SBA to Resume Accepting PPP Loan Applications Monday at 10:30 AM

(April 26, 2020 4:39 PM) The Small Business Administration will resume accepting Paycheck Protection Program ( PPP) loan applications on Monday, April 27 at 10:30AM EDT from approved lenders on behalf of any eligible borrower. 

In announcing the start date, U.S. Treasury Secretary Steven Mnuchin said in a statement, “The PPP has supported more than 1.66 million small businesses and protected over 30 million jobs for hardworking Americans.  With the additional funds appropriated by Congress, tens of millions of additional workers will benefit from this critical relief.

“We encourage all approved lenders to process loan applications previously submitted by eligible borrowers and disburse funds expeditiously.  All eligible borrowers who need these funds should work with an approved lender to apply.  Borrowers should carefully review PPP regulations and guidance and the certifications required to obtain a loan,” Mnuchin said.

Small businesses and eligible nonprofit organizations, Veterans organizations, and tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

Starting April 27, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.

Starting April 27, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders. Other regulated lenders will be available to make these loans as soon as they are approved and enrolled in the program.

You can apply through any existing SBA lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. SBA Lender List

What Documents are Needed for PPP Application:

You’ll have to collect and submit the following information with your application so that they can calculate the size of loan you are eligible to receive:

• Third party payroll administrator records for the applicable period.
  
• List of all employees with their total compensation. For the purposes of this application, any employee with total compensation over $100,000 should be listed as $100,000.
  
• Copies of quarterly 941 payroll tax reports filed with the IRS and a copy of W-3 (note: 941 statements may not be available for Q1 of 2020).
  
• Records of payments made for vacation, parental, family, and medical or sick leave.
  
• Records of payments made for employer-paid group health care benefits, if applicable.
  
• Records of payments made for employer-paid retirement plan benefits, if applicable.
  
• Records of payments made for state or local taxes assessed on the compensation of employees, if applicable.
  

Once you have your information together, get to your bank or credit union to get your application. This program is limited to $349 billion nationwide.

For more information on the Paycheck Protection Program, visit: sba.gov/paycheckprotection.