How to Apply for Small Business Loans (On Demand)

In this tutorial we’ll show you how to navigate the federal government’s Small Business Administration site in order to apply for a Small Business Loan. 

First, you’ll need to access the website:

1. In a web browser of your choice, go to www.sba.gov.
2. The banners at the top and the middle of the page will get you additional resources and information in other languages,  but if you want to go straight to the loan option, use the menu at the top of the page, hover over Funding Programs and click on Coronavirus Relief Options. 
3. Scroll down on the page to view the four funding options available. Click on any of them to learn more, including eligibility and the application process.

Here’s a quick breakdown of each funding option:

• The Paycheck Protection Program (PPP) is the most popular loan which provides 8 weeks of funding for businesses to pay their employees. This temporary program is still currently accepting applications. 
• The Economic Injury Disaster Loan Advance (EIDL) allows for up to $10,000 for agricultural businesses. This temporary program is still currently accepting applications.
• The SBA Express Bridge Loan allows for up to $25,000 for businesses that already have a certain relationship with the SBA. This temporary program is still accepting applications.
• The SBA Debt Relief Option allows the SBA to help business who currently have other active loans with payment relief. This is not applicable to PPP or EIDL loan recipients. 

We’ve gone over what funding options are available on temporary basis. Now we’ll go over how to get started with the loan application process for the most popular option, the Paycheck Protection Program Loan.

1. From the funding options page, click on the Learn More hyperlink under the PPP graphic. There are a variety of resources on the program page, including a Frequently Asked Questions, a PDF on how to calculate the right loan amount, and additional information. 
2. Make sure you review the eligibility section and Loan Details before moving on. Note that this loan requires that 75% of the funded amount must go towards payroll, while the other 25% can be applied to mortgage interest, rent and utilities. 

When you’re ready, scroll back to the top and click on the blue Find a Lender button. On this page you’ll be able to download the PPP Borrower application form in PDF.

This loan is dispersed by local banks, so you’ll want to scroll down and enter your zip code to find an eligible PPP Lender near you. Visit the lender’s website to obtain contact information and verify their hours of operation, including what branches are available and determine if they are currently accepting applications. Due to the high volume of applications received, some lenders are not able to process new ones. They should list that on their website, but if not, contact them via phone.

Once you’ve located an available lender, all communication and application procedures will continue through them. Please direct any questions to your lender and ask about how you can check on the status of your application as you go through this process.