What Do I Need to Apply for a PPP Loan?

by | Apr 23, 2020

NOTE: This news article is an archived post that was posted on the date above. The information contained in this post was applicable for that date only. Some of the information below may have expired.

The PPP, or Paycheck Protection Program, is a loan program from the SBA established through the CARES Act to help small businesses affected by the COVID-19 pandemic. The PPP provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program.

It is speculated that the federal government is slated to release more funds for PPP very soon. Once the government releases more funds, these loans will be moving fast. As your Bank About Town, we want you to have your affairs in order, so you can stay ahead of the curve and apply when funds become available. Here are the documents all non-seasonal small businesses will need in order to file for PPP:

1. Copy of government-issued ID for each beneficial owner with 25%+ equity interest

2. Organizational documents:

  • Articles of Incorporation;
  • Secretary of State Good Standing Evidence;
  • LLC Operating Agreement; or
  • Secretary of State Certificate of Formation

3. 2019 IRS Form W-3

4. 2019 IRS Form 940

Depending on the type of small business you own, you will need to provide additional documents. To learn more about what you need to apply for PPP, visit the SBA website here.

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