You probably have been saturated with information about the loan programs being offered by the SBA for small business owners. I don’t want to add to the confusion but the SBA PPP loan is a program where finally our Government is actually helping small business owners in a big way. There is a great article in Entrepreneur magazine online written by Mat Sorensen called “How To Obtain An SBA PPP Loan“.
The Northern Kentucky Chamber of Commerce has been providing great articles on a daily basis. If you are not a member, the information they are providing now is worth the membership by itself. Here are a couple of links they provided in the email today: This first link is to the Treasury Department who administers this program, and the second is a loan application available for download. You can fill this application out in a matter of minutes.
All businesses – including nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors – with 500 or fewer employees can apply.
They key is to apply NOW. Call your local bank to see if they process the SBA PPP Loans. The banks will be really busy and many are helping existing customers first so start with a bank you have a relationship with.
The best feature of this loan is that if you use it for payroll (there are other acceptable uses such as rent and utilities) you may qualify for up to 100% loan forgiveness!!