Covid-19 Relief: Paycheck Protection Program (PPP)
As of early January 2021, the Small Business Administration has been working diligently to create a more deliberate and target approach to the disbursement of additional loan opportunities to the communities and small businesses that need it the most. Kapital Venture is elated to be in service for qualifying applicants to secure funds that will help businesses like yours stay open and operating. Are you interested in a government-backed loan with a low-interest rate to help with payroll, supplies, and the commercial equipment you need to sustain workflow and growth? If the answer is yes, then call our office to get immediate information on submitting an application today, 737-717-3100.
Not sure if a PPP loan is right for you? In this article, you will get a quick snapshot of what a PPP loan is if it's the right fit for your business, and how quickly you can receive funding.
What is a PPP loan?
The Coronavirus aid relief program known as the Paycheck Protection Program (PPP) is a nearly $700-billion small business loan program established by the US federal government in late 2020. You may have heard of it through the CARES Act. The PPP was put in place to offer a low-interest rate and possible economic relief for businesses severely impacted by the worldwide pandemic. PPP loans are eligible for full or partial forgiveness if the money is used for qualifying costs including payroll, rent, mortgage interest, or utilities. A Paycheck Protection Program loan is designed to provide a direct incentive for your small business to keep your workers on the payroll in an effort to keep our economy in motion.
Who does the PPP help?
In order to qualify for this A PPP loan, you have to:
- Be a type of certain businesses, self-employed workers, sole proprietors, certain nonprofit organizations, and tribal businesses that have continued paying their workers or contract workers.
- Have been an established business in operation as of February 2020.
- The applicant must be located in the United States and as well as have their primary operations in the US as well.
- The business net worth must not exceed $15M or have over 500 employees.
- Other requirements may also come into effect as we learn more from the SBA and details for the application.
Can I get a PPP Loan if I'm Self-Employed?
In order to qualify for a PPP loan as a self-employed individual or independent contractor, you have to meet the following criteria:
- Must be in operation before February 15, 2020
- Must have income from self-employment, sole proprietorship, or as an independent contractor
- Must live in the United States
- Must file a Form 1040, Schedule C for 2019
- Must have a net profit for 2019
What is The Fastest Way to Get a PPP Loan?
One of the fasted ways to receive funding for a PPP loan is through an SBA 7(a) approved lender. These lenders are approved by SBA and will help you get your application approved quickly. Kapital Venture has partnered with several lenders offering a PPP loan and as our client, we will guide you through all the process of getting a PPP loan and applying for it as well.
Please note: This is a developing finance opportunity to serve you and your small business, to get up to date and immediate information about how you can qualify for a PPP loan, click to call our office today to speak with our specialist, 737-717-3100.