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Paycheck Protection Program (PPP) Loan Guide

Maximize Your Chances for Success in the Second Round of PPP Loans

What can I do now to submit a successful Paycheck Protection Program (PPP) application?

With an additional $310 billion being reallocated to the Small Business Administration's (SBA) Paycheck Protection Program (PPP), now is your chance to be approved if you missed the first round. The first round of funding lasted less than 14 days with 26,000 small businesses in the State of Maryland being approved for $6.5 billion in loans.

I’m not sure of my status from the original application, should I withdraw it and reapply?

Banks will begin lending as soon as the program is relaunched. If you have already applied do not withdraw your application. You can even apply for loans through multiple lenders, but you can only receive one loan. If you’re not sure, apply again.

Who do I need to talk with first?

Talk with your local SBA Lender now. You should be in conversation with your bank directly. If your bank is not an SBA Lender, you can find a local SBA-approved lender online (PDF). Do you have specific SBA Loan questions? Email

Are you still having trouble finding a lender? Try contacting any of these online banks that are able to provide SBA Loans:

What documents do I need to have ready?

First things first, set up the documents now for the application and the compliance stage. Gather information well before you go into the application so you can be ready. Accuracy is essential to successful applications so don’t skip anything. You’ll want to be sure everything is together so that a full and complete application can be submitted the first time. Local banks have received thousands of applications, and if applicants have their documents together and are accurate, lenders can move through them more efficiently, keeping you in the front of the line.

Required documents needed will vary from lender to lender, here are the documents you should have ready:

For eligible payroll costs, the applicant must provide documentation supporting the calculated amount:

Tax Documents filed for 2019 could include:

  • IRS Form 941—Employer’s Quarterly Federal Tax Return for each quarter in 2019; or
  • 2019 State Tax Filing Records; or
  • 2019 Federal Tax Return; or
  • 1099-MISC (if the applicant is an independent contractor)
  • IRS Form 1040 Schedule C (if the applicant is a sole proprietor)

Payroll Documents for 2019 could include:

  • Payroll ledgers or summary reflecting each employee’s compensation for 2019

Additional documentation may be provided to support vacation pay, group health insurance, retirement benefits, or other amounts the applicant has included. The bank is required to confirm that the information presented by the applicant demonstrates that, on or around February 15, 2020, the applicant had employees for whom they paid salaries and payroll taxes. This information could include:

  • Payroll ledgers or summary reflecting each employee’s compensation for February 2020.

For business validation, each applicant must provide the following supporting documentation:

  • For Corporations—Articles of Incorporation and Corporate Bylaws
  • For LLCs—Articles of Organization (or Certificate of Formation depending on the state) and Operating Agreement
  • For Limited Partnerships—Certificate of Limited Partnership (depending on the state) and a Partnership Agreement
  • For General Partnerships—Partnership Agreement
  • For Sole Proprietorships—Updated Business License

If I am approved what should I do next?

Once you have your application submitted, don’t forget, you’ll also need documents later to prove that you have met the requirements for items that may become forgivable loans. Keep in mind, businesses that accept PPP loan funds cannot also take the IRS Employee Retention Credit. You will need to closely track your pandemic-related expenses. Document everything!

Besides applying for new loans, what else can I be doing right now?

Look for all opportunities to save cash. The recovery will be long and difficult to get through. Cutting costs in order to stay in business is the focal point for small businesses now.

Also, be sure to reach out and have conversations with your partners. Your suppliers, customers and contractors are all in difficult economic positions. As the tough times pass, these supportive business relationships will be essential to everyone’s long-term success.

Revised April 30, 2020         


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