Last Minute Resources For PPP Loans

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There are four days left to apply for a Paycheck Protection Program (PPP) Loan. You must submit a SBA PPP loan application through a participating lender. Some lenders will allow you to apply online.

A short summary of the information you will need to provide with your PPP application is as follows:

• Basic information about you and your business
• Average monthly payroll costs
• Details of full-time employees and associated payroll costs
• Details of all persons with 20% or greater ownership stakes
• Payroll tax filings such as 941, 940/944, Scheduled C, or payroll process records
• Bank statements or bank connection

A more detailed checklist can be found here. You can download the Small Business Administration PPP FAQs in English here. It is also available in several other languages.

If you are an independent contractor or self-employed person or a business with fewer than 500 employees it is likely that you qualify for a PPP loan. The Harvard Business School COVID-19 Resource Center is another good source of information.

Don’t think that it is too late to apply for a loan. It is estimated that there are over $130 billion in unallocated PPP designated funds. Forbes noted last week that, “Most of the most recent applicants “are the smallest of the small,” according to one SBA official. So if you haven’t applied because you may not have thought your operation isn’t large enough, go for it!”

Where can you apply for a PPP loan before the August 8 deadline?

Bench, an online bookkeeping services provider, has provided a list of lenders accepting and processing PPP applications in August, this list is current as of July 31.

SmartAsset.com also has a lenders list that is current as of July 20. It is a long list of participating nationwide banks from A-Z, literally.

To have a glance at what to expect check out BlueVine.

Paycheck Protection Plan Loan Forgiveness

Your PPP loan may be up to 100% forgivable. In conjunction with receiving a PPP loan you should also file one of two SBA loan forgiveness applications:

PPP Loan Forgiveness Application Form 3508EZ (PDF)

PPP Full Loan Forgiveness Application Revised June 16, 2020 (PDF)

The amount forgiven must be comprised of up to 60% of Payroll related costs and up to 40% of non-payroll expenses. Forgiveness will not occur before the end of the 24-week period of employment following receipt of your loan. The PPP loan provider has sixty days to respond to the application.

Good Luck!