The good news: PPP loans are rolling out as fast as governmentally possible. The bad news: Round 1 applications rolled out without full guidance from the SBA, so we’ve all been learning as we go. Now that the SBA has opened up Round 2 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.
The PPP loan application has been recently updated 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:
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.
On the same “Business Information” page of the application, you need to complete these new required fields.
On the first “Owner Information” page, confirm the owner percentage of the applicant. The ownership percentage must be greater than 0.
Next, 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).
On the “Upload Your Documents” page, you should review all uploaded documents. Confirm that everything previously uploaded is correct, select the matching document boxes, 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:
NOTE: The recommended list of documents you see on your application may vary depending on the business type.
It’s almost time to sign on the dotted line. Before you resubmit your PPP application, please:
And that’s it! You’re good to go.
Now that you know the steps, let’s get your PPP loan application completed.
Apr 22, 2020
Apr 10, 2020