Important Paycheck Protection Program Update
On Tuesday, the Senate approved an additional coronavirus relief package, which provides $310 billion more in funding for the Paycheck Protection Program. The bill is expected to be signed into law later this week. If you did not receive the funds in the initial round here are the 5 essential steps that you can take now to improve your chances of getting the loan in this second round:
- Ensure that your completed application is submitted with a lender. In case you are having difficulty finding a lender please contact us so we can provide you some guidance based on your individual situation.
- Ensure that the application you have submitted has the payroll amount calculated correctly. Speak to your Financial Advisor or CPA for assistance with this as there are a number of important factors which are often overlooked such as including retirement benefits.
- Ensure that your application is in good order and there are no outstanding items. If your lender has requested any additional information, you should provide these as soon as possible.
- Ensure that your lender has processed your application and is not in a pending review status.
- Ensure that you have a loan number that the lender has provided you. Typically if your application is in good order, your lender should have provided you a loan number. In case you haven’t received one you should follow up to get this.
The PPP program ran out of the initial $349 billion the federal government earmarked for it in just 13 days so time is of the essence for this second round and you should act fast.
