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Home Business Loans Step-by-Step Guide: Complete the Paycheck Protection Program (PPP) Loan Application
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.
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:
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 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:
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.
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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