How to Apply for a Forgivable Loan Under the PPP: A Guide for Entrepreneurs and SMBs

2020-04-07

If you’re an entrepreneur or a small business owner, you may be qualified for a forgivable loan. Last week, the government put into place the Paycheck Protection Program which can help you cover payroll expenses.We’re facing some uniquely challenging times and this is will definitely go a long way to helping keep the economy going until the Coronavirus pandemic is under control and dealt with. I encourage you to contact your accountant, your lawyer or reach out to your bank as soon as you can and apply for a forgivable loan.All businesses with up ...

We’re facing some uniquely challenging times and this is will definitely go a long way to helping keep the economy going until the Coronavirus pandemic is under control and dealt with. I encourage you to contact your accountant, your lawyer or reach out to your bank as soon as you can and apply for a forgivable loan.

All businesses with up to 500 employees are can apply and although the program is planned to remain open until the end of June, there is a funding cap that will likely be reached before that time. Another reason why you should apply asap is that lenders need time to process your loan.

I’ve recorded this bonus episode to share my experience with filling out the application and answer some of the FAQs related to the PPP and the submission process. Check it out, apply if you’re eligible and I hope my experience can be of use to you. Stay safe, everyone!

Key Takeaways:

What is the Paycheck Protection Program? (0:43)
Who is eligible to apply? (5:17)
What counts as a payroll cost? (8:07)
Rules you need to follow in order for your loan to be forgiven (10:00)
How to fill out the Paycheck Protection Program Borrower Application Form (15:32)

Additional Resources: