SBA Releases Revised Calculation for Schedule C Businesses

The SBA announced the details of several measures designed to focus PPP funding on very small businesses, the self-employed in particular.  The new regulations will allow self-employed borrowers to use gross rather than net revenue in calculating eligible loan amount.  This is a significant change.  

While this is good news for future First Draw and Second Draw applicants, the new regulations do not allow a borrower under the old rules to apply for an increase.  The new rules require new applications, links for which are below. 

Apply for a Paycheck Protection Program Loan

There are 3 easy steps to apply for a PPP loan:

Step 1 – Complete the Initial PPP Application by clicking on the green "Apply" button below.  An Application Advisor (based in the U.S.) will be assigned to you. Your advisor will be in touch the same day you apply to set you started.

Step 2 – Download Forms for your type of application – First Draw or Second Draw or Schedule C forms.

Step 3 – Gather the required documents for your type of application and legal form of business.  Your Application Advisor will assist you in identifying the right docuents.

The Three Steps to Apply for a PPP Loan:

> Step 1: Complete the Initial PPP Application Form

Click on the green button to start the PPP application process. You will receive a welcome email immediately.  An Application Advisor will be assigned to you - you will hear from your "AA" the same day you start the application process (next day if after about 5 pm ET).

Note: If you were referred to PPP-Apply by a lender, please include the name of that lender in response to Question 9 of the Initial PPP Application.

> 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 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.

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. 

If you have having problems with the electronic signatures on the SBA forms, download our Form 199 and complete it (4 lines) - this form satisfiers the SBA requirement for an electronic signature on PPP applications.

Then upload all to the Box Folder we created for you or email them to your Application Advisor. 

Please make sure you are uploading your documents into the folder we created for you and not just in the "All files" folder Box created.  You should see a document we created for you in the right folder.

We cannot accept handwritten applications and can only accept PDF files - no image files.  (You can convert images to PDFs with many phone and computer apps.)

Please name each file according to the Item ID referenced in Form 100 -- make it easy for your lender to review and approve your application!

If you have any issues uploading to your Box Folder, please email directly the Application Advisor assigned to assist you.  (If you do not know your Application Advisor, please ppp-apply@paymentsecurity.net and we will introduce you. We no longer accept loan applicaiton documents that are emailed to us, only documents that are uploaded through your Box folder.)

When We Receive Your Completed Application

When we receive your COMPLETED package:

A.     We will review your Forms and documents as soon as they are complete. 

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.  Note:  if your lender is a credit union, you will be requred to join the credit union for that lender to make the PPP loan.  

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 two 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.