PPP Loans, Round 2
With the SBA poised to spend an additional $310 billion on PPP loans after signing of the Paycheck Protection Program and Health Care Enhancement Act, what should businesses do now to prepare? A 4/22/20 Forbes briefing offered the following advice:
"If you have already applied for a PPP Loan, then sit tight, even if your loan was not officially approved or submitted to the SBA. The Interim Final Rule specifically states you can only apply for one PPP Loan. Contact your bank to see if they still have your application and whether or not it will be submitted when the SBA begins accepting new PPP loan applications. If you have not yet submitted your PPP Loan application, then gather your information and get your application ready. Contact your bank and be prepared to apply as soon as the SBA announces there are funds available for new PPP Loans."
If your bank is not handling PPP applications you can try one of these SBA approved lenders: Intuit, PayPal, Square, Kabbage, On Deck, Funding Circle. Others may be approved soon. A complete list of PPP eligible lenders is available here: www.sba.gov/paycheckprotection/find