Apply for PPP Loan, Loan Forgiveness | Online Application

Do you want to apply for a PPP loan? See all the required documents you need to provide to qualify for the SBA PPP loan. If you’ve already applied, see how you can apply for loan forgiveness

Through federally guaranteed loans, the Paycheck Protection Program (PPP) provides roughly $350 billion in cash flow assistance to small businesses. As America’s small companies recover from the economic effects of COVID-19, the loans can be used to fund payroll support, employee salaries, rent, utilities, and other debt commitments.

The Paycheck Protection Program will offer loans up to $10 million in sums equaling 2.5 times a company’s average monthly salary. Small enterprises can qualify for PPP loans of up to $2 million through Kabbage. If your company adheres to the PPP’s forgiveness conditions set forth by the Small Business Administration, the funds are forgiven in full. They will need to look at your payroll expenditures, as well as other facts about your firm to see if you’re eligible for one of these loans.

Apply for PPP Loan: Requirements

Before you apply, check out the documents you need to provide.

• For Sole Proprietorship, Self-employed, Single-member LLC, Independent Contractor

1. Color copy of government-issued ID (front and back)
2. 2019 1040 Schedule C**
3. 2019 IRS Form W-3 and 940
4. W2s for any employees income more than $100,000
5. Payroll statement covering 2/15/2020

The above documents are for businesses that have employees.

1. Color copy of government-issued ID (front and back)
2. 2019 1040 Schedule C**
3. Substantiation of self-employment
   1. 1099-MISC for Independent Contractors
4. 2020 invoice, bank statement, or book of record to confirm you were operating effective 2/15/2020

The above documents are for businesses that do not have employees.

• For General Partnership, LLC, Nonprofit, Corporation, Professional Corporation

1. Color copy of government-issued ID (front and back)
2. Organizational Documents
3. 2019 IRS Form W-3 and 940
4. W-2s for employees living abroad (if you have employees outside the US)
5. W-2s for employees making over $100K (If you have employees earning over $100K)

Apply for PPP Loan: Process

1. Complete your information.
2. Your application goes under review.
3. Your lender analyzes your SBA loan application.
4. The lender sends you the application to sign.
5. Your lender sends your application for review to the SBA.
6. The loan application goes under review, followed by approval.
7. Sign your closing documents.
8. You will then receive your funding.

PPP Loan Forgiveness

According to current SBA standards, eligible borrowers who take out First Draw PPP loans are eligible for full loan forgiveness if they meet the following criteria throughout the 8- to 24-week coverage period following disbursal.

Here’s how it works:

1. For up to 24 weeks after the loan is provided, the SBA will forgive the loan amount that was utilized for wages, rent, mortgage interest, or utility bills.
2. All payments (principal, interest, and fees) are postponed until your loan forgiveness application is approved. During this time, however, interest will continue to accumulate.
3. You may be able to have up to 100% of your debt forgiven if your personnel and payroll have maintained consistency with pre-COVID levels.
4. Any remaining balance (not forgiven) will be handled as a two-year loan with a fixed interest rate of 1%.

How to Apply 

You can start applying for loan forgiveness directly through your lender at the end of the 24-week term. You’ll need to submit the following information:

1. Information on how you used your PPP loan
2. Information on whether your payroll and personnel count remained stable throughout the 24 weeks.
3. Documentation proving your answers to the questions above.

Is PPP Loan Still Available Today?

The Paycheck Protection Program (PPP) ended on May 31, 2021. However, you can still apply for other SBA COVID-19 relief.