The Small Business Administration (SBA) Paycheck Protection Program (PPP) has helped thousands of businesses in the United States stay afloat during the COVID-19 pandemic.

The third round of PPP loans is going out even as we speak. The deadline to apply is May 31, 2021, so you still have time. But you need to get your ducks in a row.

It's possible that your own bank can help, or use this link to find a lender: https://www.sba.gov/funding-programs/loans/lender-match

This will likely include copies of business-related bills and bank statements. If this is the first time you are trying to get a PPP loan, you want the application for a "First Draw" PPP Loan.

It's possible that up to 100% of your loan will be forgiven if you spend the loan money properly and submit the proper documentation to prove it.

You must spend 100% of your PPP Loan before you can apply for forgiveness. Whatever isn't forgiven can be paid back over the next five years at 1% interest.

You can allocate a maximum of 60% of the loan toward payroll expenses (paying yourself and your taxes) and 40% toward non-payroll expenses (rent/mortgage, electricity, telephone, transportation, phone, gas, and internet bills related to your business).

Save copies of all your payroll and non-payroll receipts as you go. This includes your lease/mortgage and bills/statements establishing that your business was created before a certain time.

If you're a Sole Proprietor and don't technically "pay" yourself, never fear! You should be able to use your bank statements as proof.

Note: When you submit your application for loan forgiveness - whether you have to submit documents or not, and the types of documents you have to submit - depends on the size of the loan you received.

Regardless, keep all documents on file in case you get audited or the lender asks for them in the future.

I got my PPP loan through a national bank during the second round of loans last summer. I needed a business checking account to apply through that bank, but it may not be the case for other financial institutions.

It took this bank a whopping 15 minutes to approve my loan! The money was deposited into my business checking account within 24 hours.

I strongly suggest you work with your CPA, local bank, or credit union to help you fill out the application and assemble the right documents (especially your tax forms).

Use the following links to learn more:

Good luck, and I hope you get the financial assistance you deserve!