Fast Way to Get an SBA PPP Loan:
Apply now and join the PPP gold rush
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, SBA will distribute over $700 billion among the applicants. The first $349 was already distributed among applicants through CARES ACT. For the remaining funds, the applications are received from the 27th of April. All those small business owners facing a financial crisis due to Corona Pandemic can 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 used for payroll or other business costs like mortgage and utilities. There are a few things that you guys can do if you want to get an SBA PPP loan fast.
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 from the coronavirus outbreak. 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 submitted it 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 you will need to recover from this financial crisis if you apply for more money, then there are chances that they may reject your application.
3. Follow all the guidelines properly
When applying for the SBA PPP loan, the applicant must follow all the rules properly. You should give the application for the loan accordingly and true.
Other than that, the applicant needs to give proof that Corona Virus Pandemic affected his\her businesses.
4. Try to apply through SBA 7(a) approved lender
To get an SBA PPP loan fast, you can get help through an SBA 7(a) approved lender. This is one of the fastest ways to get a PPP loan. These are SBA-approved lenders and will help you with the approval of your application. They will also guide you through getting a loan and applying for it.
So, these are some of the fastest ways to 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 a 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 are passionate about helping your company reach its full potential. You can reach a loan specialist toll-free at 1-800-824-2407 or email at [email protected] or apply online here, and we can guide you on which loans are the best fit for your business.