If you are wondering, “Can I get a PPP loan to start a business?”, you’ve come to the right place. Read on to learn how to qualify and apply. Here’s a breakdown of the program’s qualifications. It’s free to apply online, and it’s easy to see why so many small businesses are turning to it. However, there are some important requirements that you should know about before applying.

Getting a ppp loan to start a business

If you’ve been looking for a small business loan, you may have heard about the PPP program. This loan program has many benefits, including the possibility of eliminating the need for collateral. Unlike traditional bank loans, this type of funding is approved by the Small Business Administration and can be accessed through an online lender. The first draw of PPP loans is available for new businesses, and the second draw is available for businesses that have been in business for at least two years. The SBA also provides an online Lender Match tool, so you can find a PPP lender who can provide the necessary funding. The application for Round 3 is now open until May 31, 2021.

The PPP loan is intended for small, privately held businesses that have not yet been publicly traded. The government limits the number of employees that can apply for a PPP loan to 500. However, Congress has increased the number of businesses eligible to receive a PPP loan, increasing the number of small business owners eligible to access this money. In addition, PPP loans require a business to provide important details, such as the structure of its business.

Eligibility

The federal government has announced a few changes to the PPP program designed to provide financial assistance to small businesses that need it most. The first change is the extension of eligibility for PPP loans to businesses with fewer than 20 employees. Businesses that are non-citizens and do not have a history of fraud or delinquency will now be eligible. The maximum amount that can be loaned through PPP is increased to 3.5 times the business’s projected payroll for 2019. Moreover, businesses that are not in the first draw of this program are not eligible for second-draw loans unless they plan to employ at least 20 people. The maximum loan amount was also increased to three times the estimated payroll for 2020.

There are other requirements for PPP loans as well. First, the business must not be a publicly traded corporation. It must also not employ more than three hundred people at a single location. The next requirement is that it has been operating for at least two years. If the business is a nonprofit organization, it must not have more than 500 employees. Furthermore, businesses cannot have more than two locations.

Applying online

Before you apply for a PPP loan, it is important to gather all the necessary documents. For example, you will need a valid Driver’s License with both the front and back in color, and all of the other required documentation. Make sure you upload all the documents you need and double-check that you have everything you need. If you are not sure about whether you have all the required documents, check the eligibility requirements of the lender.

Although most large banks have yet to launch a PPP loan application, they are planning to do so. Initially, they will only accept applications from existing business-banking customers. For now, however, only Bank of America is processing PPP loan applications. It reported Friday that it took 85,000 applications for loan amounts totaling $22 billion. While large banks are still working on the process, the first major bank to offer a PPP loan application is Bank of America.