As of this writing, the rollout of the SBA PPP (Paycheck Protection Program) is 2 weeks old. From everything we can gather, at this time, hundreds of thousands of “small businesses” have applied for a forgivable SBA PPP loan. The SBA continues to issue “guidance” in the form of Frequently Asked Questions and answers. The headlines continue to ring with negative news about the rollout, including one that says the SBAs computer systems crashed and another that said the SBA is struggling to meet the demand for these loans. That shouldn’t surprise anyone, given the speed and size of this program rolled out by the Federal Government.
The SBA is responsible for $349 Billion in loans to small businesses, but the banks, credit unions, and other lenders are the entities who have to actually do all the intake for the loans. The SBA PPP is a big, huge, government program, and it’s going to have lots of issues. There are more than 30 million small businesses in the United States today. How many of them are suffering in the wake of COVID-19 and the corresponding government shut downs? A LOT! We’re trying to make the process a little easier on everyone.
The All Encompassing SBA PPP Guide (free download)
We’ve created a simple, but thorough guide to the process from the borrower’s (small business) perspective, answering the following questions:
- What is the SBA PPP?
- Who is eligible for an SBA PPP Loan?
- What can you use these funds for?
- How much can you borrow?
- How do you calculate how much you can borrow?
- What info do you need to apply for an SBA PPP Loan?
- What amount of the loan is forgivable?
SBA PPP Explainer Videos
You can download and read the guide, or get the shorter (slightly more entertaining) version in this video on youtube. It literally answers exactly the same questions as we’ve listed above. Also, we’re sharing more videos almost on a daily basis as we learn things that will help both borrowers and lenders.
Calculate Your Average Monthly Payroll Costs
We’ve published a calculator (MS Excel & Google Sheets) for small businesses to use to calculate their average monthly payroll costs and to give to their lender to provide thorough documentation of their average monthly payroll costs. You input your numbers, and the calculator generates your maximum loan amount. Remember, the SBA PPP help small businesses through about 2 months or so of payroll to keep employees employed, so your business can stay in business after the pandemic has ended.
Apply for sba ppp loan online
We’ve created (what we believe is) the easiest online SBA PPP application in the world! OK, let’s not get carried away, but it’s really good. So, if you’re a small business, you can apply using our online application. If you’re a lender of any kind, and you’re struggling with the volume of applications, you can adopt ours. We made the process plug and play for lenders, really easy to get started, and we’re standing by ready to help you get onboarded so you can accept more applications and fund more loans.
Virtual accountants and bookkeepers to help you
Finally, last year, we rolled out our virtual accounting and bookkeeping services, and we’ve got a network of over 400 vetted accountants and bookkeepers ready to go to help you get through this application process. We base our matches for you on these criteria:
- Accounting Needs
- Business Objectives
- Bookkeeping Requirements
It’s free to get matched. You only pay your new virtual accountant or bookkeeper if you both agree to work together. You can complete the signup in just a few minutes. Get your PPP loan done right with the help of one of these professionals.
The CARES Act is a $2 TRILLION program. The SBA PPP is offering $349 Billion in forgivable loans to help small businesses stay in business. These programs are huge, so expect some bumps in the road and a headache or two, but we are here to help you get through it easier and faster.