our PPP application to ensure you have a completed application so that your PPP loan can be submitted, approved, and funded as fast as possible.

      New Requirements for an SBA Loan

      The PPP loan application has been updated (as of April 13, 2020) to include new requirements. If you’ve already completed an application, it is essential that you log in to add these new requirements in addition to confirming existing fields:

      • Business start date
      • Business industry
      • Date of birth for all business owners with 20%+ share in the business (including the applicant)


      Step 1: Log into your PPP Application

      Select ‘Edit Application’

      Once you’ve logged in, you will be directed to a page that looks like this. Select “Edit Application” to review existing information and complete new requirements.


      Step 2: Confirm Existing Business Information

      1. Confirming business info in PPP applicationBusiness address: confirm that address is accurate, including the 5-digit zip code (it’s important that it’s the 5-digit zip code and not the 9-digit zip code).
      2. Business type: Verify you’ve selected the right business type. This affects the documents you may be required to provide. 
      3. Business Tax ID: Confirm that you have entered a valid 9-digit tax ID. Double-check for any typos and confirm that the ID number is 9 digits long. 
      4. Loan amount requested: The requested amount should be 2.5 times your average monthly payroll costs. It should not be $0. It should not be hundreds of millions of dollars. For help, you can use our PPP loan calculator
      5. Employee count: Verify employee count is between 1 and 500. Sole proprietors and 1099 workers should enter 1. 0 is not a valid entry.



      Step 3: Add New Requirements for Business Information

      On the same “Business Information” page of the application, you need to complete these new required fields. 

      1. Business start date: This must be the same as the date on your Secretary of State filing
      2. Industry: Start typing in your industry, then select it from the menu options that appear. If you don’t see your exact industry, pick 1 that matches the closest. Applications cannot be approved by the SBA without an industry. 

      Confirming ownership on the PPP application

      Step 4: Confirm Ownership

      On the first “Owner Information” page, confirm the owner percentage of the applicant. The ownership percentage must be greater than 0

      Step 5: Confirm Additional Owner Info

      Confirm additional owner info screen in PPP applicationNext, confirm that all necessary information for additional owners is included. You must add information for any individual with at least a 20% share in the business.

      All fields on the “Additional Owner” page must be completed, including date of birth. (You will also be asked to include date of birth for the owner who is applying on the “E-Sign” page.)

      Note: You will need a color copy of each owner’s Driver’s License—both front and back. You will be asked to upload the copies in the “Documents” section (It’s next. We wanted to give you a fair warning so it’s on your radar). 



      Step 6: Confirm Documents

      On the “Upload Your Documents” page, you should review all uploaded documents. Confirm that everything previously uploaded is correct and add any documents you’re missing to ensure a completed PPP application. 

      If you don’t have the following attachments added to your application, please upload them:

      1. Driver’s License for all owners with 20%+ share in the business: A color copy of the front and back of a valid Driver’s License for each owner. Make sure to double-check that the Driver’s License is not expired
      2. Acceptable Payroll Documents (listed in order of the SBA’s seeming preference):
        1. 941 Quarterly Tax Filings (2019, 2020 Q1)
        2. 944 Annual Tax Filings (2019)
        3. Payroll Register for the previous 12 months
        4. 12 months most recent bank statements

      Upload ID and payroll


      Step 7: Confirm E-Sign

      confirm e-sign on PPP applicationIt’s almost time to sign on the dotted line. Before you resubmit your PPP application, please:

      1. Confirm that your full legal name is on the application. 
      2. Ensure your Social Security number is entered correctly (9 digits).
      3. Enter the applicant’s date of birth (New field)
      4. Enter Applicant Gender: Select “Male,” “Female,” or “Not Disclosed.” The SBA requires this demographic information to be recorded for its program reporting. 
      5. Recertify, re-sign, and then re-submit! This is an essential step for any changes to be saved and uploaded. 

      And that’s it! You’re good to go. 

      About the author
      Mary Kate Miller

      Mary Kate Miller is a writer based in Chicago, IL. She specializes in covering finance (personal and business), investing, and real estate. Her mission in life is to give readers the confidence and the knowledge needed to grow their wealth by making financial topics more accessible. When she's not writing about topics like business loans, you can find her playing armchair financial advisor to the Real Housewives.

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