The Paycheck Protection Program ends on August 8, 2020. We will stop sending applications to lenders on August 7, 2020 at 10:00 PM EDT/8:00 PM MDT. We anticipate that an extension to the deadline for the Paycheck Protection Program may pass in the coming days. Lendio will continue to accept applications in the interim and, if Congress passes an extension, Lendio will submit your application to our lenders when the Paycheck Protection Program resumes.

How to Apply for a PPP Loan

Begin your PPP loan application through Lendio to be matched with a PPP lender. Lendio is not a lender, and an application submitted through Lendio does not guarantee you will receive a PPP loan or be matched to a lender. We will accept applications throughout the program or until allocated funds for the program have been exhausted.

Here’s Your Step-by-Step Guide to Applying for a PPP Loan

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 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:

  • 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. 

 

Step 4: Confirm Ownership

Confirming ownership in PPP loan applicationOn 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, 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:

  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 lender and supposed SBA 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

NOTE: The recommended list of documents you see on your application may vary depending on the business type.

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. 

 

While every effort is made to ensure the accuracy of information when a story is published, the coronavirus pandemic and Paycheck Protection Program (PPP) have caused details to change at a rapid pace. Additional guidance from the government may change or clarify certain aspects of the forgiveness process and could result in changes to the information contained in these pages. For the most up-to-date information, please visit the COVID-19 section of our website. For more information, you can call us at (855) 853-6346. Lendio is not responsible for and provides no warranty as to the accuracy of this content. Lendio does not provide legal, accounting or tax advice. The information and services Lendio provides should not be deemed a substitute for the advice of such professionals who can better address your specific concern and situation.
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Apply for your PPP loan.

Begin your PPP loan application through Lendio to be matched with a PPP lender. Lendio is not a lender, and an application submitted through Lendio does not guarantee you will receive a PPP loan or be matched to a lender. We will accept applications throughout the program or until allocated funds for the program have been exhausted.

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