Second Round of PPP Funding Now Available
Last night, Congress passed the Paycheck Protection Program and Health Care Enhancement Act, which, among other things, provides additional funding for the PPP. If you have already applied for and received your PPP funds, congratulations! If you are still waiting for funding, or have not yet applied, please be advised of the following:
If you have already applied for PPP, do not apply again unless you get a clear rejection notice from your lender.
The new PPP Act stipulates $60 billion to be set aside for small community banks and credit unions. In the last round, our small business clients had far greater success getting funding from smaller banks than from large national banks. If you have a relationship with a small local bank, try them first. However, make sure that any bank you apply to is an approved SBA lender.
Having trouble finding a bank to work with? Try these alternative lenders: PayPal, Intuit, Square, and Kabbage. All of these are approved SBA lenders and are committed to helping small businesses get these loans.
Keep in mind that the Paycheck Protection Program is designed to help small businesses retain their workforce. If your business is closed, and you are not certain it will re-open before June 30, you should apply for the SBA Economic Injury Disaster Loan at www.sba.gov instead. If you choose to apply for PPP funds but are unable to bring back your workforce within the next few weeks, do not spend the money as you will likely be required to repay it.
Act fast. The first round of PPP money was used up in a few days so don’t wait to apply! If you need assistance with your application, or with collecting needed documents, please contact us.