Is your business interested in pursuing financing to overcome these tough times? If so, it’s crucial that you understand what your options are. In this post, we’ll provide insight into the second round of Paycheck Protection Program (PPP) funding, in addition to the other options made available through this bill.
The PPP Loan Details:
This bill includes
$310 billion for the PPP Loan, which will continue to support small business owners who’ve been economically
affected by COVID-19.
The first round of PPP financing went quickly,
as 1.6 million business owners nationwide scrambled to acquire funds. With this second wave of financing, it’s expected that the same thing will occur.
Another challenge that business owners faced last time is that millions of dollars went to large corporations, instead of small businesses. At this time, the new bill doesn’t address the loophole that enabled large corporations to qualify for and receive this funding.
With this additional funding for the Paycheck Protection Program (PPP), $250 billion refills the program, and $60 billion is meant for smaller institutions such as credit unions and community banks so they have funds to support their local communities.
Other Business Financing Options Included in the Bill:
In addition to more funding for the PPP loan, there’s also $10 billion allotted for grants, which can be applied for through the
Emergency Economic Injury Disaster Loan program.
Also, $50 billion is saved for disaster recovery loans and $2.1 billion for Small Business Administration (SBA) salaries and expenses.
Conclusion: Don’t Miss Your Chance to Apply for This SBA Funding
As mentioned earlier in this post, you can expect for this financing to run out quickly, with so many business owners still in need of funds. We suggest checking out this list of
active SBA lenders to start the application process started as soon as possible.
Have other questions about the PPP loan? We’re here to help! Leave a comment in the section below.