Apply for a PPP loan today
Skip the bank. Get your loan fast.
Claim your fair share before the funds run out.
PPP Loan Direct is dedicated to helping small businesses like yours access this new round of PPP funds quickly.
We make it easy for you to apply for PPP 2.0 funds, even if you don’t bank with an approved SBA lender.
PPP Loan Direct has joined forces with trusted partners ACAP and The Loan Source. They are the experts in processing PPP applications and managing loan forgiveness. Our shared mission is to improve PPP equity.
Answers to Your Paycheck Protection Program Questions
What is the application deadline for PPP 2.0?
March 31, 2021. The Round One PPP loans were disbursed very quickly, though, so it is better to apply early.
Do I have to use the same lender as I did for PPP First Round?
No you do not. You can submit a new application here or with any other qualified lender.
Are there any fees to apply or close a loan?
No, there are no fees whatsoever to the borrower.
How can I be sure that there will be enough funding for all eligible borrowers?
The SBA maintains that will be enough funds for all eligible borrowers. Like round 1 of PPP, loans and dollars will be tracked, and data will periodically be published. The 25% reduction in revenue requirement will significantly decrease those eligible.
Does my first-round loan forgiveness application need to be processed before applying for a PPP Second Draw loan?
We have received no indications that forgiveness applications for Round 1 loans must be submitted prior to applying for a second draw. We do not anticipate this will be a condition for applying for round 2 loans.
Who is PPP Loans Direct?
Like you, we’re small business owners who were frustrated by the way the last round of PPP loans were distributed. In particular, too many small business Black business owners and independent contractors got shut out. We knew there had to be a better way to make this round more equitable. We’re not lenders ourselves but we have partnered with ACAP to help get your PPP loan application submitted and funded.
Which businesses are eligible for PPP 2.0?
These businesses are eligible:
What businesses are not eligible for PPP 2.0?
The following businesses remain ineligiblefor PPP loans:
What are the specific eligibility requirements?
If an organization was not eligible but now is, can it apply?
Yes.
What date is required to meet the 300-employee maximum requirement? Do part-time employees count?
This requirement needs to be met at the time of the application. Yes, part-time employees are included in the total employee count.
How much can I borrow under PPP 2.0?
What counts as a payroll cost?
What documents are required?
List of required PPP application documents:
You must provide each owner’s name and Social Security Number (SSN), Taxpayer Identification Number (TIN), or Employer Identification Number (EIN), plus one of these documents listed below, as applicable to your business type. (If your business has more than one owner over 20%, you must list the percentage of all owners).
Each owner must be accounted for in the PPP application form. Along with each owner’s TIN, EIN, or SSN, lenders will also require a government-issued ID such as a Passport or a state-issued Driver’s License.
So the lender can deposit approved funds into your account, you may be asked to provide a bank statement (either an electronic [pdf] or scanned copy) showing both the name on the account and the account number. Some lenders (not Fundbox) may accept a voided check. If the account number is misidentified, the wrong bank account will be credited.
To verify that your business is Active and in Good Standing, you need to provide either a pdf or just a screenshot of the certificate from the Secretary of State website showing your business is both Active and in Good Standing. It must be current for the month you apply for the PPP loan.
Note: this certificate is not required for Independent Contractors and Sole Proprietors. However, to prove you were in operation as a sole proprietor or contractor, you’ll need to provide a 2020 invoice, bank statement, or book of record establishing that you were in operation on or around February 15, 2020.
How do I get my loan forgiven?
I am borrowing less than $150K. Is loan forgiveness more streamlined?
What are the requirements for loan forgiveness?
To qualify for loan forgiveness, at least 60% of loan proceeds must be spent on:
40% of loan proceeds may be spend on:
What is the interest rate of the loan?
PPP loans have an interest rate of 1%.
Can my interest rate go up later, if my loan forgiveness is not approved?
No. Interest rates on PPP loans are non-compounding and non-adjustable. Your rate cannot change.
What is the repayment schedule?
Are they any fees?
Neither the government nor lenders will charge small businesses any fees.
Do I have to put up collateral or a personal guarantee?
No collateral or personal guarantees are required.
What are the tax implications of a PPP loan?
Forgiven PPP loans are not taxable and forgiven expenses are tax-deductible