If you have considered applying for the PPP Loan, it’s time to turn thought into action. The Paycheck Protection Program expires on March 31st. Even if you did not previously qualify, due to recent expansions, you may qualify now. Here are some things you should know about PPP Loans.
What to expect from the PPP Loan:
- PPP Loans have an interest rate of 1% and may be 100% forgivable; payments are deferred if you apply for forgiveness; and no fees will be charged
- No collateral or personal guarantees are required
- Certain businesses are eligible for a Second Draw PPP Loan
- PPP’s funding formula has been revised to allow more financial support for sole proprietors, independent contractors, and self-employed individuals
Who may qualify:
- Sole proprietors, independent contractors, self-employed individuals, small businesses, certain non-profit organizations, veteran organizations, and tribal business that meets the SBA industry size standard
- Accommodations and food service businesses that have more than one physical location and employs less than 500 per location
- Restrictions have been lifted for small business owners with prior non-fraud felony convictions, small business owners who are delinquent on student loan payments, and business owners who have an Individual Taxpayer Identification Number (ITIN)
As with any loan, you will need to provide some financial accounting for your business, such as tax returns, profit and loss reports, payroll, etc. when you apply. The IOOGO team is ready to help. Time is ticking. Contact us today!
Join our webinar for Tax & Accounting Startups on Thurs., April 1st!