Stimulus Package Update | 9 Tips To Ensure Your PPP Loan Doesn't Get Skipped

How to get funding through PPP?
Did the PPP funding go through?
How to apply for PPP?

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-This New Paycheck Protection bill will include $310 billion in aid for small businesses. With 60 billion slotted for smaller lenders.

-There’s a huge backlog of loan applications so it is important to apply early if you haven’t already. Estimates state that funding will run out between 1 to 10 days.

-Small lenders. Applying at small lenders increases your odds of getting a PPP loan

-Fintechs. Applying at Fintechs worked will in the first round of funding especially for those who didn’t already have an account.
-Paypal
-Square
-Kabbage

-Have Your Paperwork Ready Including:
-941
-Tax returns
-W3 & 940
-Payroll figures calculated and ready - document showing calculations
-Articles of incorporation

-Make Your Baker’s Life Easy
-Label docs/ make them neat
-Ask how you can make the PPP application process easier

-Have Something Showing How Your Business Has Been Impacted By Covid
-Like a P&L from March last year Vs. this year

-Calculate Your Numbers On The Low End
-Avoids complications, checking and second guessing

-Try and Talk to the Lender’s Credit Department
-They are the ones doing to numbers and deciding
-This will be easier at small banks
-Remember to focus on making their life easier

-Apply at Multiple Banks
-Not everyone likes this because it backlogs the system more


-Follow Up With Banks


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Disclaimer
This presentation does not constitute legal or tax advice. It is provided solely for informational and educational purposes and does not fully address the complexity of the issues or all the steps businesses must take under applicable laws. You should consult your professional advisers regarding your individual situation. Max Maher undertakes no obligation to update the information in this presentation, and no representations are made that the content is error-free.

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