SBA has announced a new loan program for those businesses that have suffered from COVID-19. Just in the USA, over 2 million small businesses are on the verge of shutting down. To help these small businesses the US government has announced an SBA PPP loan Program.
According to this program over $700 billion will be distributed among the applicants. The first $349 has been already distributed among applicants through CARES ACT. For remaining funds, the applications are being received from 27th April. All those small business owners who are facing a financial crisis due to Corona Pandemic are encouraged to apply for this loan.
What is the PPP loan Program with the SBA?
SBA PPP loan program will help small business owners pay wages of their workers for 2.5 months. You can apply for the average monthly payroll X 2.5 to calculate your loan. This loan will be only given to use in the payroll or other business costs like mortgage and utilities. There are few things that you guys can do if you want to get SBA PPP loan fast and all these things are given below.
1. Apply as soon as possible
Millions of people are trying to get their hands on this loan. Because almost every small business is suffering right now by the outbreak of the coronavirus. So, it is wise to apply for the SBA PPP loan as soon as possible. This way you will have more chances to get your application approved against those who have submitted their application late.
2. Carefully choose the amount that you need
From the SBA PPP loan program, you can apply up to $10 million in the loan amount, but it is not mandatory that you must apply for the 10 million. Try to calculate your expenses and apply for the exact amount that you will need to recover for this financial crisis. If you apply for more money than there are chances that your application can get rejected.
3. Follow all the guidelines properly
When applying for the SBA PPP loan it is mandatory that the applicant follows all the rules properly. The application for the loan should be given accordingly and true. The non-complete application will not be accepted.
Other than that, it is important for the applicant to give proof that his\her businesses are affected by the Corona Virus pandemic.
4. Try to apply through SBA 7(a) approved lender
To get SBA PPP loan fast you guys can get help through an SBA 7(a) approved lender. This is one of the fastest ways to get a PPP loan. These lenders are approved by SBA and will help you get your application approved faster. They will guide you through all the process of getting a loan and applying for it as well.
So, these are some of the fastest ways through which you can get your SBA PPP loan fast. Hopefully, these guidelines will help you get your loan fast or you can simply apply at www.bitxfunding.com for PPP loan.
BitX Funding is the online marketplace for small business owners looking to fund a project. We specialize in connecting small business owners with lenders who will compete for your business. We believe small business owners drive the economy and we are passionate about helping your company reach its full potential. You can reach loans specialist by toll-free at 1-800-824-2407, or email at firstname.lastname@example.org or applying online here and we can guide you on which loans are the best fit for your business.