Quick Answer: How Do I Apply For A PPP Loan Through SBA?

What documents do I need for PPP loan forgiveness?

For the payroll portion of your PPP loan, you will need to provide documents from your payroll provider and proof of paying employment taxes with IRS and state forms.

Eligible payroll costs include salaries and wages, health benefits, and paid leave (i.e.

vacation, parental, family, medical, or sick leave)..

Can I apply directly to SBA for PPP loan?

Currently, the EIDL application is accessible here, and can be submitted directly on the SBA website. The PPP application is also live and can be submitted directly with banks, credit unions, and fintech companies including Square and PayPal.

How long will it take SBA to approve PPP loan?

approximately 10 daysHow long does it take for me to get the money? The EIDL Loan process takes a minimum of 21 days to complete. However, the completed timeframe is on a case by case basis. The PPP process takes approximately 10 days to complete.

How do you qualify for a PPP loan?

Most small businesses should be able to qualify for the Paycheck Protection Program. If your business is based in the U.S., has 500 employees or less, and if your business is financially affected by COVID-19, you should be eligible for the PPP loan.

Are PPP loans still available?

The Paycheck Protection Program has about $130 billion in remaining funds. … Small-business owners won’t be able to access that money after June 30, however. There are other options available to ailing businesses, but they may be limited or come with unfavorable terms.

Can I apply for Eidl and PPP loan?

Yes, you can apply for both. But you can’t use the funds from both loan programs for the same purpose. For the most updated and complete information, read the FAQs on the EIDL and FAQs on the PPP. For more information, visit The SBA has a hotline to help answer questions 1-800-659-2955, 7 days a week from 7:00a.

How long does PPP loan take to process?

Once an applicant is approved, the program requires that they receive the money within 10 days but that doesn’t always happen, Kassar says. While some approved small business owners have gotten the cash in two or three days, others waited up to two weeks or are still waiting.

How long does it take to receive SBA grant?

The SBA estimated that the application process takes 18 to 21 days, with another two to five day for loan disbursement.

Are SBA disaster loans good?

Generally, SBA disaster loans will offer you the best rates, terms, and affordable financing. But if you’re looking to get a small business loan for the coronavirus disaster you’ll need to exhaust all other emergency loan options before being approved for an SBA disaster loan.

Can I apply for a PPP loan online?

You can apply online in minutes and get the relief funding you need as soon as possible. Both existing customers and new customers are welcome to apply. If you’re concerned that funding for PPP will run out, they also provide other small business loans that may be a better option for you.

How much can I get from PPP loan?

What Is the Maximum Amount of a PPP Loan? The maximum amount of money you can borrow through the PPP is 2.5 times your average monthly payroll costs, up to a maximum of $10 million. That means, for example, if your average monthly payroll in the last 12 months was $100,000, you could borrow up to $250,000.

What does the PPP loan cover?

PPP loans covers payroll costs, including costs for employee vacation, parental, family, medical, and sick leave. However, the CARES Act excludes qualified sick and family leave wages for which a credit is allowed under sections 7001 and 7003 of the Families First Coronavirus Response Act (Public Law 116–127).

How is PPP forgiveness calculated?

Interest for PPP loans is calculated at 1% from the date of loan disbursement. The PPP Forgiveness Estimator is based on the information you provide. It is for information purposes only and is provided based on current government guidance, which is subject to change.

How can I check my SBA PPP loan status?

Once logged in to the portal, you can access Lendio’s live chat option to ask about your application status. You can also call Lendio directly at: (855) 853-6346. Note that this option for checking your loan application status is only available if you submitted your PPP loan request through SBA.com.

How do I get my SBA PPP loan number?

Lender PPP Loan Number The number the lender has assigned to your loan in their systems. You can find this on your signed loan docs. If you can’t find it, your lender will be able to provide it for you.

When should I apply for PPP forgiveness?

Borrowers may submit a loan forgiveness application any time before the maturity date of the loan, which is either two or five years from loan origination.

What are the new rules for PPP loan forgiveness?

Recipients of Paycheck Protection Program (PPP) loans of $50,000 or less will be able to apply for forgiveness using a simplified application that was released Thursday by Treasury and the U.S. Small Business Administration (SBA).

How do I know if my SBA loan is approved?

Call 1-800-659-2955 (the SBA Disaster Assistance customer service center) about the application process, the status of your loan, or with any other questions you may have.

How do PPP loans work?

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses. Click here to read more about PPP loan forgiveness.

Do PPP loans have to be repaid?

Yes. PPP loans (the full principal amount and any accrued interest) may be forgiven, meaning they do not have to be repaid. If you do not apply for forgiveness, you will have to repay the loan. … Businesses have up to 24 weeks from the date you received the loan to spend the funds and be eligible for loan forgiveness.