Finance

SBA Paycheck Protection Program: How To Apply (Cares Act SBA Loan)

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How to apply for the Paycheck Protection Program. Small Business owners who need help keeping their workforce employed can access the sba loan through their banks starting today.

Attention all small business owners!

I’ve got a super important video for you today – especially if this crisis has impacted your small business.

In a previous video, we talked about the many ways the Cares Act can help small businesses, you can watch that here:
https://www.youtube.com/watch?v=HqgOysMuWGs

Now, one of those ways is the Paycheck Protection Program, which is a program you can apply for through your bank in order to get emergency funds so you can keep your business going and your employees paid.

The program provides small businesses with funds to pay up to 8 weeks of payroll costs, including benefits.

Funds can also be used to pay interest on certain qualifying mortgages, rent, and costs for utilities.

Many banks had targeted Friday, April 3rd as the day they’d be able to start taking applications, and after some initial delays, the SBA did get this program launched in the late afternoon.

Now that the program is live, you’re going to need to act FAST because the faster you apply the better your chances will be at securing funds through this program.

Here are the 5 things you’ll need in order to apply for the Paycheck Protection Program:

1. Your online user ID and password for your bank’s online system.
If you don’t have an active profile with your bank, then be sure to set one up ASAP!

2. You’ll need the date you started your business.
You can find this information by doing a Business Database search of your business name, trademark, or trade name on the Business Organizations section of your state’s Secretary of State website.

3. You’ll need detailed information to calculate the average monthly payroll costs.
This is critical to you getting the payroll support you actually need.

4. Your annual revenue.
Have the past two years of revenue here just to be safe.

5. Your business mailing address.

Now it’s important to note here that banks are taking applications online, so do not go into a bank branch.

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#PaycheckProtectionProgram #CaresAct #SBALoan

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Robert Dunfee