The covid-19 pandemic has affected many businesses negatively. This explains why most of the business have been closing their doors at the request of the government of the United States. Lack of revenue is one of the factors that have also contributed to the closure of most businesses countrywide. However, there is something to smile about, taking that the government has authorized the release of the Paycheck Protection Programs which is means to benefit both employers and employees. However, in order for you to get the PPP, you are required to apply for it. Reading this article gives you the ability to learn how you can apply.
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. Since most of the businesses were abruptly closed without their consent, it is fair that they be compensated for their loses. Business were closed for the purpose of keeping the public safe from the corona virus pandemic.
Finding a bank that can process an SBA loan is the next thing you do after you are sure that you are eligible for the PPP loan. Use of a zip code is one of the things that you can use to find such a bank. There’s no need to panic as the entire process of applying for the loan is easy. Since the application form only contains two pages it is possible for you to save on a lot of time. You will be required to fill in your information in the first page, including the name of your business and its geographical location. So that the loan company can easily find you, they will require you to include your phone number and email address.
You will also be required to include your business tax identification number. The average amount of money paid to the employees each month is also indicated in the application. You will then be required to multiply this by 2.5. The reason for loan application is also required in the application.
You will then be asked to answer eight questions. The aim of the questions is to ensure that the funds are not provided for a person who does not deserve to get the money. Finally, you will have to provide with a list of certifications and authorizations with your initials present.