How to Apply for a PPP Loan
The corona virus pandemic has brought the economy to its knees. Since the disease is transmitted from one person to another through the air and body fluids, the government ordered many businesses to close to curb the spread of the disease from one person to another. Lack of revenue is one of the factors that have also contributed to the closure of most businesses countrywide. Nevertheless, the government knows that many businesses have been affected, and it came up with the PPP loan which is aimed at helping both the business owners and business workers. However, in order for you to get the PPP, you are required to apply for it. This document guides you on how to apply for the PPP loan.
The importance of the PPP loan is that it allows the business owners to keep their workers on a payroll. Fortunately for both small and established business, they are able to apply and get this loan. Nevertheless, if your business is not able to meet employees’ requirements, the application may not be able to push through. Therefore, PPP loans are applied for the purpose of compensating businesses taking that they were closed abruptly. Since the disease spreads like wild fire, it was fair for overcrowded places to be closed, since conservation of life is more important than maintaining the economy.
If you think that your business is eligible for the PPP loan after meeting all the employees’ requirements, you should then proceed to finding a bank that will help you process the SBA loan. You can easily find such a bank by using your zip code. The entire process of applying for the loan is an easy one and takes little time. Since the application form only contains two pages it is possible for you to save on a lot of time. This includes the name and the location of your business. So that the loan company can easily find you, they will require you to include your phone number and email address.
The business tax identification number should also be included in the application. You will also be required to indicate the average amount of money you pay your employees monthly. The amount that is obtained in the process is the loan amount request that you will make. The reason for loan application is also required in the application.
You will then be asked to answer eight questions. The application also asks if you have ever been in the wrong with the arm of the government. Finally, you will have to provide with a list of certifications and authorizations with your initials present.