PPP: An SBA-backed loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.
New PPP applications nationwide are slowing down, only $100B of ~$285B of allocated funding has been approved. There is a substantial amount of funding left and the program expires on 3/31/2021.
If there are remaining funds left when the PPP expires (which it looks like there may be), there is a chance it will be extended.
Make sure you are working with a top lender that is moving your application through the pipeline to funding and continue to market PPP through us as a program option to your clients.
The Paycheck Protection Program (PPP) provides loans to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. Borrowers may be eligible for PPP loan forgiveness.
1. Find a lender:
o We have a link here: https://www.theloansource.com/partners/lv-8/
2. Identify a loan:
o First Draw PPP Loans: If you have not received a PPP loan before, First Draw PPP Loans are available to you.
o Second Draw PPP Loans: If you have previously received a PPP loan, certain businesses are eligible for a Second Draw PPP Loan.
Our TOP 10 rated partner Loan Source can help you navigate the hurdles with your application for PPP. Don’t leave money on the table for your business. Partners and clients can use this link: https://www.theloansource.com/partners/lv-8/
See frequently asked questions regarding PPP and your qualification here:
Paycheck Protection Program (PPP) Loans FAQ (sba.gov)
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