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Paycheck Protection Program reopens

Starting April 27, 2020 the SBA’s Paycheck Protection Program will reopen. After the program quickly went through the initial $349 billion in a short few weeks Congress approved an additional $310 billion for the program.

PPP opens back up but hurry

The program intended for small businesses ended up granting funds to larger businesses like Shake Shack and Ruths Chris Steakhouse – both of whom after criticism vowed to return the funds. This time around Congress has asked banks to verify the need of the business – checking to make sure each company, though technically a small business by the program’s definition, does not have funding opportunities elsewhere like the larger and publicly traded companies did. And to encourage this Congress has allotted 20% of the fund be run through small banks.

But no matter the changes the funds will run out quickly.

Small Business Help

With the COVID-19 relief package now passed small businesses can apply for loans and other relief from the economic impact.

Help during this crisis

The first place to visit if you are looking for a loan is the U.S Small Business Administration (SBA). There you will find several resources that may help your business survive until the threat of the coronavirus has passed and business gets back to normal.

Help that may be available to your busines:

Small businesses can apply for Economic Injury Disaster Loans and Loan Advance with an online application.

If you have a current loan with SBA you may have the interest and principal forgiven for some time with the SBA Debt Relief program.

The SBA Express Bridge Loans are for businesses that already have a loan with the SBA and may provide relief fairly quickly.

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