How To Apply For A PPP Loan Online?

Find out how you can apply for a PPP loan online. This article will answer all your queries. Keep on reading!

The fundamental upgrade for independent ventures or small businesses in the CARES Act is the Paycheck Protection Program (PPP), not to be mistaken for the financial hypothesis of buying power equality. The $659 billion financed under the Small Business Administration (SBA) Business Loans Program Account is proposed to give advances to organizations to ensure two months of finance and different expenses to assist those organizations with staying practical and permit their laborers to cover their tabs. Understanding what the PPP business credit program is, the way it works, and how to apply for a PPP loan online, will assist you with exploring this huge government improvement program and conceivably get the assets you need as fast as could reasonably be expected.

What Is SBA PPP Loan Application?

The Paycheck Protection Program is a loan intended to give an immediate impetus to small companies to keep their laborers on the finance. SBA will excuse loans if all worker maintenance models are met, and the assets are utilized for qualified costs.

  • PPP advances have a loan fee of 1%.
  • Loans given preceding June 5 have a maturity of 2 years. Loans given after June 5 have a maturity of 5 years.
  • Loan payments will be conceded for borrowers who apply for loan forgiveness until SBA dispatches the borrower’s loan sum to the moneylender. On the off chance that a borrower does not make a difference for credit absolution, installments are conceded 10 months after the covered period for the borrower’s advance pardoning ends(either two months or 24 weeks).
  • No security or individual assurances are required.
  • Neither the public authority nor lenders will charge private ventures any expenses.

PPP Loan Application Deadline

The Small Business Administration’s Paycheck Protection Program has given forgivable loans to organizations intended to keep up work levels by covering finance and different costs during the COVID-19 emergency. While numerous organizations have exploited the program, there is still more than $120 billion in assets accessible for PPP loans that are remaining in funds. To give extra guidance to organizations, the application deadline for PPP credits was as of late extended from June 30 to August 8, 2020.

This augmentation gives additional chance to organizations that have not yet applied for PPP reserves, anyway it does not permit any extra credits to a business that has just gotten a PPP advance. Borrowers can get PPP advances for a sum equivalent to 2.5 occasions regularly scheduled finance costs. Borrowers will have a 24 week time frame to spend the loan proceeds and afterward apply for forgiveness. The loans convey a 1% loan fee and might be paid over a course of 5 years.

How To Apply For A PPP Loan Online?

Start by downloading and rounding out the new changed application form on the SBA website. The application incorporates guidelines and is really clear. Be ready to demonstrate that your business was operational on Feb. 15, 2020; that you had workers; and the measure of your average regularly scheduled payroll costs adhering to directions on the application structure.

You can apply through any current SBA 7(a) lender or through any federally protected depository foundation, federally insured credit association, and Farm Credit System establishment that is partaking. Other controlled lenders will be accessible to make these credits whenever they are affirmed and selected in the program. You ought to talk with your local lender concerning whether it is taking an interest in the program. Applications for PPP loans can also be submitted carefully through the lenders’ online PPP loan application entryway.

In the event that you wish to start setting up your application, you can download a duplicate of the PPP borrower application structure to see the data that will be mentioned from you when you apply with a bank. Contingent upon your lender, you will need to give a few or all of the accompanying documentation with your application:

  • Tax forms for in any event 2019, yet on the off chance that you have 2 years of government forms effectively accessible, prepare those.
  • Finance reports that show plainly how you accomplished your all out advance sum.
  • Legitimate organization development records or association lawful structure/arrangement, proprietorship, and so on
  • Verifiable payroll cost archives.
  • Payroll synopsis report with comparing bank statements.
  • Breakdown of payroll benefits.
  • Accreditation that all representatives live inside the United States and a rundown of workers who do not live in the U.S. what’s more, their pay rates.
  • Latest mortgage or lease proclamation and service bills.
  • Documentation regarding how COVID-19 has contrarily affected your business (contrasting 2019 with 2020 deals is a simple method to do this.)

PPP Lenders

Initially, PPP loans were just accessible through banks and credit associations that were at that point assigned SBA partners. Presently, a few fintech associations have been affirmed to acknowledge applications and give PPP loan assets. Every option accompanies its own arrangement of advantages and disadvantages, so you will need to be certain that the lender bodes well for your business and will permit your application to be prepared rapidly.

Fintech Companies

The latest expansion to the rundown of SBA affirmed lenders may likewise be the most encouraging regarding usefulness and convenience while applying. The lone downside, like bigger banks, is that in the event that you do not presently have an account and use monetary administrations through the organization, the probability of you having the option to apply any time before long is impossible. Moreover, there might be extra restrictions with respect to the sum you will have the option to get and keeping in mind that numerous organizations have been affirmed as loan specialists, not all have revealed an application at this time.

On the off chance that you intend to apply through a fintech organization we suggest that you do it through one that you as of now have an account through. This will organize your application and guarantee that the mechanized cycle has enough information to precisely pull from and better your odds of being endorsed. Continue reading this list underneath to find out which organizations are presently (or before long will be) accepting PPP applications.


One of the first to be endorsed as a moneylender, PayPal as of now has a live application entry going. PayPal is collaborating with WebBank as the essential bank for its PPP credit program and no past history with PayPal is needed to apply. You should have extra assessment, finance, and other bank articulations prepared to transfer, and whenever affirmed, the official advance documentation will be shipped off you through email to sign.

Funding Circle

Funding Circle’s PPP Loan application is a mix between a do-it-yourself online framework and a straightforward overseen application. You will begin the cycle by rounding out essential data through their new PPP advance gateway, which will at that point be given off to a Funding Circle account chief who will connect with you to help total your application and any important valuable reports. Being dealt with by a real individual is a decent touch, however relying upon the number of record supervisors are accessible, this may hinder the application cycle. Also, Funding Circle is working with different financing accomplices to handle the advances, which may mean you’ll be moved to one of them whenever considered significant.


Square is an endorsed SBA bank yet presently can’t seem to declare when its application will go live. In case you are currently a Square Seller, you will be the first to be told when Square formally begins to acknowledge applications. In the event that you do not have a Square account, you can pursue the likelihood to get a PPP loan through Square Capital. Without a doubt Sellers will take point of reference, so it could be ideal to dodge this loan specialist except if you are now using their services.


Divvy’s application went live on April 6 related to their financial accomplice, Cross Bank. On the off chance that you have a Divvy account, your record supervisor will work straightforwardly with you on beginning your application, deciding the sum you fit the bill for, and getting the fundamental documentation all together. In case you are not a Divvy client, they actually assist you with presenting an application to Cross Bank, just without all the additional help en route. In case you are searching for help in submitting for a PPP advance and are now using Divvy, this might be an incredible choice for you.


Kabbage was one of the first fintech accomplices to be affirmed by the SBA and gives a generally straightforward cycle that naturally computes the amount you ought to apply for. You should make a Kabbage account to apply and should physically include the vast majority of your data. One significant disadvantage that is not found in any of the other non-bank moneylenders, is that Kabbage is simply ready to handle credits of up to $2 million, which may not be almost the sum required for some private ventures.


Credibly’s foundation makes it easy for you to present a quick, complete, and secure PPP loan application. PPP application online can be done in minutes and get the alleviation subsidizing you need as quickly as time permits. Both existing clients and new clients are free to apply. In case you are worried that subsidizing for PPP will run out, they additionally give other independent company credits that might be a superior choice for you.


Lendio’s PPP application is accessible to those that do and do not have an account. On the off chance that you have a record, the entirety of the essential data and the majority of the business and financial data will be auto-filled. In the event that you do not have a record, you will need to add the entirety of that data in yourself, and in the two cases, you should transfer extra reports to help your application. While the cycle is basic, remember that those with Lendio records may overshadow non-account holders during the endorsement cycle.

Large Banks

Banking organizations, for example, Chase, Bank of America, and U.S. Bank, have encountered the best convergence of applications, just as the best measure of issues in preparing them. A portion of this is because of the volume, however a significant part of the slowdown has to do with them organizing current clients and bigger records over different candidates. Presently, most bigger banks are just tolerating structured entries seeing revenue in PPP loans as they measure applications that have just been submitted. Applying for a loan through a bigger bank is as yet a suitable choice, simply be certain that you currently have an account and have somebody there to connect with straightforwardly.

Small Banks and Credit Unions

On the off chance that you right now work with a local bank or credit association, the probability that you will work with a genuine individual is a lot higher. Just like a portion of the fintech choices, this implies you have somebody there to help answer any inquiries, help with your application, and guarantee that you are giving the important documentation to get a PPP loan. The customized cycle additionally implies that you will have more noteworthy knowledge into the status of your application and if there are any warnings that might be slowing down the endorsement cycle.

Regardless of whether or not you presently have a record with a more modest bank, this may in any case be your most ideal choice. It might imply that you will need to move records to apply, however the shortlist to apply will doubtlessly be more limited or non-existent contrasted with bigger banks, and the speedy, customized administration may mean the distinction between you getting reserves or not.

How To Submit A PPP Application?

Step 1: Access your PPP Application

At the point when you present a PPP advance solicitation on, you are first diverted to your PPP application with their partner. On the off chance that you just presented your solicitation, you should effectively be on this page. You will finish your application with their partner and afterward once it has all necessary data and documentation it will be settled and submitted to a bank in their partner’s affirmed PPP lender commercial center.

On the off chance that you have left the application entry effectively, you can even re-visit your application. You ought to have gotten an email from SBA’s partner with details of your account to get to the application entryway. On the off chance that you can’t discover this email, you can get to your application entrance by resetting your password utilizing the email address from your loan solicitation and afterward signing in. Your login data for the portal will be similar whether you are signing into the partner’s portal through or through their partner. Once signed into the application entry select ‘Edit Application’ to survey your current data and complete any missing necessities.

You should make a further move from here to finish your application with SBA’s partner and have it submitted to a lender.

Step 2: Add or Confirm Existing Business Information

Ensure everything in this part is completely filled in. The following are a few areas to give common consideration to

  • Business address: Make sure that you enter the correct address, including the 5-digit zip code. Entering the 5-digit zip code is more important than the 9-digit zip code.
  • Business type: Confirm that you have chosen the right business type. This will have an impact on the documents you may need to provide.
  • Business Tax ID: Ensure that the tax ID you enter is a valid 9-digit number.. Recheck for any typing errors and verify that the ID number is 9 digits long before submitting the application.
  • Loan amount requested: The total sum you have requested should be 2.5 times your mean monthly payroll costs. Make sure that it is neither $0 nor hundreds of millions of dollars. You can use SBA’s PPP loan calculator if you need any assistance.
  • Employee count: Confirm the employee count. It should be between 1 and 500. 0 is not accepted as a valid entry. Sole owners and 1099 workers should enter 1.

Step 3: Add New Requirements for Business Information

These are some more requirements that you need to fill on the same “Business Information” page of the application:

Business start date: Make sure that this is the same date as on your Secretary of State filing.

Industry: Once you start typing in your industry, a few options will appear in a pop up menu. Select your preferred industry. In case you do not find your exact industry, choose the one that is the closest. Applications are not approved by the SBA if they are submitted without an industry.

Step 4: Enter or Confirm Ownership

On the main “Owner Information” page, affirm the proprietor percentage of the candidate. The proprietorship rate should be more prominent than 0.

Step 5: Enter or Confirm Additional Owner Info

Next, add in or affirm all fundamental data for extra owners (assuming there are any). You should add data for any person with in any event a 20% share in the business. All fields on the “Additional Owner” page should be finished, including date of birth. (You will likewise be approached to incorporate the date of birth for the owner who is applying on the “E-sign” page). You will require a color copy of every proprietor’s Driver’s License, both front and back. You will be approached to transfer the duplicates in the “Documents” segment (It is the next section).

Step 6: Upload or Confirm Documents

On the “Upload Your Documents” page, you should upload every necessary document or affirm that everything that was recently uploaded is right and add any reports you are missing to guarantee a complete PPP application. On the off chance that you do not as of now have the accompanying attachments added to your application, it would be ideal if you upload them:

  • Driver’s License for all owners with 20%+ share in the business:
  • 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

Step 7: Check your email for additional instructions from our partner or your lender

When your application is affirmed and concluded with SBA’s partner, they will put it into their lender marketplace where a PPP lender can decide to acknowledge your application and offer you a PPP loan. On the off chance that a loan specialist decides to acknowledge your application, you will get an affirmation email from the partner as well as your lender. Make certain to peruse these messages cautiously and adhere to all guidelines to ensure you can get your loan.

PPP Loan Forgiveness Application

Borrowers might be qualified for credit pardoning if the assets were utilized for qualified finance costs, installments on business contract interest installments, lease, or utilities during either the 8-or 24-week time span after dispensing. A borrower can apply for loan forgiveness whenever it has utilized all loan proceeds for which the borrower is mentioning absolution. Borrowers can apply for forgiveness any time up to the maturity date of the loan. In the event that borrowers do not have any significant bearing for forgiveness in 10 months after the most recent day of the covered period, at that point PPP loan payments are not conceded and borrowers will start making loan payments to their PPP lender.

Information the Loan Forgiveness Application Form Asks for:

  • Business Legal Name (“Borrower”)/DBA or Trade Name (if applicable)/Business TIN (EIN, SSN)
  • Business Address/Business Phone/Primary Contact/E-mail Address
  • SBA PPP Loan Number
  • Lender PPP Loan Number
  • PPP Loan Amount
  • Employees at Time of Loan Application
  • Employees at Time of Forgiveness Application
  • PPP Loan Disbursement Date
  • Economic Injury Disaster Loan (EIDL) Advance Amount
  • EIDL Application Number
  • Payroll Schedule
  • Covered Period
  • Alternative Payroll Covered Period
  • If Borrower Received PPP Loans in Excess of $2 Million

How to Apply for Loan Forgiveness

  1. Contact your PPP Lender and complete the correct form

Your Lender can furnish you with either the SBA Form 3508, SBA Form 3508EZ, SBA Form 3508S, or a Lender equivalent. The 3508EZ and the 3508S are abbreviated forms of the application for borrowers who meet particular necessities. Your Lender can give further direction on the most proficient method to submit the application.

  1. Compile your documentation

Payroll (give documentation to all payroll periods that overlapped with the Covered Period or the Alternative Payroll Covered Period):

  • Bank statements or external payroll service provider reports recording the measure of cash income paid to representatives.
  • Tax documents (or comparable external payroll service provider reports) for the periods that coincide with the Covered Period or the Alternative Payroll Covered Period:
  • Payroll charge filings revealed, or that will be accounted for, to the IRS (commonly, Form 941); and
  • State quarterly business and individual employee pay announcements and unemployment insurance tax filings reported, or that will be accounted for, to the significant state.
  • Payment receipts, dropped checks, or record articulations archiving the measure of any business commitments to worker medical coverage and retirement designs that the borrower remembered for the absolution sum.

Non-payroll (for costs that were brought about or paid during the covered period and demonstrating that commitments or administrations existed before February 15, 2020):

  • Business mortgage interest payments: Copy of lender amortization timetable and receipts confirming payments, or bank account articulations.
  • Business lease or rent payments: Copy of current lease agreements and receipts or dropped checks confirming qualified payments.
  • Business utility payments: Copies of solicitations and receipts, dropped checks or record articulations.

This rundown of documents that needs to be submitted to the lender is not comprehensive.

  1. Submit the forgiveness form and documentation to your PPP Lender

Fill out your loan forgiveness application and submit it to your Lender. Make sure that you have attached all the required documents. You can even request your lender for a follow up to submit additional documentation as requested. Get in touch with your Lender for extra help and guidance, and provide requested documentation in an organized manner and on. You can do this online, via emails, or through the lender’s official website, instead of in person

  1. Continue to communicate with your Lender throughout the process

On the off chance that SBA embraces an advance survey of your advance, your lender will inform you of the audit and the SBA loan review choice. You reserve the privilege to bid certain SBA loan review choices. Your Lender is answerable for informing you of the forgiveness sum paid by SBA and the date on which your first payment will be expected, if applicable for you.

Note that if it is applicable, SBA will deduct any EIDL advance sum you have received from the forgiveness sum transmitted to the lender, as needed by area 1110(e)(6) of the CARES Act. Borrowers are needed to hold certain records for a very long time after the date the loan is pardoned or reimbursed in full.


To meet all requirements for a PPP advance, you should affirm that your business has supported financial injury because of the COVID-19 pandemic. This confirmation is needed to guarantee that assets are disseminated to private companies that have been hit the hardest by business interruptions because of the pandemic. When a lender has acknowledged your application and you get an email appointing you a PLP number (preferred lending partner number), this implies you are additionally in the U.S. Independent venture Administration’s credit framework and the lender that acknowledged your application will be the solitary bank who will have the option to make you a PPP advance. On the off chance that you need to keep up choices about which PPP moneylender to utilize, you ought not completely finish and affirm your application with our accomplice.

Charles Bains

Charles Bains

Charles Bains started his insurance career as a marketing intern before pounding the pavement as a commercial lines agent in Orlando, FL. As an industry journalist, his articles have appeared in a variety of trade publications. His insurance television career, short-lived but glorious, once saw him serve as the expert adviser on an insurance-themed infomercial (yes, you read that correctly). Having recently worked for various organizations, coupled with his broader insurance knowledge, Charles is able to understand our client’s needs and guide them accordingly. He is a gem for Insurance Noon as his wide area of expertise and experience have been beneficial in conducting further researches to come up with solutions and writing them in a manner which is easy for everyone including beginners to comprehend.

Insurance Noon is the world's leading source of insurance related content on the web, focusing on industry news, buying guides, reviews, and much more.