5 Steps to a PPP Loan

1. Find a lender

On the Small Business Administration (SBA) website, there are two links to help you find a lender (and find one that offers PPP loans, as well).

Be sure to ask lenders about credit checks to make sure yours will measure up. There are often lenders that do not check credit, as well.

2. Loan application

This application will be provided by the lender of your choice. Basic information is includes, as is the following:

  • Business address
    • Use the five-digit zip code, not the nine-digit
  • Type of business
    • Double-check this with your lender, as the documents required depend on this selection
  • Tax ID
    • These are 9-digit numbers
  • Loan amount requested
  • Business start date
    • Be sure this is the same as is filed with your Secretary of State
  • Business industry
    • If not listed, it is fine to choose the one that fits best
  • Number of employees

3. Confirm business ownership

The application will ask you what percentage of the business you own. If you are the only owner, it’s 100%. If you own the business with someone else, you will need to provide information about anyone who owns 20% or more of the business; if this is the case, you will need a copy of both sides of each owner’s driver’s license.

4. Upload required documents

  • For business owners:
    • 941 quarterly tax filing or 944 annual tax filing
    • Payroll register for the previous 12 months
    • Bank statements for the previous 12 months
  • For 1099 independent contractors or self-employed:
    • IRS 1040 Schedule C
    • 1099s received from clients
    • Last year’s income and expense reports
    • Bank account statements for the previous 12 months

5. Sign papers

Your lender will give you a sense of how long it will take to process the application. As long as you provide documentation on time, your loan may be approved in as little as three days. Once the loan is approved, you will be asked to sign loan papers. PPP loans must be funded within 10 calendar days of approval.

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