man_in_pain
New member
The new PPP second draw application is now available on the SBA's website.
Because I have a lot of experience with this program and it launches this coming week I decided to go ahead and make a walkthrough of the process.
Here's the SBA PPP Second Draw Borrower Application: https://www.sba.gov/document/sba-form-2483-sd-ppp-second-draw-borrower-application-form
Here's my step by step walkthrough:
Documents You'll Need For PPP 2:
List the names of all owners (over 20%).
Indicate your Business Type (Independent Contractors and Sole Proprietors have slightly different document requirements).
IRS form 940 for 2019
IRS form 941 all quarters 2019
IRS form 944 for 2019
Payroll processor records
*If you are a partnership without employees you’ll need a 2019 schedule K. If you show no profit on line 14a you unfortunately do not qualify for a PPP loan
*If you’re self employed as a sole prop or contractor you will need a 2019 1040 schedule C. You will need to show profit on line 31
1 other document for proof of ownership (this could be articles or incorporation or a 1040 schedule C or W9 form)
Because I have a lot of experience with this program and it launches this coming week I decided to go ahead and make a walkthrough of the process.
Here's the SBA PPP Second Draw Borrower Application: https://www.sba.gov/document/sba-form-2483-sd-ppp-second-draw-borrower-application-form
Here's my step by step walkthrough:
Documents You'll Need For PPP 2:
- Completed PPP Application Form
List the names of all owners (over 20%).
Indicate your Business Type (Independent Contractors and Sole Proprietors have slightly different document requirements).
- Average monthly payroll costs
- Proof of payroll or self income
IRS form 940 for 2019
IRS form 941 all quarters 2019
IRS form 944 for 2019
Payroll processor records
*If you are a partnership without employees you’ll need a 2019 schedule K. If you show no profit on line 14a you unfortunately do not qualify for a PPP loan
*If you’re self employed as a sole prop or contractor you will need a 2019 1040 schedule C. You will need to show profit on line 31
- Proof of ownership.
1 other document for proof of ownership (this could be articles or incorporation or a 1040 schedule C or W9 form)
- Government ID for all owners of more than 20%
- Email addresses for all owners over 20%
- Banking information for your business
- Certificate of good standing from your secretary of state. (This does not apply for contractors or sole props)