COVID-19

The CARES Act funding of the SBA Paycheck Protection Loan Program (PPP Loan) ran out last week. While the news was spreading about the millions scooped up by Shake Shack and Ruth Chris Steak House chains, some small business owners were uploading loan applications to their banks they were suddenly met with pop-up messages and web banners stating that funding had run out.  <insert sad business owner image here>  But here is why small business owners should still apply.

The small business economy of the United States is impatiently waiting while the SBA and U.S. Treasury are trying to figure out what the CARES Act means.  The most popular segment of the benefits package is the Paycheck Protection Program Loan.  With its forgiveness that acts as a grant, many small businesses view this as a much-needed life preserver.  Referred to as PPP Loans, these loans will be distributed by Small Business Administration (SBA) lenders. Right now, those lenders are also still trying to figure out the details.  So what do you need to know about PPP Loans?