Yes. You can get a PPP loan without a business account. The Biden Administration made necessary changes to the Paycheck Protection Program in order to enhance access to federal relief funds for very small businesses, self-employed people, and businesses owned by minorities or situated in underserved communities.

To meet the criteria for PPP loans in the United States, you do not need to have an LLC designation or a registered business. PPP funding is available to sole proprietors, freelancers, and independent contractors. The PPP was designed to help business owners retain staff on the payroll while coronavirus barriers induced significant reductions in operations and income.

PPP loans are not only for large corporations with hundreds of workers. Sole proprietors, independent contractors, and self-employed individuals can also apply for the loan. However, a limited level of funding is available. PPP loans have a 1% interest rate and no securities or payments are needed.

According to the CARES Act which established the PPP loan program, you should be in business by February 15, 2020. It makes no mention of the need for companies to have a distinct business account prior to that date. In the United States, the vast majority of small business owners do not have a separate business checking account.

They can, however, demonstrate that they were in operation prior to February 15, 2020. Under federal statute, the bank may acknowledge your loan application even if you do not have a business account. However, you must provide proof that you have been in business prior to February 15th!

You can do this by presenting your 2019 or 2018 tax returns, including your business tax forms. Also, let them know that your personal banking account is also your business account and that it handles all (or most) of your income and expenses.

What Types of Accounts are Eligible to Receive PPP Loan?

Aside from traditional business accounts, you can receive or process PPP loans using personal savings or checking accounts. If you’re having trouble because you don’t have a business account, meet the manager of your branch and let them know you’re a loyal customer.

You might have a number of personal checking and savings accounts. You might also have a significant sum of cash in them. You might even have a bank credit card, mortgage loan, or car loan. You might have a good credit score. All of this information indicates that you are a reliable company and a viable loan risk.

If the banker insists on not accepting loan requests if you do not possess a business account, enquire if this policy will be altered in the future. It is possible that the bank is awaiting larger loan applications or additional federal funding.

What You’ll Need to Apply for a PPP Loan

If your lending institution accepts PPP applications, you must provide the following documentation;

  1. PPP Application Form Completed

Have it in mind that one application form is used for first-time PPP loans, and another form is used for second-draw PPP loans. Nonetheless, you must include the following information;

  • You will need to include your contact information, such as your name and email address.
  • Select your Business Type (Independent Contractors and Sole Proprietors have slightly different document requirements).
  • For all questions on the form, select Yes or No.
    • If you answered yes to questions 1, 2, 5, and 6, you are not eligible for a PPP loan.
    • If you answer yes to questions 3 or 4, you may still be eligible; however, you must provide an Addendum on a separate paper clarifying the information.
  1. Proof of Self Income

In the case of an Independent Contractor/Self-Employed/Sole Owner with no workers:

  • Form 1040 Schedule C for 2019 or 2020. (If you are adopting 2020 to calculate the loan amount but still haven’t filed your 2020 taxes, you may submit a draft.)
  • When you’re the sole owner of various companies, consider combining all your income documents and applying with a single PPP form to avoid having applications reported as clones under your Social Security Number. (To choose how to progress, kindly reach out to your own legal, financial, and accounting advisors.)
  • Make available a bank statement displaying the payment into your business bank account if you are including an Economic Injury Disaster Loan (EIDL) taken from 1/31/20-4/3/20.
  • Invoice, bank statement, book of record, or 1099 MISC for the period ending on 2/15/2020.
  • Keep in mind that if you are a sole proprietor, your PPP application will not include payroll calculations.
  • Unexpired government-issued photo identification
  • Lending institutions will indeed mandate a government-issued ID, such as a passport or a state-issued driver’s license, in addition to your SSN.
  1. Voided Check

You will be requested to submit a voided check so that the lending institution can remit authorized funds into your account.

  1. Documentation Required to Demonstrate a 25% Revenue Reduction (for a second draw PPP)

If you previously obtained and depleted a first-time PPP loan, you might now be eligible for a second draw PPP. Note that you do not necessarily require to have had your first PPP loan forgiven (with few exceptions). Nonetheless, you might very well require one of the following along with the mentioned documents above to prove your income reduction:

  • Tax forms for 2019 and 2020 (IRS Form 1040 Schedule Cs)
  • Quarterly income statements for 2019 and 2020 (for the same quarter for 2019 and 2020)
  • If the business began between 1/1/2020 and 2/15/2020, try comparing quarterly income statements or bank statements for Q2, Q3, or Q4 to Q1.
  • Bank statements for 2019 and 2020 (for the same quarter for 2019 and 2020).


Indeed you can get a PPP loan without a business account as the purpose of this program is to enhance access to federal relief funds for very small businesses, self-employed people, and businesses owned by minorities or situated in underserved communities.

If you are unable to reach an agreement with the bank, notify your state and federal representatives and request assistance. Request that they notify the bank on your behest in an attempt to modify their policy. They are supposed to help you and anyone in your situation, so don’t ever be scared to reach out to your federal and state representatives.