New PPP loans are available. How to find a lender.

This is good news for small businesses still affected by the epidemic. The salary protection plan has been reopened and will take effect on December 22, 2020. PPP loans, including new second drawdown PPP loans, will be open for applications before May 31, 2021, or until the PPP funds are used up. Fundbox no longer accepts PPP applications, but SBA can help you find PPP lenders.

Apply for PPP loan

Next, gather the correct documentation for the application. The following is a list of required PPP application documents:

1. Basic information and contact information of your company
2. Average monthly salary cost
3. Details of full-time employees and their salary costs
4. Applicable tax table (2019 and the first quarter of 2020, if any)
5. Mortgage or rent certificate, mortgage interest and utilities
6. Articles of Association/Articles of Association
7. All applicable forms for proof of ownership over 20%
8. A copy of the TIN, EIN or SSN of each owner and ID copies of all 20% or more owners
9. All email addresses of more than 20% of business owners
10. Proof of business activity and good reputation
11. Completed SBA PPP application form
12. Electronic funds transfer information

How to learn more about PPP application

For more detailed information on how to complete a PPP loan application and how to find the required documents, please refer to our complete PPP list. For the description of PPP loan terms, SBA provides Summary here.

Fintech companies join this process

SBA progress is slow Including fintech companies As an approved lender, this does not help small businesses, especially as Some major banks have been accused of favoritism Their big customers. Once the SBA finally approved several fintech companies, the first round of funding was used up.However, now that the additional PPP funding has been approved, it is now essential to start. SBA can help you find a lender.

Once the lender approves your application, it will be sent to the SBA for approval, and then it is time to pray that you will be approved before the next round of funds runs out. If you are lucky enough to be approved, you will receive a notification (usually via email) to sign the final agreement, and then pay approximately 5 to 7 days later.

Disclaimer: This information is aggregated from external sources. Fundbox and its affiliates do not provide financial, legal or accounting advice. This content is for reference only and is not intended to provide and should not be used as a basis for financial, legal or accounting advice. You should consult your financial, legal or accounting advisers before making any transactions.