SBA Paycheck Protection Program – Round 2 Update
Buying a business For Buyers For Sellers Selling a businessPosted by Ron Buck on
By now you have probably heard that the PPP will get an additional $310B of funding as the first round of $349B was quickly depleted. This is good news for those of you who applied in the first round but did not get funding, or if you didn’t feel like you needed it then, but circumstances have changed. It is anticipated that this tranche will go very quickly as well, so if you haven’t applied yet and need the funds, I recommend that you do so quickly. If you aren’t a customer of a bank that is providing loans, or are a customer of one that has already stopped taking new applications, please see the list below of potential providers.
If you have an SBA loan, please note that the PPP program is separate from the SBA’s Subsidy program, whereby the SBA is paying for six months of principal and interest directly to the lender on the borrower’s behalf. This should be an automatic payment, you do not need to apply for it, or pay it back. If you have an SBA loan, and your lender hasn’t reached out to you about this yet, call them…
If you were able to get funding in the first round, or get funded this round, click here for the latest PPP FAQ document. Some of the questions are clearly for lenders, but several discuss borrower questions about applying for the loan and about qualifying for the forgiveness. There will likely be more guidance to come on the forgiveness component once we get closer to that time frame.
Accepting now:
https://www.kabbage.com/paycheck-protection-program-loans/
https://www.ondeck.com/covid19
https://www.fundingcircle.com/us/paycheck-app-start/
https://www.bluevine.com/paycheck-protection-program/
hhttps://ppp.radiusbank.com/?utm_source=pppggl&utm_medium=email&utm_campaign=00396&pid=94
Benetrends in association with Boefly: https://sbacares-app.boefly.com/?utm_source=Benetrends
Can sign up to get the application once Round 2 is open:
https://quickbooks.intuit.com/small-business/coronavirus/paycheck-protection-program/
https://squareup.com/help/us/en/article/6844-square-payroll-paycheck-protection-program-ppp