We're all in this together
Like the first ‘Paycheck Protection Program,’ the new PPP loans are administered by the U.S. Small Business Administration, specifically under it’s 7(a) program.
However, these loans are completely different . . .
SBA guidelines have frankly left banks wondering which documents banks should require, when making Paycheck Protection Program loans.
Banks, for their part, have been inconsistent in their own requirements and how loans are processed. . .
If you are a sole proprietor or are self-employed without employees, we recommend having these documents available:
Your 1040 Schedule C, if filed for 2019; or but if not filed, a draft 1040 Schedule C for 2019; . . .
Fintech firms are not actually banks, but instead firms that employ financial technology (i.e., “fintech”) to facilitate a company’s management of its financial operations. . . .
Comparing PPP to EIDL
A comparison of the Paycheck Protection (PPP) and the Economic Injury Disaster Loan (EIDL) Programs reveals the benefits and shortcomings of both. . .
Could the SBA's PPP Affiliation Rules Prevent Your Participation?
This list of SBA approved, active lenders is non-exclusive, meaning there may be others. We’ve also indicate banks which are amenable to new customers, or have indicated they may accept new customers in the future. . .
Fintech firms are not actually banks, but instead firms that employ financial technology (i.e., “fintech”) to facilitate a company’s management of its financial operations. . .
Looking at the finer points
SBA’s Affiliation Rules
If another entity is deemed an affiliate, the additional employees of that company will be added to the applicant of the PPP loan. Whether a company is an affiliate of another company, in the eyes of the SBA, is considerably broader than . . .
