The SBA has released a sample application for the PPP loan. Applications could vary based upon the lender. We have linked to the form below. If you plan on applying for the PPP loan, we encourage you to gather the information necessary right now (review the form for details needed) so you will be ready to go when lenders begin accepting applications. As of now we have been told that lenders will start accepting applications on April 3rd (Friday).
All PPP loans will go through your lender and lenders could vary on the supporting documents they will need for the loan (payroll reports, payroll tax documents, and the payroll period used to calculate the loan amount). Therefore, we can pull the necessary reports (for most clients) after your lender provides you the information they will need.
Recommendations
Contact your lender- We encourage you to reach out to your lender again today to see if they have guidance as to the documents they will need you to provide.
Apply for the PPP loan as soon as possible- These loans are first come first serve and our current understanding is that you may not be able to delay the timing of the funds received. Please discuss this further with your lender.
**UPDATE 4/3** We are hearing you will be able to apply and defer the loan origination date. Please confirm with your lender but if this is the case, it’s best to apply now.
For those whose businesses remain open apply for the PPP loan
If your business is closed due to COVID-19 we advise applying as soon as possible for the PPP loan if you can indeed defer the loan origination date.
If your business does not have substantial cash reserves (90 days), we would continue to advise applying for both the EIDL grant/ SBA Disaster Loan and the PPP loan. The EIDL grant will cancel out $10,000 of the PPP loan forgiveness but will provide cash faster.
Compile Business Information
Here is some information lenders recommend compiling in a spreadsheet or document to be able to provide the bank (download the Excel or PDF template)
Business Entity
· Entity Address
· Entity Phone Number
· Entity EIN
Owners information:
Legal Name
Home Address
Date of Birth
Cell phone Number
Email (electronic signature)
Social Security number
Drivers License
Number
Issue Date
Expiration Date
We will keep you updated as we learn more.