Unlike the disaster assistance loan, you cannot directly apply through SBA's website. You must apply through a lender that's eligible to originate SPA loans. To find an eligibly lender near you, you can use this tool provided by the SBA. The SBA also published a list of most active SBA lenders, all of whom are originating SBA loans, that you can view here.
Most banks are participating in the program, and you should check with your existing bank first. If they are not providing a satisfactory solution, some technology-forward lenders have seamless application processes and are accepting applications even if you are not an existing customer. A great example of this is Divvy (application link here, they are partnering with Cross Rivers Bank).
The Small Business Association (SBA) launched the Paycheck Protection Program (PPP) on April 3rd. It allows small businesses affected by COVID-19 to get low interest rate loans from most banks, SBA lenders, and a select group of other lenders approved by the Treasury Department. As a small business, you can apply for loan amounts up to 2.5 times your average monthly payroll. These loans are unlike other business loans in that loan will be forgiven if it is used to cover wages, rent, utilities and mortgage payments, and your current staffing levels are maintained for 8 weeks. The primary reason the SBA is offering this is for businesses to retain staff.
The loans will be available to all businesses with fewer than 500 employees (i.e., full-time, part-time, or seasonal). Sole proprietors, independent contractors, and people who are self-employed are also eligible to apply for a PPP loan on their own. Businesses with more than 500 employees are eligible in certain industries.
You'll need to complete the following PPP application form that can be found here.
The most important field in the application is the 'average monthly payroll', as that determines the maximum loan amount your business can qualify for.
To calculate your average monthly payroll, add up payroll costs
And subtract any exclusions as defined by the CARES Act
Firstly, don't worry. There are many other options available if you are unable to get the SBA loan. Your state or city authorities may be offering loans for small businesses. You can also apply for SBA's Enhanced Debt Relief program, or SBA's disaster assistance loan directly through their website here.