SMALL BUSINESS PAYCHECK PROTECTION PROGRAM -
The Paycheck Protection Program (PPP) provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent and utilities.
The question is, "When do I apply?" Fortune magazine has reported that as small businesses prepare to apply for the new Small Business Administration's Paycheck Protection Program loans, banks are calling it: "They are not ready for the rollout of the program." "According to numerous reports, banks are concerned that the $350 billion lending program for small businesses impacted by the coronavirus won't be ready when it launches Friday (April 3, 2020) due to a lack of time, necessary guidelines, and set requirements from the administration, Small Business Administration (SBA) and the Treasury."
You do not want to potentially cause yourself problems by applying for the PPP today as the program is not yet ready. The Interim Final Rule just came down late yesterday and until significant issues are resolved banks will not be able to fund your loan. When you do apply you want to make sure that the lender you choose is a direct SBA lender as they know the processes to expedite the process so you are not "lost in the abyss".
Johnson Law Firm, P.C. is working with a team that is in direct contact with leadership at the highest levels of the entities administering this program. This team will be able to properly help you apply for the PPP and get your funding much faster than if you were to go through a traditional lender. More importantly, when it becomes time to prepare you case for loan forgiveness, our team will walk you through those steps to ensure you get the maximum amount of forgiveness available under the law.
The deadline to file for the PPP loan is over a month away (June 30, 2020). Thus, be patient and do not hurriedly apply for the loan without the proper assistance. In the next few days we are going to be rolling out our program to not only assist you with obtaining the PPP loan, but do it in a way that gets it forgiven later. The best part about this program is we can assist you in obtaining the loan at absolutely no cost to you!
If you are interested in learning more about the PPP loan, please send an email to [email protected]
Thank you and stay healthy!