Beaird Harris will be closed on Friday, July 3rd in observance of the Independence Day holiday.
April 20, 2020
The initial Paycheck Protection Program (“PPP”) funds have been exhausted. In less than two weeks, $349 billion were claimed by around 1.6 million small business owners. While 1.6 million may sound like a tremendous amount, that number represents a mere 6% of America’s small businesses. This means 94% of small business owners, many of which desperately needed infusions of cash, have been left to fend for themselves.
If the program is extended, small businesses that either did not receive approval or missed the initial PPP loan window should be ready to move quickly on the next wave of applications. You should check with your bank to see if they are still accepting PPP loan applications. If they are not accepting applications until more PPP funding is approved, this could affect your approval and funding if the second round of PPP allotment is quickly exhausted. You may want to consider working with another bank that is still accepting outside applications, especially if you have another reliable banking relationship.
We hope Congress will move swiftly to approve additional PPP funding. It appears that this could happen as early as this week. As of last night, Democrats and Republicans were negotiating a deal that would allocate an additional $310 billion into the PPP, setting aside $60 billion of that sum for rural and minority groups.
If you wish to participate in this next round of funding, submitting a complete application to your lender as soon as possible is of paramount importance. The following is a list of common items banks are requesting with PPP loan applications. All of these reports should be scanned into PDF format and ready to upload to your bank portal with the application.
Sole Proprietors, Self-Employed and Independent Contractors
If You Have Employees
Additional information on the PPP loan and application process:
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