[vc_row][vc_column][ultimate_heading main_heading=”Small Business Loans and Other Funding” alignment=”left” main_heading_margin=”margin-bottom:50px;”][/ultimate_heading][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]When it comes to your small business, getting a loan at the bank may not always be an option if you are a new company, or already have debt. You should know there is another option for your small business funding needs. You can apply for a paycheck protection program or PPP Loan. Here’s how it works:[/vc_column_text][vc_row_inner][vc_column_inner width=”1/2″][vc_column_text]➢ If your company is 500 employees or less, and fits the parameters set by the IRS, you can apply for a PPP Loan.[/vc_column_text][vc_column_text]➢ PPP loans are available for up to 2.5 times your average monthly payroll from the year before your application.[/vc_column_text][vc_column_text]➢ One very positive aspect of a PPP loan is if you keep all of your employees on payroll the Small Business[/vc_column_text][vc_column_text]➢ Administration (SBA) will forgive the portion of the loan you take and use for payroll, utilities, rent or mortgage interest, for up to 8 weeks after the loan is issued and up to 100% of the PPP loan amount.[/vc_column_text][/vc_column_inner][vc_column_inner width=”1/2″][vc_column_text]➢ All or part of your loan may be eligible for loan forgiveness.[/vc_column_text][vc_column_text]➢ The amount not forgiven will be treated as a 2-year loan with a 1% fixed interest rate.[/vc_column_text][vc_column_text]➢ Another benefit for this type of loan is the fact that all payments are deferred for 6-months including principal, interest and fees. The only downside is that interest will accrue for the amount not forgiven during the deferment period.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row][vc_column][ultimate_heading main_heading=”Make sure you have everything you will need for your application before you apply.” heading_tag=”h3″ alignment=”left” margin_design_tab_text=”” main_heading_font_size=”desktop:22px;” main_heading_margin=”margin-bottom:30px;”][/ultimate_heading][vc_column_text]There are different guidelines for Corporations, Professional Corporations, LLC’s and Nonprofits VS Sole Proprietorships, Independent Contractors, those who are self-employed and single member LLC’s.

➢ Make sure you look up the documents you will need before applying to make it as smooth an application process as possible.[/vc_column_text][ultimate_heading main_heading=”When you apply you will have to:” heading_tag=”h3″ alignment=”left” margin_design_tab_text=”” main_heading_font_size=”desktop:22px;” main_heading_margin=”margin-bottom:30px;”][/ultimate_heading][vc_row_inner][vc_column_inner width=”1/2″][vc_column_text]➢ First fill out an online application.[/vc_column_text][vc_column_text]➢ The application will ask for information about you and any additional business owners, as well as your business. This will include questions about payroll filings and certifications you need for eligibility.[/vc_column_text][vc_column_text]➢ Next your information will be verified using the documents you submit with the application.[/vc_column_text][vc_column_text]➢ After that your information will be reviewed and submitted for approval to the SBA, your loan amount will be calculated by the company you apply with.[/vc_column_text][/vc_column_inner][vc_column_inner width=”1/2″][vc_column_text]➢ You will then be notified if you are approved or declined for the PPP loan by the company you choose to work with.[/vc_column_text][vc_column_text]➢ Last, if you are approved, you will need to sign the loan documents and the funds will be deposited into your bank account.[/vc_column_text][vc_column_text]➢ Loans are calculated based on 2.5% of your average monthly payroll for the year before your application. It is very important that your documents match the information you submit, so check everything thoroughly before submitting anything![/vc_column_text][vc_column_text]➢ You can qualify even if you have not submitted your taxes for the year prior before applying. Just make sure you fill out the correct forms and you will be ready to go![/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row]