How to Complete Your PPP Loan Application
Step 1: Access your PPP Application
When you submit a PPP loan request on SBA.com®, you are first redirected to your PPP application with our partner Lendio. If you just submitted your request, you should already be on this page. You will complete your application with Lendio and then once it has all required information and documentation it will be finalized and submitted to a lender in Lendio’s approved PPP lender marketplace.
If you have left the application portal already, here’s how you return to your application. You should have received an email from Lendio with your account details to access the application portal. If you can’t find this email, you can access your application portal by resetting your password using the email address from your loan request and then logging in. Your login information for the portal will be the same whether you are logging into the Lendio portal through SBA.com® or through Lendio.com. Once logged into the application portal select ‘Edit Application’ to review your existing information and complete any missing requirements.
You must take further action from here to complete your application with Lendio and have it submitted to a lender.
Step 2: Add or Confirm Existing Business Information
Make sure everything in this section is fully filled in. Below are some sections to pay special attention to.
- Business address: Confirm that the address is accurate, including the 5-digit zip code (it’s important that it’s the 5-digit zip code and not the 9-digit zip code).
- Business type: Verify you’ve selected the right business type. This affects the documents you may be required to provide.
- Business Tax ID: Enter or confirm that you have entered a valid 9-digit tax ID. Double-check for any typos and confirm that the ID number is 9 digits long.
- Loan amount requested: The requested amount should be 2.5 times your average monthly payroll costs. It should not be $0. 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 500. Sole proprietors and 1099 workers should enter 1. 0 is not a valid entry.
Step 3: Add New Requirements for Business Information
On the same “Business Information” page of the application, you need to complete these new required fields.
- Business start date: This must be the same as the date on your Secretary of State filing.
- Industry: Start typing in your industry, then select it from the menu options that appear. If you don’t see your exact industry, pick 1 that matches the closest. Applications cannot be approved by the SBA without an industry.
Step 4: Enter or Confirm Ownership
On the first “Owner Information” page, confirm the owner percentage of the applicant. The ownership percentage must be greater than 0.
Step 5: Enter or Confirm Additional Owner Info
Next, add in or confirm all necessary information for additional owners (if any). You must add information for any individual with at least a 20% share in the business.
All fields on the “Additional Owner” page must be completed, including date of birth. (You will also be asked to include date of birth for the owner who is applying on the “E-Sign” page.)
Note: You will need a color copy of each owner’s Driver’s License—both front and back. You will be asked to upload the copies in the “Documents” section (It’s next. We wanted to give you a fair warning so it’s on your radar).
Step 6: Upload or Confirm Documents
On the “Upload Your Documents” page, you must upload all required documents or confirm that everything previously uploaded is correct and add any documents you’re missing to ensure a completed PPP application.
If you don’t already have the following attachments added to your application, please upload them:
- Driver’s License for all owners with 20%+ share in the business: A color copy of the front and back of a valid Driver’s License for each owner. Make sure to double-check that the Driver’s License is not expired.
- Acceptable Payroll Documents (listed in order of the SBA’s seeming preference):
- For businesses applying for a PPP Loan:
- 941 Quarterly Tax Filings (2019, 2020 Q1)
- 944 Annual Tax Filings (2019)
- Payroll Register for the previous 12 months
- 12 months most recent bank statements
- For 1099 Independent Contractors or self-employed individuals applying for a PPP loan:
- IRS 1040 Schedule C
- 1099s (under which you were paid)
- Income and expense reports for 2019
- For all applicants
- Business account bank statements
- Any other document that can prove your payroll expenses
- For businesses applying for a PPP Loan:
Step 7: Check your email for additional instructions from Lendio or your lender
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. If a lender chooses to accept your application, you will receive a confirmation email from Lendio and/or your lender. 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.
SBA.com® is not a lender and you do not have to request a loan through SBA.com® or Lendio to access PPP funds.
Important: Once a lender has accepted your application and you recieve an email assigning you a PLP number (preferred lending partner number), this means you are also in the U.S. Small Business Administration’s loan system and the lender that accepted your application will be the only lender who will be able to make you a PPP loan. If you want to maintain options about which PPP lender to use, you should not fully complete and certify your application with Lendio.