An SBA 7(a) loan is a financial tool designed by the Small Business Administration (SBA) to get money into the hands of small business owners. An SBA 7(a) loan isn't a loan directly from the SBA, rather, the SBA helps small business owners secure loans by guaranteeing a portion of ...
What is a term loan? What is a loan guarantee? What can a SBA loan be used for? What is a jumbo loan? What is a loan term? What is a savings and loan? What is a short-term loan? What is a 7(a) loan? What is an SBA loan?
What is a checking account? What is an SBA loan? What is a cash account? What kind of businesses do angel investors invest in? Who signs the articles of incorporation for a nonprofit? What is a central bank? What type of capital is available for social enterprise?
More specifically, PPP loan fraud is when an individual or business submits false information when filling out a PPP loan application or when attempting to certify PPP loan forgiveness. Because PPP loans are forgivable, many are tempted to lie through their teeth to obtain money from the govern...
Leaving aside the fact that the PPP program does not actually say that—applicants must certify that the current “economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant”, there is no requirement that they be virtually bankrupt—Sen. Rubio’s stat...
The SBA’s primary loan program is the 7(a) loan. These loans are provided by lenders under SBA guidelines and requirements, and the SBA guarantees a portion of the loan. Types of 7(a) loans include a small loan, an express loan with fast turnaround, and specialized loans for different...
The application for a payroll loan is easier to complete if you have the right documents, especially if you’re going for an alternative loan with a fast approval promise. To get approved for a payroll loan, expect to provide several documents, including: Business tax returns Income statements...
Update: On February 22, 2021, the SBA announced changes designed to increase PPP assistance available to self-employed people. Under the change, sole-proprietors may base their PPP loan amounts on gross rather than net income. What Is PPP?
Another type of fraud is taking part in a mortgage or real estate scam. This is where a fraudulent buyer, homeowner, and appraiser work together to apply for an overpriced mortgage loan, then split the proceeds. The victim — a so-called “straw borrower” — is an innocent person with ...
Any PPP loans that were wrongfully forgiven either due to omission or misrepresentation by the taxpayer will be treated as taxable income, as the Internal Revenue Service (IRS) announced in August 2022. The IRS is encouraging anyone to whom this guidance applies to file, if necessary, an ...