PPP Loans: How to Apply

Video Transcription

Let’s discuss how to apply for the PPP loan. First, you’ll need to choose where you’d like to apply. This is not a program that you will apply for through the SBA directly. You will go through your bank or and that any SBA seven a lender that is participating in the program. Not all banks are participating, especially when you look at some of the smaller credit unions and banks may choose to work only with their customers or prioritize them. So you should take that into consideration. Also, you can use a lender that is not a bank. There are many lenders who do small business lending through the SBA that are not traditional banks. It’s difficult to find a listing of who these are, but you can do some searching on the SBA website if you’d like to try to find out if a particular bank is a lender, but individually you’ll want to check with each bank to find out if they are participating.

Next, what information will be requested? What should you have ready? First off, the details of this are going to vary dramatically by bank or lender. So the main thing that you’ll want to have is the PPP loan application template and all of the data that is ready for that. Some banks will be taking applications by paper, and others will have an online form or application that you will complete. You’ll need to check with each particular lender. There’s also a variety of backup information that different banks are asking for different things. Be prepared that you may have to provide your quarterly 941 filings, or if you’re a smaller filer, it’s an annual 944 filing, your 1099 miscellaneous filings from 2019 you could also be asked for your tax returns from the business or from the individual side, depending on which type of entity you are. We have also seen this. Some banks are requesting our goals of organization. If you’re an LLC or incorporation, if you’re a corporation or an operating agreement for the LLC or minutes if you’re a corporation, that’s just specifically to show the verification that this is a legitimate business.

Donna Bordeaux, CPA with PYOPAccounting.com.

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