How to Submit Your SBA PPP Loan Application and Calculate the Loan Amount

Many small-business owners are completing their Paycheck Protection Program (PPP) loan applications and are running into common questions and roadblocks. The immediate question right now revolves around two issues: First, how do I work with my bank or find a bank to get it submitted? And second, how do I properly calculate the loan amount on the application? If you’re unfamiliar with the PPP loan and how it can be used and forgiven, please refer to my prior article here

What if my bank still hasn’t launched its PPP application?

Most large banks have yet to launch their PPP loan application, and it appears that nearly all of the large banks are planning to do this process entirely online and that initially they will only work with their existing business-banking customers. As of April 4, Bank of America is the only large bank that has been taking and processing PPP applications and reported taking 85,000 apps on Friday alone, comprising loan amounts totaling $22 billion. They are only taking applications from current customers.

Original article here

Author: georged31093

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