PPP Loans Round 2

According to a recent study by the U.S. Chamber of Commerce, women and minority-owned businesses have been disproportionately affected by the COVID-19 pandemic. Less than 50% of the female business owners surveyed in July 2020 believed that their revenues would increase in 2021 and only 24% expected to increase the size of their staff. This disturbing trend could mean a longer and rougher road to economic recovery for minority and women-owned businesses in the coming years. 

Check out these related articles

The Small Business Administration is seeking to bridge some of the gaps left open by the pandemic by providing PPP loans for more underserved business owners, specifically women, and minority-owned businesses. They began accepting PPP applications on January 11 and reopened the program entirely for first or second-draw loans on January 19. 

What is the purpose of the PPP loan?

The purpose of a PPP loan is to help cover payroll expenses for businesses that have continued paying their employees or contract workers throughout the pandemic. The PPP loan can also be used to help cover mortgage interest, rent, and or utilities. PPP loans are designed to pay for expenses incurred during the covered period between 8 and 24 weeks, so the loan cannot be used to retroactively pay back 2020 expenses. The covered period starts when you receive your loan and can be used on new expenses incurred after the loan is received. 

What are the PPP loan requirements?

First thing’s first, to qualify for a first or second-draw PPP loan, you need to show that your business was established before February 2020, is located in the United States, and has primary business operations within the US. PPP loans are available for businesses with fewer than 500 employees and with a net worth of under 15 million dollars. 

If you meet those criteria, you then need to show how your business lost 25% in annual gross income or in one quarter of 2020 compared with the same quarter from the previous year in 2019. To help you qualify for the loan more easily, be prepared with the right documentation such quarterly financial statements, bank statements, and other relevant tax forms. 

The only way to successfully receive a PPP loan is to apply with a participating lender. At Kapital Venture, we’ve partnered with one of the leading lenders in the nation and as our client, we are here to guide you through the entire process of getting approved for a PPP loan for your small business, particularly if you are a woman or minority-owned business. Our job is to streamline the process, answer any of your questions, and help keep your small business afloat. We are even here to help walk you through the application process. 

We know that these times are difficult and the processes related to government stimulus packages are often complicated and ever-changing. That is why we are here to make it as painless as possible for you to receive your PPP loan. To apply quickly, simply click this link. It will redirect you to our partner lending partner Amur. Should you have any questions please call us at 737-717-3100.

To get the latest up to date information about how you can qualify for a PPP loan, especially as a minority or female business owner, call our office today to speak with a specialist.

CALL TODAY 737-717-3100