Good morning,
The next round of the Paycheck Protection Program won’t start until March 31--but if you’re planning to apply for a forgivable loan, you need to start preparing right away.
It’s especially true for any small businesses left out in the cold during the program’s runtime last year, including scores of minority-led businesses. The reasons for the short shrift were manifold, including the lack of prior banking relationships, stronger tendencies for informal employee compensation structures, and lower employee headcounts. This time around, you have the benefit of hindsight--and you can take full advantage.
For example: If you tried to get a PPP loan previously but failed to find a lender to take you on, you may want to start searching right away for a fintech company or community lender. Fintech lenders were a lifeline during the first round of PPP, especially for small businesses that didn’t previously have significant relationships with banks. And in this next round of relief, Congress has set aside $15 billion of the program’s available $284 billion for lending by insured depository institutions, credit unions, and farm credit system institutions with consolidated assets of less than $10 billion.
That’s just the start. Read our story to learn the six most crucial lessons from the last PPP round that’ll help you secure a loan the second time around. |
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