Covid-19 has taken the world by storm and left many, especially small business owners wondering how can I survive this. Many, look to the government for support in these unpredictable times. In these constantly changing times it is extremely difficult to stay up to date with what is available for business owners.
Paycheck Protection Program is a loan designed to provide direct incentives for small businesses to keep their workers on payroll. The requirements for these loans are much simpler, in comparison to previous SBA loans. These loans are designed to keep small business owners staff on Payroll. The PPP has only a 1% Fixed APR (Forgivable) and does not require any guarantee or collateral. It is important to note that SBA will forgive loans if all employees are kept on payroll for eight weeks and the money is used specifically for payroll, rent, mortgage interests or utilities.
The requirements are pretty straight forward.
Your business must have been in operation prior to February 15, 2020 and second your small business must have less than 500 employees per location.
The PPP is a first come first serve based process. If you wish to apply for this specific loan, it is highly encouraged you do apply before the funds run out. You can easily apply with trusted lenders like Upwise.
There are more options out there! EIDL Emergency Advance is still available, as well as the SBA Express Bridge Loan (EBL) , Economic Injury Disaster Loan (EIDL) (for agriculture business only) and the SBA 7(a) Relief Loan. The best approach for a small business owner is to take advance of all the Relief Programs because the SBA is offering very low interest and forgiveness eligible loans.
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