Understanding PPP Loan Requirements and Applications

PPP Loan Requirements and Applications

We here at Jefferson Bank & Trust are proud to be a local provider of PPP relief loans for local St. Louis businesses. We care deeply about our community and are here to help people get back on their feet. Before applying for PPP loans it is important to understand the PPP loan requirements for your business.

While there are several PPP loan requirements to meet, Jefferson Bank & Trust is here to help. Fill out our contact form to find out if you qualify and start your application today.

If you are in need of assistance and are wondering if you meet the PPP loan requirements, call us today at 314-621-0100. Alternatively, fill out our online contact form below.

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A Helpful Checklist of PPP Loan Requirements

These are stressful times for small businesses and people are doing everything they can to stay afloat. A PPP loan can be a huge asset for helping local firms stay in business. With so much to understand about PPP loans, we thought it would be helpful to create an easy to access list of PPP loan requirements for our clients. If you are thinking about applying for a PPP loan, ensuring that you meet the SBA’s PPP loan requirements can help expedite your application process.

Review the PPP loan requirements set by the Small Business Administration before you apply:

  • Guidelines – Be sure to check the program guidelines on the SBA website to understand the necessary qualifications for receiving loans.
  • NAICS Codes – A NAICS code is a business activity code that can be found with the US Census Bureau. Look up the NAICS code that best fits your business’s industry.
  • Owner Info – When filling out the online application form, you will need some vital information about the owner(s) of your company. This includes: Name, date of birth, address, social security number, and citizenship status.
  • Necessary Documents – To satisfy the PPP loan requirements, businesses will have to provide copies of the following documents: Photo ID (driver’s or state issued ID), a payroll statement from February 2020, and any other documentation relating to your payroll costs.

Required Documents for Second Draw Borrowers

PPP Loan Requirements and Application

If you are using our online application to apply for a Second Draw PPP loan, ensure that you have the following documents available to submit:

  • Applicable Gross Receipts – To receive a second draw, small businesses must provide gross receipts that reflect a minimum of a 25% reduction in revenue.
  • Promissory Note – Whether you applied for your First Draw loan with Jefferson Bank & Trust or not, you will need a copy of the original promissory note.
  • Your PPP Loan Number – Business owners will need to ensure they locate their PPP loan number from the First Draw loan information.

Jefferson Bank & Trust is Here to Help You Understand PPP Loan Requirements

We want to do our part to help local St. Louis businesses with their PPP loan requirements. If you are interested in applying for a PPP loan, fill out our online contact form to start the process. Additionally, feel free to call us at 314-621-0100 to speak with one of our helpful loan officers.