How to Apply for a PPP Loan – It’s Not Too Late!

Overview

We are accepting applications for first and second round PPP loans on our website, HERE. Rather than fill out the paper application provided by the SBA, our online platform streamlines the application process to make it easier on you. It provides information to help you calculate your loan amount and answer the pertinent questions that are required on the paper application. When it’s complete, everything will be signed electronically and generated in the SBA format so that it can be submitted on your behalf. We’ve found that this expedites the timeline to get money in your hands!

Documentation Needed

Payroll Documentation for 2019 or 2020

• IRS Form 941 (employer’s quarterly payroll tax return); OR Other payroll reports from providers such as ADP or QuickBooks.
• List of employees and annual compensation per employee (if not already shown in payroll documents)
• Sole Proprietors – Provide Schedule C of your personal tax return.
• Farmers – Provide Schedule F of your personal tax return OR provide your business tax return.

Benefits Documentation if Applicable for 2019 or 2020

• Reports showing health insurance premiums paid by the company under a group health plan in 2019 or 2020 (match the calendar year that payroll information is provided), if applicable.
• Reports showing all retirement plan contributions made by the company in 2019 or 2020 (match the calendar year that payroll information is provided), if applicable.

Company Documentation

• Articles of Incorporation or Articles of Organization
• Bylaws or Operating Agreement
• Copy of Driver’s License for each 20%+ owner

2nd Draw Loans

Revenue Decline Documentation

• Financial statements, bank statements, or other supporting documentation that demonstrates a 25% decline in gross revenue in any given quarter in 2020 compared to that same quarter in 2019.
• Businesses that experienced an annual decline of 25%+ can provide their 2020 tax return or year-end profit & loss statement as documentation in lieu of a quarterly statement.
• For loans under $150,000, this documentation is not required at the time of loan application but must be provided at the time of loan forgiveness.

Sole Proprietors – You Are Eligible for PPP

We’ve encountered many sole proprietors and small businesses that didn’t think they qualify for PPP and therefore didn’t borrow during round one. If you are a small business or non-profit that has payroll, under most circumstances you are eligible for PPP. This includes people who are paid through a 1099 – technically you are a sole proprietor and can apply for your own PPP loan.

With questions on your specific situation, please contact myself or any of our lenders. We are happy to assist you!