Every business needs funding at some point in its life cycle, whether to get off the ground or grow and expand. However, getting approved for a business loan can seem intimidating, especially if you’re new to the process. Don’t worry, though, we’ve got you covered! We’ll take you through the necessary steps to obtain a…
PPP loan borrowers are eligible for full loan forgiveness if they meet certain criteria as outlined by the U.S. Department of Treasury and Small Business Administration. Borrowers that do not satisfy requirements can have loan forgiveness reduced or denied. You must carefully evaluate the use of funds, navigate complex rules, prepare necessary supporting documentation, complete…
The American Rescue Plan Act of 2021 (ARPA) provides billions in new funding targeting the hardest-hit small businesses. It also established a new SBA grant program, the Restaurant Revitalization Fund, to help restaurants, bars, and other related businesses impacted by the pandemic. New funding opportunities will be available in the coming weeks. In this post,…
Paycheck Protection Program (PPP) The Paycheck Protection Program was first established under the CARES Act in March of 2020 and provides forgivable loans to small businesses affected by the pandemic. The loan is eligible for full forgiveness if 60% is used on payroll costs and the other 40% is used on authorized expenses during the…