Can You Apply For PPP Directly Through SBA?

How long does it take SBA to approve PPP loan?

approximately 10 daysHow long does it take for me to get the money.

The EIDL Loan process takes a minimum of 21 days to complete.

However, the completed timeframe is on a case by case basis.

The PPP process takes approximately 10 days to complete..

What is the difference between PPP and SBA loan?

The loans are made available through the Small Business Administration (SBA) under the CARES Act. … EIDLs offer advances up to $10,000 that do not need to be repaid, while PPP loans provide small business loans equal to 2.5 times their average monthly payroll, up to $10 million.

Has the SBA forgiven any PPP loans?

SBA now forgiving PPP loans, simplifies applications for $50,000 or less. The U.S. Small Business Administration has started forgiving PPP loans of all amounts and cut the number of pages on the forgiveness application for small loans, officials announced Friday.

How do you qualify for a PPP loan?

Most small businesses should be able to qualify for the Paycheck Protection Program. If your business is based in the U.S., has 500 employees or less, and if your business is financially affected by COVID-19, you should be eligible for the PPP loan.

Which SBA lenders are accepting PPP applications?

Here are eight innovative fintech companies now offering PPP loans to small businesses, as well as several fintech firms that can help you apply for PPP loans.BlueVine. … Funding Circle. … Intuit QuickBooks. … OnDeck. … PayPal. … Ready Capital. … Square.

How do I apply for a SBA PPP loan?

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program.

What documents do I need for SBA PPP loan?

List of required PPP application documentsCompleted PPP Application Form. … Average monthly payroll costs (only applies to businesses with employees) … 2019 Proof of Payroll Costs (or Self Income) … Proof of Ownership. … Unexpired, Government-issued Driver’s License or Passport for All Owners Over 20%More items…•

What documents are needed for PPP forgiveness?

Recordkeeping and required documents for forgiveness Payroll reports from your payroll provider (Learn more about how payroll providers are supplying PPP specific reports) Payroll tax filings (Form 941) Income, payroll, and unemployment insurance filings from your state.

When should I apply for PPP forgiveness?

Borrowers may submit a loan forgiveness application any time before the maturity date of the loan, which is either two or five years from loan origination.

What is the deadline for PPP loan forgiveness?

October 31, 2020Question: The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. Is October 31, 2020 the deadline for borrowers to apply for forgiveness? Answer: No.

Is SBA still taking PPP applications?

Notice: Paycheck Protection Program closed August 8, 2020 Current law dictates that the Paycheck Protection Program (PPP) close at the end of August 8, 2020. As such, SBA is no longer accepting PPP applications from participating lenders.

Can I apply for a PPP loan online?

You can apply online in minutes and get the relief funding you need as soon as possible. Both existing customers and new customers are welcome to apply. If you’re concerned that funding for PPP will run out, they also provide other small business loans that may be a better option for you.

Can I apply for PPP directly with SBA?

Currently, the EIDL application is accessible here, and can be submitted directly on the SBA website. The PPP application is also live and can be submitted directly with banks, credit unions, and fintech companies including Square and PayPal.

Can you still apply for PPP?

UPDATE: On July 1, Congress approved an extension of the Paycheck Protection Program until August 8, 2020. … June 30 is the deadline for small businesses to apply for forgivable PPP loans. Even for businesses now reopening, the PPP is still available as a source of Covid-19 financial relief.