How Can I Apply for PPP Funding?

The Paycheck Protection Program (PPP) was first established in early 2020 under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and was revived for 2021 by recent legislation. The PPP is intended to help struggling businesses and prevent employee layoffs during the COVID-19 crisis.

The Coronavirus Response and Relief Supplemental Appropriations Act, 2021 renews expired PPP funding, infusing an additional $284 billion into the program. It reopens for applications in the early months of 2021.

Whether you are a first-time borrower or plan to take advantage of the second draw PPP loan provision, this round of funding is only available until March 31, 2021. Start preparing for the application process now, and continue reading to learn how to apply for PPP funding.


Apply for the PPP through Revenued here

The Small Business Administration

The bill once again tasked the Small Business Administration (SBA) with writing regulations and administering the new round of loans. The SBA does not lend the funds directly; rather, it:

  • Enrolls qualified banks and other financiers as SBA 7(a) lenders to process applications and fund loans
  • Guarantees 100% of the loan balance, relieving the lenders of some of their risk in case of borrower default
  • Pays loan processing fees on behalf of the borrower, since the lender cannot charge the applicants for these costs
  • Provides an application form to be completed by the borrower and his or her SBA 7(a) authorized lender. Some lenders may use their own applications; however, they must be similar to the SBA form.

PPP Eligibility Requirements

Before beginning your application, first ensure that your business is eligible for PPP funds under the following guidelines:

  • It is based in the U.S.
  • It engages in legal activity
  • It employs fewer than 300 people.
  • It does not operate in the banking, gambling, or life insurance industries.
  • It can demonstrate a loss of revenue of 25% or more between 2019 and 2020.

Even if your company is a non-profit or a sole proprietorship with no additional employees, you may be eligible for a PPP loan. The best way to determine whether you qualify is to contact an SBA 7(a) lender for assistance.

Apply for PPP Funding Through an SBA 7(a) Lender

The next step is to reach out to an SBA 7(a) lender who will guide you through the rest of the PPP process. At Revenued, we also offer an online PPP application and can connect you with our SBA 7(a)-approved lending partner, Cross River Bank.

The lender you choose will be your point of contact throughout the application and loan administration process. You do not need to contact SBA directly, and the SBA does not accept applications from individual loan candidates.

Your SBA 7(a) lender will:

  • Determine whether your business qualifies for a PPP loan
  • Help you fill out the PPP application
  • Accept your application and supporting payroll documentation
  • Notify you regarding your approval status
  • Fund the PPP loan up to $2 million upon approval
  • Assist you with the loan forgiveness application
  • Collect your repayment, including the 1% interest charges, over a two-year term, if the loan is not forgiven

More About PPP Loan Forgiveness

Loan forgiveness is one of the most attractive PPP features since it effectively turns your loan into a government grant that does not have to be repaid. Additionally, under the new guidelines, your business will not be required to pay taxes on the forgiven loan.

To be eligible for PPP loan forgiveness, you must spend at least 60% of the funds on eligible payroll costs, which includes:

  • Cash compensation including wages, salary, hazard pay, tips, paid time off, and bonuses (up to $100,000 per employee)
  • Payroll taxes
  • Health care benefits
  • Retirement fund contributions

Your business can spend the remaining 40% of the PPP loan on:

  • Mortgage interest
  • Rent or lease expenses
  • Utilities
  • Accounting and human resource expenditures
  • Supplier costs
  • Property damage expenses incurred during a public disturbance (unless covered by insurance)
  • Personal protective equipment

Any use of PPP funds that fall outside of these guidelines could affect your eligibility for loan forgiveness.

How to Apply for PPP Loan Forgiveness

You should apply for PPP loan forgiveness with the lender who issued your PPP loan. Your lender will guide you regarding:

  • When to apply
  • Which forgiveness application form to fill out
  • What documentation to include (this could consist of tax filings, canceled checks, utility bills, and bank statements)

If you received no more than $150,000 in PPP funds, you could use SBA’s streamlined one-page forgiveness application. You will be required to certify that you used the loan according to the above guidelines. For loans over $150,000, you will need to complete a full-length forgiveness form.

Your lender will then submit the forgiveness application and supporting documents to the SBA for review. The SBA should decide within 60 days, and your lender will let you know whether your PPP loan forgiveness application was approved.


Apply for the PPP through Revenued here

Apply for PPP Funding with Revenued

Although applying for PPP funding can seem complicated and overwhelming, Revenued’s knowledgeable and friendly customer services reps will go the extra mile to help simplify the process and answer your questions.

Through our application platform and partnership with Cross River Bank, we assisted with processing more than 130,000 applications during the 2020 funding rounds. These applications came from businesses in over 1,000 industries and resulted in $1.3 billion in funded PPP loans in 2020.

These SBA-backed loans are available on a first-come, first-served basis, so call us today at (855) 943-5363, or apply through our simplified five-step online application.

If your company benefited from a PPP loan in 2020, we also ask that you please submit our PPP Survey, which will tell us:

  • How your business fared during the pandemic shutdown,
  • Your application experience, and
  • How effective PPP was at supporting your business.



Check out the links below for the most up-to-date PPP information. Be sure to consult with your business attorney, CPA, or a qualified financial advisor before making any financial decisions. — Coronavirus resources
U.S. Department of the Treasury
U.S. Chamber of Commerce

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