This Section is one of five sections, labeled Section A to Section E, that have been created to assist you in completing the initial PPP application on this site. Please use the navigation buttons at the bottom. If you need to update an existing application, or check your status, please click on the green button at the bottom of the Update / Status menu tab at the top.
Please do not start multiple applications - it delays the process!
Section A - Steps in the Process and What to Expect.
To achieve the fastest and best result, the steps in the application process are:
- You read the instructions on these web pages. (We all hate to read instructions, but 20 minutes you spend reading these instructions will save you at least 20 minutes in completing the application and may prevent your application from being delayed or rejected.)
- Gather the documents needed for upload for your type of business entity (Section D).
- You complete the online application and upload the required documents.
- We perform the initial review to make sure the right documents are present.
- If we find missing information or documentation, we email you
- You log back into the application and supply the missing information or documents
- We perform the initial review again of the corrected information.
- It is far better to go from#4 to #5 without this “a to c” diversion to correct errors, largely caused by not reading the web instructions or following the instructions in the online application itself.
- We perform the final review, assuring that the documents supplied support the loan application. If needed, we go through the “a to c” steps of #4 to collect additional information. (After completing of this step #5, the application is marked “Approved” on our site. This does not mean it is approved by the SBA or the lender – it means it is Approved to be submitted to the SBA.)
- We electronically submit the application data to SBA for a guarantee of the loan.
- If the SBA approves the guarantee, they issue a loan guarantee number and we prepare a “147” closing package and email it to you via Adobe Echosign. This email may be from one of our team members – please be on the lookout for it.
- You electronically sign the closing package, which is automatically returned to us.
- We assemble the documents you uploaded and deliver the closing package to the lender.
- The lender reviews the package and decides if they are going to make the loan.
- If the lender is a credit union, they will contact you about enrolling as a business member. Your business must be a member of the credit union to receive a PPP loan from the credit union.
- The lender opens a membership, if needed, and disburses the loan funds, either by depositing the funds in an account at the lender or electronically transmitting the funds to another financial institution.
- You keep track of the expenditures from the loan proceeds and file an application for loan forgiveness at the appropriate time.
- You keep all the documentation of your application and expenditures for a period of three years.
- You cooperate with an SBA audit, if requested.
We have had applications go from initial application to funding (steps #1 to #12 above) in two or three business days, but it is more typical for it to take longer because the additional steps “a to c” in #4 and #5 interrupt the flow and take manual processing time. This diversion to collect additional documents can largely be avoided by applicants that take the time to read these instructions and the instructions in the application itself.