If you would like to learn about the Paycheck Protection Program from the Small Business Association, contact Quick Lending Solutions at 888-930-8815 or apply now online by clicking here. The PPP was designed to help small businesses to survive economic injuries and catastrophes, such as the impact of COVID-19. However, the coronavirus isn't the qualifying event that will make you eligible for the PPP. There are many circumstances, including fire, natural disasters, building damage, and a whole slew of other causes that can make you eligible for a PPP loan.
If you are not sure if you qualify for the loan, contact Quick Lending Solutions today to speak with a representative who can help you determine whether or not you are eligible. In the meantime, here are some things to consider:
Where Can I Apply for the Paycheck Protection Program?
You may apply for the PPP at any lending institution of your choice, so long as that institution is approved to participate in the program. Loan applicants do not have to call or visit any government institutions, either in-person or online. Quick Lending Solutions is an SBA-approved lender, and we have flexible terms, low APRs, and a no-hassle application/approval process.
Am I Eligible for the PPP Loan?
If you own a small business that employs fewer than 500 employees, then you will be eligible for the PPP. It does not matter what industry you are in, and you can have more than 500 employees so long as your industry has an employee-bases sized standard through SBA that is more than 500 employees. Restaurants, hotels, and all businesses that are classified in the NAICS code 72 "Accommodation and Food Services," that have all of their individual units or locations employing fewer than 500 people, will be eligible for the PPP.
Additionally, according to law, tribal businesses 501(c)(19), nonprofit organizations (religious organizations, charities, etc.), and veteran organizations alike are all eligible for PPP.
Are Gig Economy Workers Eligible?
The Paycheck Protection Program allows gig economy workers, independent contractors, and sole proprietors to apply for the PPP loan.
How Much Can I Borrow with the PPP Loan?
PPP lenders are able to loan up to 250% of their average monthly payroll expenses at a maximum of up to $10 million. The goal of this program is to provide eight weeks of coverage for payroll expenses and debt obligations. The eight-week period must be applied any time during the time frame between February 15, 2020 and June 30, 2020.
Do I Have to Pay Back My PPP Loan?
The amount of principal that will be forgiven will be equal to the sum of expenses for payroll and existing interest payments on mortgages, rent, leases, and utilities. Cash tips, hourly wages, and annual salaries are included in payroll expenses. Of course, you may opt to use a portion of your loan for inventory as well, but that portion of the loan will not be forgiven.
Paycheck Protection Program