Paycheck Protection Program (PPP) Loans & Their Forgiveness
COVID-19 has drastically impacted small businesses across the U.S. The government-backed Coronavirus Aid, Relief and Economic Security (CARES) Act was designed to help small businesses stay afloat, and the Paycheck Protection Program (PPP) was among its efforts. This article is about the PPP loans and their forgiveness, as well as the most reliable and lowest cost business cash advance bad credit.
PPP Loans & Business Cash Advance Bad Credit
The Paycheck Protection Program was created this year, on March 27. It was included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act aimed at assisting you, as a merchant, in keeping your employees on the payroll.
The program is developed to forgive the offered loans, thus making it easier to pay employees amid the financial crisis caused by COVID-19. For this, the U.S. Small Business Administration (SBA), the body overseeing the loan process, has opened up forgiveness applications.
Currently, not all business owners having received these loans are rushing to submit the mentioned applications. You can find many waiting for the Congress’ decision concerning the rules for forgiveness: maybe, another round will be offered to small businesses in the country.
If you’re a business owner in need of additional working capital who’s interested in financing options other than the PPP loans, consider applying to a trustworthy alternative online lender in the U.S. This is the fastest, most hassle-free way to get access to the cheapest possible funding, such as business cash advance bad credit.
PPP Loan Forgiveness
You can get the PPP loan forgiveness if you meet all employee retention criteria and have used the funds for eligible expenses. Currently, the U.S. Congress is discussing the issue of making the process of applying for forgiveness easier. This refers to businesses having received less than $150.000.
To have your loan forgiven, you should submit a forgiveness request to the lender. The latter will review the specifics after the forgivable 8-week period is over and before your 6-month deferment period is up.
So, the Paycheck Protection Program (PPP) closed at the end of August 8, 2020, and the SBA isn’t currently accepting PPP applications. Business owners having received PPP loans can now file their applications to obtain forgiveness.
Author Bio: Michael Hollis is a Detroit native who now lives in Los Angeles. He is an account executive who has helped hundreds of business owners with their business cash advance bad credit solutions. He’s experimented with various occupations: computer programming, dog-training, scientificating… But his favorite job is the one he’s now doing full time — providing business funding for hard working business owners across the country.