How to Submit Your SBA PPP Loan Application and Calculate the Loan Amount
If you just submitted your request, you should already be on this page. You should have received an email from Lendio with your account details to access the application portal. Your login information for the portal will be the same whether you are logging into the Lendio portal through SBA.
You must take further action from here to complete your application with Lendio and have it submitted to a lender. Make sure everything in this section is fully filled in. Below are some sections to pay special attention to. The ownership percentage must be greater than 0. Next, add in or confirm all necessary information for additional owners if any. Once your application is certified and finalized with Lendio, Lendio will place it into their lender marketplace where a PPP lender can choose to accept your application and offer you a PPP loan.
Be sure to read these emails carefully and follow all instructions to make sure you are able to get your loan. If you are approved you will need a copy of a voided check to provide to your lender to denote where funds must go to. You will also sign a Note. Lenders have 10 days from approval to fund, however at the moment this has been a moving target and the rules have been updated a few times to provide flexibility to lenders who may need more time to fund loans.
You may withdraw your request through Lendio in their portal if you wish. Important: Once a lender has accepted your application and you recieve an email assigning you a PLP number preferred lending partner numberthis means you are also in the U. If you want to maintain options about which PPP lender to use, you should not fully complete and certify your application with Lendio. This affects the documents you may be required to provide. Double-check for any typos and confirm that the ID number is 9 digits long.
Loan amount requested: The requested amount should be 2. It should not be hundreds of millions of dollars. For help, you can use our PPP loan calculator.
Employee count: Verify employee count is between 1 and Sole proprietors and workers should enter 1. Business start date: This must be the same as the date on your Secretary of State filing. Industry: Start typing in your industrythen select it from the menu options that appear.
Applications cannot be approved by the SBA without an industry. Step 5: Enter or Confirm Additional Owner Info Next, add in or confirm all necessary information for additional owners if any.The U. Use funds to help pay your employees and cover monthly expenses. Full loan forgiveness for eligible payroll, mortgage interest, rent, and utility expenses.
One simple interest rate, no additional SBA fees or need for collateral or personal guarantees. Apply online with some basic information and find out if you qualify within minutes. Get up to 2. This program can function like a non-taxable grant for your business. Any small businesses that have been affected by COVID with or fewer employees and were in operation on February 15, This includes sole proprietorship, independent contractors, eligible self-employed individual, non-profit organizations, and tribal concerns.
Any small business that has been affected by COVID, has been in operation since February 15, and has fewer than employees, including sole proprietorship, independent contractors, eligible self-employed individuals, non-profit and veterans organizations, or Tribal concerns.
Yes, you may complete and submit the application with or without the assistance of an outside professional. If you have any questions about applying on our platform, our team is there to answer your questions in that regard.5 Minute PPP Loan Application for $22,997 at 1% with Kabbage — SBA Paycheck Protection Program!
BlueVine is not the ultimate SBA lender, so it does not itself pay agent fees. Most small businesses can get a loan size up to 2. We will contact you by email closer to when your covered period has ended at the end of 24 weeks from your loan origination date. Apply now SBA funds are limited.
Deadline to apply is August 8, Interest rates at 1. No payments for 6 months. Get fast relief for your business with a government- backed loan. Fully-forgivable loan 1 Full loan forgiveness for eligible payroll, mortgage interest, rent, and utility expenses. Easy to apply Apply online with some basic information and find out if you qualify within minutes. Reliable working capital Get up to 2. Apply now Have questions?
Visit FAQ. About the program. Eligibility Any small businesses that have been affected by COVID with or fewer employees and were in operation on February 15, Ready to apply? Get started. Frequently Asked Questions. What is the Paycheck Protection Program? Who is eligible for the Paycheck Protection Program? May I complete the PPP loan on my own? How is my loan size determined? How does loan forgiveness work? When can I apply for loan forgiveness with BlueVine?
What are considered payroll costs? For multi-member LLCs: self-employment earnings reported to U. Why get my loan from BlueVine?
BlueVine provides a fast online application where you can find out if you are qualified in minutes.And second, how to do I properly calculate the loan amount on the application?
How to Complete Your PPP Loan Application
Most large banks have yet to launch their PPP loan application, and it appears that nearly all of the large banks are planning to do this process entirely online and that initially they will only work with their existing business-banking customers. They are only taking applications from current customers. Smaller banks, often referred to as community banks, have been the most active in getting apps submitted, according to Treasury Secretary Steve Mnuchin.
Most banks, large and small, are working with their existing business-banking customers first. In their final interim rule, the SBA answered numerous questions about the PPP loan with detailed responses and examples. Who knows what changes or new restrictions may be included and what delays may arise? Going through the application now will force you to gather your records and information to properly answer and calculate the questions on the application.
The loan amount seems simple, but coming up with the correct average monthly payroll is confusing. In the end, the amount you will obtain will be 2. And good luck. Tennessee Doctor who tested positive after leading coronavirus meeting now on the mend, said he almost died. Load Error. Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Found the story interesting? Like us on Facebook to see similar stories. I'm already a fan, don't show this again. Send MSN Feedback. How can we improve? Please give an overall site rating:. Privacy Statement.Santander is an SBA Preferred and Express Lender, allowing us to lend directly to credit worthy businesses with reduced paperwork, faster approvals and quicker access to funds.
We know every business is unique and utilizing a flexible SBA guaranteed loan may be the answer to help your business grow. Your business needs financing for working capital, machinery or equipment, business acquisition or expansion, or real estate. Please, tell us where you live so we can give you accurate rate and fee information for your location.
Any accounts opened online will be assigned to the branch closest to your residential zip code, and will receive the interest rates and APYs available at that branch. Get in touch. Fees for SBA Loans.
Wide-ranging Your business needs financing for working capital, machinery or equipment, business acquisition or expansion, or real estate. Benefits of an SBA Loan. Opportunity Benefit from more flexible underwriting and repayment terms than traditional financing. Simplified Enjoy fast decisions and a streamlined application process. Flexible Choose from multiple lending options for lines of credit, term loans, or real estate loans.
Enter your location. Santander's knowledgeable business bankers are ready to help you choose the right banking solutions for your business. Contact us today. Manager Name Serving Business with x qualifications Phone: 1. Additional accounts. Discover additional services that may benefit your business. Checking Accounts. Choose one of our many checking solutions, designed to fit your business. Learn More. Term Loan. Borrow just what you need, and take advantage of predictable monthly payments.
Business Line of Credit. A flexible and reusable source of funds whenever you need it.Independent contractors and self-employed individuals that have been adversely impacted by the COVID pandemic have been eligible to apply for these loans since April 10, The requirements are straightforward. You must have been in operation on February 15,your business must have been harmed by the COVID pandemic and you must submit the required documentation along with your loan application.
What do I need to apply? Once you know what PPP eligible lender you will be applying with, you will need to complete the PPP loan application and submit it to your lender. Applications must be processed by June 30, Where can I apply? Any existing SBA lender and any federally insured depository institution, federally insured credit union, and Farm Credit System institution is eligible to make PPP loans. Other regulated lenders may be available to make these loans if they are approved and enrolled in the program.
You should consult with existing banks and lenders to see if they are participating.
When you fill out the SBA. Lendio will review this initial request. If they determine that you may qualify for a PPP loan, they will assist you with putting together your PPP Loan application and then submit it to a lender in their network that make be offering PPP loans at that time. Do I need to first look for other funds before applying to this program? How long will this program last? Although the program is open until June 30,the government is encouraging borrowers to apply as quickly as possible because there is a funding cap and lenders need time to process your loan.
How can I request loan forgiveness? You can submit a request to the lender that is servicing the loan after. The request will include documents that verify the number of full-time equivalent employees and pay rates, as well as the payments on eligible mortgage, lease, and utility obligations.
You must certify that the documents are true and that you used the forgiveness amount to keep employees and make eligible mortgage interest, rent, and utility payments.
PPP Loans for 1099 Independent Contractors
The lender must make a decision on the forgiveness within 60 days. Can I pay my loan earlier than 2 years?
There are no prepayment penalties or fees. Do I need to pledge any collateral for these loans? No collateral is required. Do I need to personally guarantee this loan? There is no personal guarantee requirement. However, if the proceeds are used for fraudulent purposes, the U. What do I need to certify with my application?You have reached SBA.
We have no affiliation with the U. Small Business Administration or any other government agency. We are a private business providing resources for small businesses, including resources for PPP loans. See our Advertiser Disclosure. By clicking "continue" and using this site, you acknowledge that you have read and understand this message. The US Congress has approved an extension of the program until August 8,which was signed by the President.
June 26, The U. Neither SBA. If you still have a request pending with Lendio or need any assistance from them, they remain available. To contact lendio, please login to your lender portal, callor email customersupport lendio. Pursuant to the U.
For borrowers who received a PLP number after April 28,lenders have 10 days from the date the borrower recieved a PLP number to disburse funds. Lenders have up to 20 calendar days to disburse funds if the delay is due to the borrower. Small Business Administration directly by the lender—the borrower will not receive those funds.
Thank you for your visit and consider utilizing the U. Small Business Administrations Lender Match tool. Advertiser Disclosure. Sincerely the SBA.Start application now. On qualified uses like payroll, mortgage interest, rent, and utilities.
Small businesses need a lifeline right now, and the federal government has stepped up to offer Paycheck Protection Program loans. The requirements for PPP loans are incredibly simple. Your business only needs to hit 2 criteria:. PPP loans will help small businesses, including sole proprietors and independent contractors, and private nonprofits maintain payrolls and continue necessary payroll-related payments like rent and utilities. The full allowable uses of the loan are:.
PPP loans are calculated based on 2. Payroll costs include compensation, as outlined above, along with other payroll-related costs like retirement payments, state and local taxes on payroll, payment for vacation or paid leave, group healthcare costs, and allowances for separation or dismissal.
For a comprehensive outline of what is used and excluded, you can visit our PPP calculatorwhere you can also get an estimate on your potential PPP loan size. PPP loans are available to all US businesses based on the requirements above. Due to overwhelming demand, applications have closed for EIDLs. This certification is required to ensure that funds are distributed to small businesses that have been hit the hardest by business disruptions due to the pandemic.
Any costs incurred and payments made in the first 24 weeks of the loan, following the origination date, under these set categories are eligible for forgiveness:. If your business has laid off employees, that will also affect how much of your loan can be forgiven.
Originally, employees needed to be rehired by June 30,in order for their salaries to be counted toward forgiveness. The PPPFA adds additional exceptions for small businesses and nonprofits that are unable to rehire workers by that date if:. Starting on the date a borrower receives a PLP number, the lender has 10 calendar days to disburse funds. The loan must be disbursed in full, and the week loan forgiveness period begins the day funds are disbursed. Due to overwhelming demand and high loan volume, many lenders struggled to fund loans from the first round within the day period.
The SBA issued guidance that for borrowers who had been issued a PLP number prior to April 28, lenders had 10 calendar days to disburse funds, starting on April If a lender cannot disburse funds due to delays from a borrower, like missing paperwork, the lender has 20 days to disburse funds.
For portions of the loan that are not forgiven, payments are deferred for the first 6 months. But keep in mind that interest will accrue during the 6-month deferral period. You cannot use the funds from PPP loans and other loans for duplicate use at the same time. Lendio no longer supports Internet Explorer.