SBA Banks have been accepting applications for the Federal Government’s newest relief plan for small business: The Paycheck Protection Program (PPP).
Note: some SBA banks have stopped accepting new applications as funding has started to dry up. However, we believe Congress will add more funds to this program soon and applications will resume. Have patience!
For the safety of our country, the government has basically shut down the majority of businesses. This is new relief program is their way of compensating you for not allowing you and your business to operate.
Quick highlights of the PPP:
- This is a two-year loan with 1% interest rate
- Cash you need now with no personal guarantee
- You can delay your first payment between 6-12 months
- The loan amount is based on your payroll, rent/mortgage, other debt obligations, and utilities
- There is “loan forgiveness” available for certain uses
- Is available through SBA banks. (Make sure to check with your business or personal bank first. They are more likely to help you with the application.)
Each bank will have their own online application form. However, the questions are all standardized.
Here’s a very brief video demo of the PPP application. We’ve applied too. It’s that important.
Please consult with your business accountant or attorney before choosing the right relief plans. Unfortunately, we cannot help you fill out any relief form applications.
To learn more about the PPP please click here: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp
Find out about more relief opportunities for your business here: https://www.oneparkfinancial.com/blog/resources-and-funding-help-for-small-businesses