| The Paycheck Protection Program (PPP) was supposed to provide forgivable loans to small businesses so they can pay their payroll, rent, and utilities for 2 months. About 10 days ago, the PPP loan program ran out of money, so the US Small Business Administration stopped accepting PPP loan applications. Last Thursday, Congress approved an additional $300 million for PPP loans, and the SBA resumed taking PPP loan applications TODAY, Monday, April 27, 2020, at 10:30 AM Eastern Time from banks on behalf of small businesses needing a PPP loan. If your company’s PPP loan application was not approved during the first round, you should check with your banker to make sure that your application is still active and that your bank plans on submitting your application to the SBA for approval today. Much like last time, the funds are expected to run out quickly. Because so many small businesses were crowded out of the PPP loan process by larger businesses, $60 billion of the new PPP loan money has been set aside for smaller and community bank customers. Small businesses who originally applied with a larger bank may want to consider seeking out a community bank or credit union for a PPP loan to increase their chances of success. Visit the US Treasury website for a list of approved banks and lenders. SBA loan applications, including PPP loans, can be found here. |
How to Avoid Underinsuring Your Home
Your home is one of your greatest assets and a significant long-term investment. As such, it’s vital to protect your home and its contents with
