It’s no secret that the COVID-19 pandemic hit businesses hard. Small-business owners, who are in the humble beginning stages, are still feeling the brunt of this economic impact and need immediate relief to get back on their feet.
However, when the word “loan” is brought up, many shut down, simply thinking about the laborious task at hand to obtain one. The Paycheck Protection Program’s (PPP) new May 31st deadline should be the perfect opportunity for small businesses to find some relief with $284 billion dollars being allocated to PPP loans. However, confusing rules and navigating the tricky application process have left many feeling hopeless.
If you are a small business, make sure that you apply for your PPP Loan as soon as possible! Here is how to do so:
Step one: Gather your company data. Compile all your tax information for 2019 and 2020. You will need all this information throughout the process of applying for the loan — including to check if you qualify, present figures to your lenders and fill out your loan application.
Step two: Make sure that you qualify for a PPP loan. If you are self-employed, an independent contractor, owner of a small business or have a side hustle, you may qualify for a PPP Loan — so why not find out! If you want quick results to find out if you qualify and an estimate of what you could receive, feel free to take Business Warrior’s 60-second quiz. This is a free service that will help streamline and simplify the process and allow you to skip the below steps three through five.
Step three: Find a lender. Research lenders and find a good fit for you in your area. For help with finding a lender, visit the U.S. Small Business Administration website.
Step four: Fill out your application and return it to your lender. Once you find a lender, fill out the application for the PPP loan and return it back to them.
Step five: Check in with your lender about the progress of your loan. Make sure you are checking in with your lender regarding the status of your loan. Personally, I had worked 60-plus hours on getting Business Warrior’s PPP loan approved, so I can relate to how frustrating the process can be. Don’t be afraid to routinely check in with your lender as your loan is processing.
To simplify this process, you can also work with a company offering a PPP Loan service. It’s crucial to find a network of partnerships that can streamline the process and have connections with banks to help you avoid fees and markups, receive maximum funding and get your loan quickly.
Jonathan Brooks is the president and chief operating officer at Business Warrior Corporation (OTC:BZWR), where he leads the organization in sales, operations, and product strategy by building teams that focus on their client’s success. Recently, Business Warrior teamed up with Blueacorn and Elev8 Advisors to help underserved small business owners, the most at-risk group, receive the maximum amount of funding as quickly as possible through a PPP loan. Together, they have assisted more than 19,000 applicants submit their PPP loans. This program has helped 5,000 businesses get more than $35.1 million in 100% forgivable loans.
