How to Navigate the New Small Business Relief Plan and Get a PPP Loan

An excerpt from Investopedia’s article by Jim Probasco.

“A new round of COVID-19 relief legislation provides $310 billion in additional PPP loan funds for small businesses. The legislation mandates that at least $60 billion of that money will go to small lenders. An additional $60 billion will be used to refresh the Economic Injury Disaster Loan (EIDL) program and will include $10 billion for additional $10,000 grants. Small business owners are urged to contact their banks now to make sure the bank will accept PPP loan applications.

To apply you will need:

  • Tax returns from 2019 and 2018 if available
  • Payroll records to help verify the amount you are requesting
  • Documentation showing the legal structure of your company
  • Some demonstration of how COVID-19 has impacted your business”

For more information and help finding a lender, please CLICK HERE to go to the U.S. Small Business Administration’s website on the Paycheck Protection Program.

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