Get started with a PPP Loan Application by providing basic business information and using the Biz2Credit online platform to complete your application. Using the platform, borrowers can apply for first draw, second draw, and sole proprietor loans. SBA Forms 2483, 2483-SD and 2483-C   Required documentation can vary based on PPP loan type, SBA requirements and borrower preference. Here are the basic documents everyone should keep in mind.  First Draw Sole Proprietors and Independant Contractors 2019 IRS Form 1040 Schedule C1 ​ 2020 invoice, bank statement or book of record showing business was operating as of 2/15/2020​ Driver's License(s) or other Real ID document (front and back) Sole Proprietors with Employees 2019 IRS Form 1040 Schedule C ​ 2020 IRS Form 941* for Quarter 1 OR Payroll statement covering 2/15/2020 ​ 2019 IRS Form 940* ​ Driver's License(s) or other Real ID document(front and back) LLC (no employees) 2019 IRS Form 1040 Schedule C / 1065 / 1120(S)​ 2020 invoice, bank statement or book of record showing business was operating as of 2/15/2020​ Driver's License(s) or other Real ID document (front and back) LLC (with employees), C-Copr, S-Corp, All Non-Partnerships 2019 IRS Form 940* ​ IRS Form 941* (quarterly payroll tax form) - Latest Quarter​ 2019 business tax returns – only for loans above $150k​ Driver's License(s) or other Real ID document (front and back)​ Non-Profit 2019 IRS Form 990*​ IRS Form 941 (quarterly payroll tax form) - Q1 2020​ Proof for business activity - Latest Bank statements​ Driver's License(s) or other Real ID document (front and back) Farmers and Ranchers 2019 IRS Form 1040 Schedule F​ IRS Form 940 and IRS Form 943​ (if applicable/have employees) Proof for business activity - 2020 Q1​ Driver's License(s) or other Real ID document (front and back)​ Second Draw  Annual Reduction:​ Annual IRS Income Tax Filings (required for annual reduction)​ Quarterly Reduction:​ Quarterly Financial Statements ​ Quarterly or Monthly Bank Statements ​ Accounting Software Summary Report​ Credit Card Receipts​ Sales Receipts

 The application process is organized into 5 main steps. The first step is that you submit the application on the Biz2Credit website which can be completed within minutes. After you have completed it, the completed application is submitted to the SBA, which will take no less than 48 hours to review the application. Once the client's application is accepted by the SBA, the client enters the final verification phase, which may take 10 days depending on how fast the client provides required information.

When your application status changes to "funded" it means your loan funds have been issued via the ACH system or via wire to the bank account you indicated in your ACH details. This can take about 72 hours or 2 business days until you are able to see the funds in your account. If you are not seeing the funds in your account at that time, please login to check your dashboard for instructions on what to do next.

An SBA number (also known as an E-Tran number) is a reference number issued by the SBA on all accepted loan applications. It should be a 10-digit number and will be shown in your Biz2Credit account on all accepted loan applications. If you have received an E-Tran number, this means that your application has been accepted by the SBA. Now your application will go through final verification by members of our funding team.

Please click on "forgot password" on the login screen to receive a link in your email to reset the password. If you used an incorrect email address to set up your Biz2Credit account you must contact support@biz2credit.com for assistance.

Biz2Credit customers can reset their password by clicking on "my account" on the top right corner and then clicking on "change password". If you have trouble logging into your account, use the "forgot password" option from the login page.

Yes, part-time employees do count toward total payroll for PPP calculations. To attain the compensation amount for part-time employees take the average of hours worked multiplied by the employee’s hourly rate.

The PPP loan covered period was updated with passage of the Economic Aid Act. PPP loan borrowers may choose the length of their covered period as anywhere between 8 and 24 weeks.   For borrowers that received their PPP loan in 2020, covered periods may be either 8 or 24 weeks, at the choice of the borower. For borrowers receiving their PPP loan in 2021, the covered period can be any period between 8 to 24 weeks following the date of disbursement of the PPP loan, with the exact term determined by the borrower during the PPP forgiveness application process.

SBA guidelines have changed in the past, resulting in changes to the list of documents required. If the guidelines change after you have submitted your document, you may need to provide additional documents before your application can be verified.  If you see an action item to add or upload documents on your dashboard, you may need to upload additional documents to support your PPP loan application. In this case, the portal will request documents that are specific to your application.

The PPP salary cap of $100,000 will provide for up to that amount for employees. While the PPP will not provide funds for the difference, all employees regardless of salary above 100,000 are eligible to be counted in PPP.  Total paid compensation $125,000  $100,000 covered by PPP$25,000 uncovered remainder  Do I count contractors in my payroll?  No, contractors or other 1099 workers do not count toward the payroll of your business.

You will receive an email notification about the first payment due date on your PPP loan once your forgiveness has been processed. Generally, the first payment will be due one month in arrears from the date of your forgiveness decision, so it will be approximately 30 days after you receive notice about your forgiveness decision. The payment details will be listed on your Biz2Credit account dashboard.  

The SBA has not yet allowed the processing of Second Draw loan applications for borrowers who received a First Draw loan in 2021. You can apply for a second PPP loan only if your first PPP loan was processed in 2020. Borrowers must use all proceeds from their First Draw PPP loan on eligible expenses before disbursement of a Second Draw PPP loan. Additionally, the covered periods for the First Draw PPP loan and the Second Draw PPP loan cannot overlap.

The Economic Aid Act allows for a Second Draw PPP loan for those borrowers who have received a First Draw PPP loan and have used all the funding by the time they receive their second loan. In March 2021, the SBA made this option available for the first time to those borrowers who received a First Draw loan in 2021.  The Economic Aid Act states that a Second Draw PPP Loan may only be made to an eligible borrower that (i) has received a First Draw PPP Loan, and (ii) has used, or will use, the full amount of the First Draw PPP Loan on or before the expected date on which the Second Draw PPP Loan is disbursed to the borrower.

TEMPORARY NOTICE: Business owners who have received a PPP loan prior to February 28th will be able to apply for forgiveness on those loans on or about May 24th. For loans funded after February 28th, more information will be announced at that time. Check your Biz2Credit dashboard for the latest information on your loan. Borrowers should apply for PPP loan forgiveness at the end of the covered period. Covered periods may range from 8 to 24 weeks, with the exact term determined by the borrower during the PPP loan application process.

If you need to withdraw your PPP loan application for any reason, you can do so through your Biz2Credit account or by contacting our customer service team. Please note that the process is different depending on whether your PPP application has already been accepted by the SBA or not. If your application has not yet been accepted by the SBA, you can withdraw your application by logging into your Biz2Credit account and navigating to the 'Applications' tab at the top of the page.

The application process is organized into 5 main steps. The first step is that you submit the application on the Biz2Credit website which can be completed within minutes. After you have completed it, the completed application is submitted to the SBA, which will take no less than 48 hours to review the application. Once the client's application is accepted by the SBA, the client enters the final verification phase, which may take 10 days depending on how fast the client provides required information.

If your bank is not showing up as an option in the Online Authentication Service, you may be able to follow an alternative method of processing your application if you work with a verified Biz2Credit partner. Please contact your partner organization and request that they contact Biz2Credit's funding specialists about verifying your account via other means.  If you do not work with a verified Biz2Credit partner and you are unable to connect your account digitally to authorize the Online Authentication Service, at this time we are unable to assist you further with your application.

If you have applied for a loan with multiple lenders in the same round, the SBA's system will accept the first valid application that arrives from a lender, and automatically reject subsequent ones. PPP loans in round two can be received from a lender different than the first round. If you have applied with multiple lenders and would like your application to be funded be one of them that is unable to advance your application further because of duplicate submissions, you must contact the lender whose application has been accepted by the SBA and request that they withdraw it.

There are different types of errors that the SBA may report when an application is submitted into the SBA processing queue. Many of these are what is known as 'validation errors' which are basically automatic responses that the SBA issues when an application is submitted. When one of these errors occurs, you will generally see the message appear on your Biz2Credit dashboard, along with suggested next steps you can take to resolve the error.

The SBA is issuing a significant number of validation requests (also known as error codes) on a high volume of loan applications. These errors are reported automatically when an application is submitted into the SBA processing queue. Many of these are what is known as 'validation errors' which are basically automatic responses that the SBA issues when an application is submitted. When one of these errors occurs, you will generally see the message appear on your Biz2Credit dashboard, along with suggested next steps you can take to resolve the error.

Before your application's loan agreement has been finalized you can request a change to your deposit account information by logging into your Biz2Credit account and clicking on the 'Applications' tab at the top to identify the ACH details associated with your application. Please contact support@biz2credit.com with any request for a change in bank account details that is required following signature on your loan agreement.    

The client dashboard is where clients will find all the information available about their application as it moves through the different stages of the program. Check your account dashboard frequently for updated information and advice depending on the status of your application.

Business owners whose PPP forgiveness requests are denied will have the right to appeal certain SBA loan review decisions to the SBA directly. All final forgiveness decisions are at the discretion of the SBA. Your lender is responsible for notifying you of the forgiveness amount paid by SBA and the date on which your first payment will be due, if applicable. If you are concerned about the forgiveness decision which has been issued by the SBA, you may contact the agency directly and reference your lender loan number and SBA loan number.

No, if you took a PPP loan in the first round of funding, or you received your First Draw PPP loan in 2021, there is no requirement to apply for PPP forgiveness before applying for a Second Draw PPP loan. However, the Economic Aid Act does state that the business must have used all funds from the first PPP loan, or will have used those funds before they receive the funding for a second loan.

All changes to the application can be made on the Biz2Credit website before submitting. You can do this from the Application Overview page, or from your dashboard, depending on the status of your particular application. Changes to the application cannot be made after the application has been submitted unless an SBA validation error has occurred. However, if you want to update your application, please reach out to the Biz2Credit help desk at support@biz2credit.

Businesses that have received a PPP loan are not obligated to make payments against the loan until the end of their PPP loan deferral period. This deferral period is 10 months long and begins at the end of the covered period for all loans issued after June 5, 2020. For loans issued before June 5, 2020, Biz2Credit allows the same 10-month deferral period to apply. For borrowers that received their PPP loan in 2020, covered periods may be either 8 or 24 weeks, at the choice of the borower.

Biz2Credit and our funding subsidiary fully support the SBA's efforts to reduce waste and abuse of the Paycheck Protection Program (PPP). Biz2Credit is cooperating with the SBA to combat fraud and improper activity during the Paycheck Protection Program, in accordance with all the requirements assigned to SBA-approved lenders. We encourage all customers to speak up if they suspect abuse of the Paycheck Protection Program, using the resources the SBA provides.

ACH, or automated clearing house, is an electronic network used for transferring payments. Using the ACH network allows Biz2Credit to direct deposit funds into your business account when the funds become available. ACH set up can be accessed in the application flow. Once your loan application is accepted by the SBA, your dashboard will show an action button 'Add ACH Details.' You will have 10 days to complete this step.

When your application status changes to "funded" it means your loan funds have been issued via the ACH system or via wire to the bank account you indicated in your ACH details. This can take about 72 hours or 2 business days until you are able to see the funds in your account. Occassionally, banks may reject the incoming deposit which they may choose to do at their own discretion.

Our funding team is assisting tens of thousands of business owners every day. They will reach out to you over email with any outstanding requirements and with specific advice for your business as you advance your application. Your best option is always to upload all required documents in your Biz2Credit account as this will automatically advance your loan application, if possible. If it has been more than 7 business days since you have first contacted your funding specialist and your application has not advanced, please contact support@biz2credit.

Business mortgage interest payments  Business rent or lease payments Business utility payments   Qualified family leave wages for which a credit is allowed under section 7003 of the Families First Coronavirus Response Act (Public Law 116–12 127)  Certain types of qualified expenses such as personal protective equipment and renovations to ensure places of work are compliant with government-required social distancing measures             

The deadline for hiring or replacing employees that may have been terminated due to the effects of the pandemic is no later than the end of the covered period that your business chooses for its forgiveness application. In general, to qualify for forgiveness you must retain the employees who were employed by your company at the time of the onset of the pandemic, and you must rehire or replace employees who were terminated in order to qualify for full forgiveness.

If you have received a request to connect your online bank account via Biz2Credit's secure online account connection service, it likely means your PPP loan application still requires an important supporting requirement to be completed. Our verification team requires that you connect your business bank account via the Online Account Verification service (called Envestnet Yodlee) that we use. This ensures that the account information on file for your ACH account is complete, accurate and will not be rejected by your bank when our funding team sends your PPP loan to this account.

In connection to statements issued by the SBA, there is an increased level of scrutiny for PPP loans to reduce fraud and abuse of the Paycheck Protection Program. Due to these SBA rules and regulations, increased verification requirements are essential to completing the funding process for many loan applications. In some instances, additional information or documents will be requested by Biz2Credit's verification team. Biz2Credit has a dedicated process to minimize the additional verification requested from business owners, but when verification requirements are requested they must be complied with or else a loan cannot be funded.

The Biz2Credit verification team may request that you connect your business bank account via the Online Account Verification service (called Envestnet Yodlee) that we use to ensure that the account information on file for your ACH account is complete, accurate and will not be rejected by your bank when our funding team sends your PPP loan to this account. Using this service allows Biz2Credit to automatically verify the account information you have provided.

ACH information is the bank account details where you would like to receive your funds. Any account that has the name of the business on the account is valid. For sole proprietors and independent contractors, this is the name of the business owner.   As proof, you need to submit either a voided check or provide a signed letter from your bank on official bank letterhead to confirm your ACH information.

If you have provided all the information and documents, including a signed 2483 form, it is likely that your application is simply being queued for processing in our system. Once this is done, it will advance directly to the next stage in the process. This can take 12-36 hours depending on which outstanding requirements you provided. However, if your application is found to still have additional requirements to complete a funding specialist may reach out to you.

The loan amount field is automatically computed based on the information that you provide. The maximum loan is calculated according to SBA rules based on the payroll and headcount information that you share with us.  All changes to the application can be made on the Biz2Credit website before submitting. Changes to the application can not be made after the application has been submitted. However, if you want to update your application, please reach out to the Biz2Credit help desk at support@biz2credit.

Revise uploaded documents by removing existing documents from the application and replacing with the updated document you need. Get started by clicking the "review documents" button on your dashboard to select and delete an existing document. Next, upload a revised version of the document. Keep in mind, you can upload multiple documents under each field.

We have prepared a number of resources for business owners that you can find on Biz2Credit.com. For even more Paycheck Protection Program FAQs, visit our dedicated FAQ page. You'll find information on everything from technical issues that business owners face, to help with understanding program rules, regulations and guidelines. If you need help understanding the PPP eligibility rules, head over to our helpful PPP Eligibility Calculator where you can estimate how much your business qualifies for in your PPP loan.

Payroll includes:  Salary, wage or similar compensation,  Payment of cash tips or equivalent  Payment for vacation, parental, family, medical, or sick leave;  Allowance for dismissal or separation;  Payment required for the provisions of group health care benefits, including insurance premiums;  Payment of any retirement benefit;  Payment of State or local tax assessed on the compensation of employees; plus  The sum of payments of any compensation or income that is a

   The PPP loan program is a one-of-its-kind forgivable SBA loan program under the SBA 7(a) program which was created by the CARES Act that became law March 27, 2020. To qualify PPP loan forgiveness you are required to spend your funds on eligible expenses within the 8 to 24 weeks following loan disbursement (known as the covered period).     

Employees who may have been laid off or furloughed can be rehired and counted toward payroll expenses. If you reduced employment or wages between February 15 and April 26, then you are eligible to avoid a reduction in loan forgiveness by increasing payroll and, or rehiring employees.