The Paycheck Protection Program (PPP) recently received an extension bill July 4th, offering business owners and self-employed individuals an additional 5 weeks to apply for a PPP forgivable loan (ending August 8th). Roughly 5 million businesses have already received funding; however, there are a large number of people who have still not applied. To date, nearly $130 billion dollars of funding remains in the PPP fund to help business owners and self-employed individuals stay afloat during the COVID-19 pandemic.
If you are contemplating applying for a PPP forgivable loan but are holding back; here’s some things you should consider:
- Self-employed individuals (1099s, sole props, independent contractors) are eligible to apply for a PPP forgivable loan. It’s a slightly different process so check out everything you need to know about it.
- If you’ve applied for the PPP loan already but haven’t received any information back, we suggest you to apply with another lender. It is okay to apply with several vendors.
- If you received your PPP loan but sent it back, you are able to apply again.
- If you’ve applied for a loan but were rejected, you should apply again with a different lender. Talk to the lender that rejected the application and understand why it was rejected. You’ll be able to correct any errors in your application and submit again.
- If you were denied due to eligibility reasons, you can try elsewhere.
- If you aren’t with a well-established bank, we have some good news for you. Many banks are now considering lending to non-bank customers. Credit unions and community banks offer PPP loans as well, as do online lenders.
How To Apply
There are a few ways you can apply for a PPP forgivable loan. The EZ application for PPP loan forgiveness (Form 3508EZ) is a new application you can make use of. It is much simpler than the original application, having been reduced to a three-page form. You can apply for PPP loan forgiveness directly from the SBA, or if you want complete and professional help with the process, contact Southern Payroll & Benefits for assistance! We’ve helped get our clients receive over $2 million dollars worth of forgivable funding so far, with much more to come. We’d be more than happy to take you through this process, reach out to us for immediate help or send us a comment below!