Submitted Your Loan? What Are Your Next Steps? Here’s the Checklist You Need!

If you already applied for the PPP and got approved, here is what you can do:

• Set up a new bank account & keep track of your funds.
• Remember, 75% goes to payroll and 25% on utilities and rent.
• Track how you spent it, what you spent it on, and when you spent.
• Apply for forgiveness when the time comes.
• File your 2019 taxes; the deadline has been deferred until July 15, 2020.

If you applied and are waiting to hear about your funds, here is what can do:

• Plan for your recovery and create new goals.
• If you are self-employed and don’t have employees, make sure to see SBA guidelines to ensure you can qualify for any benefits such as unemployment or small-business relief programs under the CARES Act. (https://des.az.gov/pua)
• Complete your application and stay in touch with your bank regularly so you do not lose your spot!

If you have not applied for small-business relief, here is what to expect:

• Still apply! You want to be in line to receive funding before it runs out again.
• Use Lendio to submit your application for PPP/EIDL.
• Gather your documents needed: Ownership documents, tax filings for two years, payroll records, and forms required.
• Check out your local chamber of commerce and economic development offices for grants, discount programs and educational resources.

Need more information on how to submit a loan? The Arizona Small Business Association (ASBA) and Arizona Chamber of Commerce have joined forces to bring you the CARES Act Readiness Program for Small Businesses. This program is offered at no cost to you. Receive free training that helps both novice and experienced borrowers navigate the CARES Act and get access to the capital they need to sustain their business.

For more information, visit caresactaz.com.