lendio loans | lendio ppp loans | ppp loans
Lendio PPP loans – Lendio made it easy and fast for small businesses to enroll for a PPP loan and we will pair you with authorizing SBA lenders. Immediately fintech lenders are approved, they will give borrowers more decision and speedier funding.
Lendio is not a direct lender but they will facilitate PPP loans by its trusted network of approved lenders that include traditional banks, credit unions also fintech lenders.
PPP loans will aid in small businesses, along with sole proprietors and independent contractors, and private nonprofits securing payrolls and continue necessary payroll-related payments such as rent and utilities. … Mortgage interest payments Rent. Utilities
Lendio gets money from the lenders they are partnered with. Though, they only get paid immediately the loan is terminated. The simplest way to go about this is just like a mortgage broker when purchasing a house. The broker (sometimes) gets paid by the lender.
How to apply for PPP Loan
This procedure will guide you through on the PPP application to make sure you have a completed application, then when you are done with that, your PPP loan can be submitted, authorized, and funded as fast as possible.
Requirements for a Small Business Administration Loan
PPP loan application has now been updated to add new requirements. If you’ve done this before and have completed an application, it is important that you log in to add these new requirements so that you can confirm existing fields:
- The Business start date
- The Business industry
- The Date of birth for all business owners with 20%+ share in the business (including the applicant)
ALSO, READ – Bank of America login in
Choose on ‘Edit Application’
Immediately you’ve logged in, then you will be directed to a page that is similar. choose “Edit Application” to check existing information and complete new requirements.
Step 2: Make sure you Confirm Existing Business Information
- 1. Your Business address: Make sure you Confirm that address is correct, also with the 5-digit zip code (it’s important that it’s the 5-digit zip code and not 9-digit zip code).
- Your Business Type: Make sure you verify that you’ve chosen the right business type. it will go against the documents you may be needed to provide.
- Your Business Tax ID: Make sure you confirm that you have input a valid 9-digit tax ID. Click again for any error and confirm that the ID number is 9 digits long.
- Your Loan amount requested: The amount requested should be 2.5 times your average monthly payroll costs. Ensure it should not be $0. Make sure it is not hundreds of millions of dollars. If you need help, you can make use of the PPP loan calculator by clicking HERE.
- Your Employee count: Make sure you Verify employee count between 1 and 500. Sole proprietors and 1099 workers must be 1. 0 is not a valid entry.
ALSO, READ – SBA LOAN
Step 3: Apply New Requirements for Business Information
At this same “Business Information” page of the application, you will need to complete these new required fields.
- The Business start date: It must be similar to the date on your Secretary of State filing.
- The Industry: Begin typing in your industry, Now choose it through the menu options that show. If you can’t find your exact industry, choose the particular one that matches the closest. Applications cannot be approved through the SBA without an industry.
Step 4: Confirm Ownership
At the first “Owner Information” page, make sure you confirm the owner percentage of the applicant. The ownership percentage must be greater than 0.
Step 5: Confirm Additional Owner Info
Now, confirm that all-important details for additional owners are included. Ensure you must add information for any individual with at least a 20% share in their business.
The entire fields on the “Additional Owner” page must be finished, along with the date of birth. (when applying you will need to apply the date of birth for the owner who is enrolling on the “E-Sign” page.)
Note required color copy of each owner’s Driver’s License, for both front and back. this will be needed from you to upload the copies in the “Documents” section.
Step 6: Confirm Documents
At the “Upload Your Documents” page, make sure you review all uploaded documents. Make sure that everything you did before is uploaded correctly, choose the similar document boxes, and add any documents you’re not finding to make sure you complete the PPP application.
if following attachments added to your application are not available, please upload them:
- Driver’s License for all owners along with 20%+ share in the business: Color copy of the front and back of a valid Driver’s License for each individual. Ensure you go through your form if the Driver’s License is not expired.
- The Acceptable Payroll Documents (stated in the order of lender and supposed SBA preference):
- The 941 Quarterly Tax Filings (2019, 2020 Q1)
- The 944 Annual Tax Filings (2019)
- The Payroll Register for the previous 12 months
- The 12 months most recent bank statements
NOTE: The necessary list of documents you find on your application might vary based on the business type.
Step 7: Confirm E-Sign
Now you are close to the point to sign on the dotted line. Rather than you resubmit your PPP application, please:
- Make sure you confirm that your full legal name is present application.
- Make sure your Social Security number is input correctly and it 9 digits.
- Input the applicant’s date of birth (New field).
- Input Applicant Gender: Select “Male,” “Female,” or “Not Disclosed.” The SBA needs this demographic detail to be recorded for its program reporting.
- Go through it, re-sign, and then re-submit! This is an important step for any amendment to be saved and upload.