For many businesses, a PPP loan is not enough. Already hundreds of businesses who have received these loans have spent them, and are now inquiring about the possibility of loan forgiveness, or additional loans.
While many American taxpayers are curious about getting another stimulus check, it seems businesses have the same concerns.
Who Qualifies for a PPP Loan?These loans are intended to keep America strong and confident. They are also designed to be forgiven, provided the business follows certain rules (i.e. the majority of the money goes towards payroll). Currently there are still tens of millions of PPP money unclaimed, so it’s not too late!
Follow this link to the Small Business Administration website. There you will find the guidelines to see if your business meets their criteria, and if it does, you can apply right from that site and get the ball rolling.
Spend it Fast!A PPP loan is not intended to go into the bank for long-term use. In fact, they were initially supposed to be spent entirely within eight weeks.
That rule has been relaxed, and now borrowers have 24 weeks to spend the entirely of the funds. At which point they can apply for loan forgiveness.
This was enacted to make sure the money was “kept active” and put right back into the economy through keeping workers paid.
The changes come after the COVID19 restrictions lasted longer than anticipated. Many parts of the country are still in lockdown and the economy is still stagnant with no end in sight.
Don’t leave money on the table. Small business owners should all see if they qualify, and do it soon!
For individuals who are waiting on stimulus money, or a financial upswing, please keep in mind that NSL is open for business, and making small-dollar installment loans 24 hours a day, 7 days a week.