The Small Business Administration (SBA) has run out of funds and has stopped accepting new applications for Paycheck Protection Program (PPP) loans from most lenders. In March 2021, the American Rescue Plan Act of 2021 (ARP) provided an additional $7.25 billion in funding for the PPP program.
What supporting documents are needed for PPP application?
If your business is any of the following:
| If you have employees | |
|---|---|
| All businesses of this type should provide the following | Color copy of government issued ID (front and back) 2019 1040 Schedule C** 2019 IRS Form W-3 2019 IRS Form 940 W2s for any employees earning more than $100,000 Payroll statement covering 2/15/2020 |
What is the best way to apply for PPP?
How do you apply for a PPP loan? Business owners need to fill out a PPP loan application — SBA Form 2483 for first-draw loans and SBA Form 2483-SD for second-draw loans — and gather all supporting documents. A few fintech companies and online lenders, such as BlueVine, are approved to accept PPP loan applications.
When to apply for a SBA PPP loan?
IMPORTANT UPDATE FOR 2021: Congress has approved an extension of the PPP loan program. Applications may be submitted to SBA through May 31, 2021, including “second draw” PPP loans for businesses that received PPP funding in 2020. Please read more details about PPP for 2021.
Who can help me get an SBA / PPP emergency stimulus loan?
As you are searching for a lender or working with an SBA loan facilitator to pair your business up with the right lender, there are a few things you may want to be aware of before you apply for your PPP loan. Unlike traditional business loans, PPP loans do not require any kind of collateral.
Can a SBA loan be used for paycheck protection?
SBA also offers additional COVID-19 relief. If you have not received a Paycheck Protection Program (PPP) loan before, First Draw PPP loans may be available to you. If you have previously received a Paycheck Protection Program (PPP) loan, certain businesses are eligible for a Second Draw PPP loan.
Where can I get help with my PPP loan?
Use SBA’s local assistance directory to locate the SBA District Office or Resource Partner service location nearest you. Lenders typically decide when to submit individual PPP loan applications to SBA. Therefore, any questions or concerns regarding individual PPP loan applications must be directed to your lender.
