May 12, 2020
What You Need to Know Before Applying for a PPP Loan

Applying for a PPP loan may seem frustrating and complex, especially if you don’t know much about it.  But, it’s a pretty simple process.  In this blog post, we’ll learn what you need to apply.

It’s OK to apply for a PPP loan through multiple lenders & we suggest you do! 

But, make sure to communicate with each lender, once your application has been sent to the SBA & assigned an SBA number.  The lender will let you know when that happens!

If you do apply at more than one lender, just remember: you can only accept one round of funding.  Since you have to sign for the loan before the money is transferred into your account, it’s safe to say you should be OK.

To ensure your loan is 100% forgiven, there are specific rules on how you can spend the money.  You can find those details here.

To apply, you must have the following: 

    • Driver’s License for all owners with more than 20% share in your business.
    • Bank Statements from 2019 and/or 2020. 
    • Have you registered your business with the state?
      • If yes, then we’ll need your Articles of Organization. 
      • If no, that’s ok too!  We won’t ask you for this!
    • Have you received a 1099 in 2019?  
      • If yes, we’ll need a copy of it.  
      • If no, then we won’t need it.
    • Does your business run payroll through a Payroll Processor like Intuit or Quickbooks?  
      • If yes, we’ll need a copy of your payroll report, which details all full-time employees and their payroll costs, including their names and eligible compensation.  
      • If no, then we won’t need it.
    • Tax forms for 2019.  The type of form you have to submit depends on the type of business you own.  If you haven’t filed your taxes, there’s no need to worry.  Blueacorn.co walks you through this process & explains exactly what you need and how to get it.

Blueacorn was built to simplify and expedite the PPP application process at zero cost to the business owner.  You can find out more about us at blueacorn.co.