Which lender is best for PPP loan?

Which lender is best for PPP loan?

Ppp application

Many lenders have begun accepting PPP loan forgiveness applications, but not all. The first step borrowers should take is to contact the lender that issued their loan and ask when their application period begins and what the requirements will be.

The SBA recently provided lenders with a Loan Need Questionnaire that must be completed by borrowers who received $2 million or more in a single loan or a combination of loans (if you have more than one business and received PPP funds for multiple entities, the SBA will add up the total amount of all those loans to determine if you met the $2 million threshold).

You should consult with your lender and accounting professional about the correct form to complete. Applicants who received $150,000 or less in PPP funds will have a simplified form that requires less information about their full-time or full-time equivalent (FTE) employees.

Small Business Loans

On August 4, 2021, the SBA made an online portal available to PPP loan recipients. However, not all PPP recipients will be eligible to use this portal. Read the information below to find the best path to forgiveness of your PPP loan.

If you answer “YES” to any of the following statements, you will not be eligible for use of the SBA portal and must apply through your lender where you submitted your PPP application.

If you can answer “NO” to all of the above statements, you are qualified to submit an application through the SBA portal after August 4, 2021. Qualified borrowers must use the SBA portal. Questions asked on the portal will correspond to SBA Form 3508S.

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For borrowers who do not qualify to apply through the SBA portal, your lender can provide you with SBA Form 3508EZ, SBA Form 3508S, SBA Form 3508, or an equivalent lender form. Your lender can provide further guidance on which form to use and how to submit the application for forgiveness.

What is ppp

The White House announced that it will minimize processing delays caused by fraud prevention measures by working with the SBA to create a more streamlined approval process. In doing so, the following updates are being made.

The new set of regulations allows self-employed individuals to calculate loans based on gross income rather than net profits, making it easier for these individuals to be approved.

As of Wednesday, businesses with 20 or fewer employees can apply for a first or second draw PPP loan. If you are applying for a second-draw loan, you must have spent or have plans to spend the full amount of the original loan. You must also demonstrate that you had at least a 25% drop in income in any quarter in 2020.

Two weeks is not a huge window, with limited funding and so many businesses in need, you can expect the money to go fast. Prepare quickly by getting your tax documents together and talking to a lender ahead of time. That way you’ll be ready to apply as soon as possible.

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