Helpful information about Payroll Protection Program (PPP)
Additional Resources to Consider:
- Inc.com - 6 Ways to Make Sure You Don’t Screw Up Your PPP Loan (Posted 4/15)
Email sent on 4/10/20:
Of the business owners I’ve spoken with, some have taken advantage of the Small Business Administration (SBA) Payroll Protection Program (PPP), but there are many who have had problems enrolling or not yet applied. In light of the COVID-19 pandemic and uncertainty it brings to business in the future, I submitted my application yesterday and wanted to pass along some information to help you along the way.
If you have already been through the PPP process, I would be grateful for your feedback. Please tell me about your experience (firstname.lastname@example.org). I would love to hear from you on suggestions or problems you’ve had that may help others. I’ve created this page on our website that I will update frequently with information I receive from others.
If you haven’t applied yet: Many details are still unclear and new information seems to be coming out daily, but this loan program provides eligible businesses with cash to meet payroll (including benefits) and other fixed costs (rent, interest on mortgages, and utility payments) for up to eight weeks. The maximum loan amount would be 250% of the employer’s average monthly payroll costs, capped at $10 million. You can read more about this on the SBA website here.
One of the common things I’ve experienced (and consistently heard) is that not every bank or lender is participating. And, those lenders who are, only provide PPP assistance to organizations they have a lending relationship with. Our bank that we do business with is partnering with an out-of-state organization and there’s a minimum loan threshold that we don’t meet.
So, we had to go elsewhere and I’ve provided resources for you below:
- Lendio: This is who we used, Andy was helpful, friendly, and I was told Lendio has a network of over 2,000 banks they’re working with. I don’t have a lending relationship with Lendio or know Andy personally, but was referred to him by our CPA bookkeeper. His application process was easy and he encouraged me to send others to him.
- Find PPP eligible lenders through the SBA Website.
Don’t be discouraged, I read on 4/9 that only 400,000 small business owners have been approved (as of 4/8). That sounds like a large number, but only represents 1.3% of the 30 million small businesses in America. This webpage is for information purposes only and I encourage you to contact your banker who has the most recent and accurate details.
Please let me know how we can serve you! I do hope this provided some help as you navigate through this maze. Remember, this situation is temporary and we will make it through this together!
(803) 750-9321 (ext 1)
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