The federal government announced a bailout/stimulus package/PPP loan of $350 billion for small businesses to fight the impact of COVID-19. The money from the package is forgivable loans. According to federal data, there are nearly six million small businesses with 1-500 employees. The federal money will help the owners to keep their doors open and wages for their employees.
How to Apply-
Suppose you are eligible (a small business that employs 500 employees or fewer, sole proprietors, independent contractors, gig economy workers, and self-employed individuals) for a PPP loan. In that case, you must apply through the Disaster Loan Assistance program by SBA (small business administrator) before the end of September 2020. The money will be arrived as soon as possible (it will take one or two weeks following the application date). Therefore, if you are ready to apply- follow the following steps-
- Go to https://covid19relief.sba.gov/#/
- Complete the ELIGIBLE ENTITY VERIFICATION (Disclosure) and click on Continue.
- Enter your Business information with the star mark field. Click on Next.
- Enter the Business Owners Information, then click on Next.
- Fill up the additional information asked into the next step and click on Next.
- The next step will be to show your application; if you need correction- you may go to the back steps. If ok, confirm your application.
Please visit your local SBA (small business administrator) office for more information. Need additional help, please leave a comment below.