Fundbox Forward Podcast
PPP Loan Application Success Q&A | Tips for Small Businesses & Contractors
April 29, 2020
Fundbox (in association with Jobox): with Greg Powell and Dan Biewener
A text version of this podcast is available here.
(For translations, open in the Chrome browser.)
The Small Business Administration's Paycheck Protection Program (PPP) aimed to provide qualified small businesses with a low interest (1%) forgivable loan. While PPP applications are no longer being accepted, legislation is pending that could reopen the program.
If you're a small business owner or independent contractor who's suffering from the economic impact of the coronavirus/COVID-19 pandemic, the PPP could help save your company and your employees --- if you knew how to apply and skipped common mistakes that could get you rejected.
In this podcast, produced in association with Jobox, experts from Fundbox provide a current and candid discussion and Q&A about the Paycheck Protection Program, including these key questions:
What are the CARES Act, EIDL, and PPP?
- What is a PPP loan and what makes it different?
- Who is eligible to apply for a PPP loan/grant?
- What can disqualify you from a PPP loan?
Now that the PPP is open again, what's the urgency?
- How can employers and independents apply?
How do you find a lender?
- How can you maximize my chance for approval?
What documents do you need ready to apply?
- How can you avoid triggering a fraud alert?
- What does the $100,000 salary cap mean?
What does loan forgiveness mean?
- Is loan forgiveness automatic, and how much?
- Can you borrow more than you know is forgivable?
- Can you apply for both the PPP loan and an EIDL?
- How much can an independent contractor borrow?
- What can you use the PPP loan funds for?
- Why have some banks refused applications?
- If I was declined, how can I succeed at reapplying?
- What happens if funds are left over the forgiveness period?
- What happens to your EIDL if approved for the PPP?
For more information, visit the Fundbox Blog.
Overview of CARES Act, EIDL and PPP
What makes a PPP loan different?
Who is eligible for a PPP loan?
Is there a US citizenship stipulation?
Are franchisees eligible for a PPP loan?
What can disqualify you from a PPP loan?
What's the urgency to apply?
How do you apply? What's the first step?
How can you maximize your chance of being approved?
What's the $100,000 salary cap?
What is loan forgiveness?
How do independent contractors apply?
Is loan forgiveness automatic?
What if you borrow more than is forgivable?
Can you apply to both a PPP and an EIDL?
How much can independent contractors borrow?
What can a PPP loan be used for?
Why are some banks rejecting good applicants?
Can you reapply if you're rejected?
What if you have loan funds left over?
What happens to your EIDL if approved for the PPP?