White House Announces Revised Calculation for Self-Employed
Monday, February 22, 10:30 am. This moring, the White House announced several measures designed to focus PPP funding on very small businesses, those with less than 20 employees and the self-employed in particular. In the story, the New York Times reports that the SBA / Treasury will announce that self-employed borrowers will be able to use gross rather than net revenue in calculating eligible loan amount. This is a significant change. Neither the SBA nor Treasury have released additional information as of this writing.
While this is good news for future applicants, it leaves many questions unanswered, including whether a borrower under the old rules can apply for an increase. We will continue to monitor and will update when more information is available.
Apply for a Paycheck Protection Program Loan
There are 4 easy steps to apply for a PPP loan:
1 – Complete the Initial PPP Application form by clicking on the link below to obtain the link to your private Box folder.
2 – Download the forms below for your type of application – First Round or Second Round.
3 – Complete the forms, gather the required documents, and upload to your private Box folder.
4 – Notify us that you have completed the upload of the Forms and documents specified in our Form 100 for your business entity type.
4 Steps to Apply for a PPP Loan:
> Step 1: Complete the Initial PPP Application Form
Answer the 10 questions on the Initial PPP Application form (click on the green button). We will open a private Box folder for you to upload your application and email you the link. (The link usually comes within 4 business hours, but if it does not, click on the gold button below for help with your Box accss.) In the meantime, go to Step 2 and download the forms and documents so you will be ready when your Box access arrives.)
> Step 2: Download the Forms
Download the following Forms, depending on which type of loan application you are submitting. Each of the forms (except Form 100) opens on your screen in most browsers and can be edited on screen.
Form 100 is is a check-list of the forms and documents that are required to be uploaded for each loan application type. You can download it as one Excel worksheet with one busines type per Tab, or you can download as PDFs the individual sheets per business type. Click here for more information on the use of Form 100.
Second Round Borrower with Same lender and Same base period ("SS")
Second Round Borrower with New lender or New base period ("SN")
If you need additional information to compete the Forms or about the documents to collect, click on the Documents menu tab at the top of the page.
> Step 3: Complete the Forms and Collect the Documents
Complete the forms you downloaded in Step 2 and gather the documents listed on Form 100 for your business entity type. Complete the forms per their instructions and instructions at SBA.gov. We have provided links to the key SBA instructions on our Documents page - click on the documents Tab at the top.
We can only accept PDF files - no image files. (You can convert images to PDFs with many phone and computer apps.) We cannot accept handwritten applications.
Please use a descriptive name for you PDF file -- make it easy for your lender to review and approve your application!
Upload the forms and documents to your private Box folder as described in Step 1.
> Step 4: Notify Us the Forms and Documents are Uploaded
When you have uploaded all the forms and documents listed in the Form 100 checklist for your typa of business entity and application type, click on the email link below to notify us. We will start the review of your application package as soon as possible.
When We Receive Your Completed Application
When we receive your COMPLETED package:
A. We will review your Forms and documents as soon as we can. (There is currently a huge surge of applications, be we are working through them as quickly as possible.)
B. We process applications in a first-come-first-serve basis. If the forms and documents are not complete, you will be notified to correct. You will be ask to notify us again when the corrected documents ready, in which case you will start over in line. It is worth the extra time to double check that your documents are complete the first time.
C. When your douments are complete, we will forward the package to your lender for approval.
D. If your lender approves the package, we will forward the application to the SBA for an approval of a guarantee for your PPP loan.
E. When the SBA approves the guarantee on the PPP loan, we will prepare a closing package and email it to you to digitally sign.
F. When you sign the closing package it is automatically returned to us. We complete additional documents for the lender and forward the package to the lender.
G. The lender will open membership and deposit accounts (if required) and either disburse the funds to a deposit account at that lender or send you the funds via wire, ACH, or check.
The entire process can be completed in under three weeks if you are (1) diligent and prompt in uploading the required forms and documents and (2) prompt in responding to any questions we have. We will notifity you at the completion of each major step in the process.