Still waiting for a PPP Loan? Let us show you the perfect choice to move your business forward and gain access to funds now.
March 04, 2022
Many of us have heard of the Paycheck Protection Program - PPP, the Small Business Administration (SBA) loans to small businesses that aim to help you get your employees on the payroll during the labor crisis caused by the coronavirus epidemic. This program consists of pardoning loans requested as long as the funds are used to pay the payroll of employees (60% of the loan is to be used for this purpose), as well as mortgage interest, rent and utilities.
While billions of dollars of funding have already been distributed through the PPP, many entrepreneurs who have applied have not yet received a response on the status of their application and whether they will be funded. In those circumstances, you might feel stressed as you try to handle your bills and run your business.
The truth is that lenders are overwhelmed with applications. If you've checked over everything and made sure that your application was done correctly, your best bet is to wait until you hear your lender. It may take a long time to get you back, because programs on the scale of the PPP take time to manage.
In the latest round of Paycheck Protection Program (PPP), we are seeing much slower progress than in previous rounds. Small business owners and the economy needed this program, but it was a really frustrating process for those who needed immediate financial relief.
Compounding the problem, this round of the program has been plagued with fraud. Small businesses, which have already been treated unfairly by the pandemic now have to contend with further scrutiny on their applications. As a result of this enhanced audit, lenders and SBA now have less time to process legitimate PPP loan applications.
We know that a constant chorus of "soon, soon, soon" can make you question the nature of time... among other things. For this reason, we have decided to show you some options that will allow you to float and overcome this crisis we have been leading since 2020, we recommend that you use them as a short-term alternative that can help bridge the gap until you receive the PPP funds.
Business Line of Credit: A business line of credit gives access to a pool of funds to draw from when you need capital. It gives you the flexibility to borrow up to a set amount—typically anywhere from $50,000 to $500,000—whenever you require access to capital. You don't make payments or incur interest until you actually tap into those funds.
Merchant Cash Advance (MCA) is a type of business financing in which a company advances you a lump sum that you repay via a percentage of your daily credit card and debit card sales, plus a fee.
A short-term business funding is designed to give small businesses fast access to funding to cover short-term capital needs. Typically, short-term business loans are used for managing cash flow, handling emergencies and unexpected opportunities, as well as bridging larger financing solutions.
A business term funding is a lump sum of capital that you pay back with regular repayments at a fixed interest rate—this type of traditional financing is what most people think of when it comes to small business loans.
Equipment financing is a business loan that provides capital for purchasing new or used equipment, such as vehicles, machinery or technology. Equipment loans may fund up to 100% of the value of the equipment you want to purchase. These loans are repaid over time with interest.
As entrepreneurs and businesspeople alike face a more difficult task of raising capital to fund your businesses, it is always a good idea to ask for help.
Never hesitate to count on us if you need loans, we can offer you a wide variety of financial products. If you have any questions or would like more information, call or text us @ 917-243-3113.