There’s still time to apply for a PPP loan from the new stimulus bill: Funding for first-time PPP loans is available through May 31, 2021, or until the new funds have run out. The latest stimulus bill adds 501(c)(6) nonprofits, local news media organizations and housing cooperatives t...
When you submit a PPP loan request on SBA.com®, you are first redirected to your PPP application with our partner. If you just submitted your request, you should already be on this page. You will complete your application with our partner and then once it has all required information an...
The Paycheck Protection Loan is part of the CoronaTax new loans available to small businesses. The first round went quickly because the idea of a loan that turned into a grant seemed to be good to be true. We now have a second round of money available an
Further, existing PPP loans can be repaid for up to 5 years should the lenders and borrowers agree on the terms. In this case, the interest rates remain 1%. Other aspects of the new law indicate that borrowers can get full loan forgiveness even in cases where they fail to restore their ...
At first, PPP loan fraud might not seem like a big issue. The program was developed to help businesses stay afloat during the pandemic. And so what if some of the funds didn’t go exactly where they were supposed to? PPP loans from banks and lenders were designed to be forgiven. But...
9 Types of Loan Fraud to Avoid Credit card fraud Car loan fraud Advance-fee loan scams Home loan (mortgage) fraud Business loan fraud COVID-19 Paycheck Protection Program (PPP) Fraud Payday loan fraud Student loan fraud Debt consolidation scam ...
We have few options on how to record the funds received from the Paycheck Protection Program (PPP) Loan and the expenses to which the funds are used. To set up the forgiveness account, follow the steps provided below: In the Chart of Accounts, select A...
“You’ll have to start making payments if you apply after the deferment period.” Did You Know? The SBA is no longer awarding PPP loans. However, if your business needs financing, you have many other types of loans to choose from. How do you apply for PPP loan forgiveness? Depending ...
If you received a PPP loan, you may be able to apply for forgiveness. If this is granted, you won’t have to repay the loan. You should check if you are eligible for PPP forgiveness, and apply for it, as soon as possible.
If you returned all or part of your PPP loan, you could reapply for the maximum amount applicable—provided you had not already received forgiveness. Further, if you would be eligible for a higher loan amount due to interim final rule changes, then you could work with your lender to modify...