The Ins And Outs Of Small Business Loans
FORT WORTH (CBSDFW.COM) - The U.S. Senate has appropriated additional $310 billion to the Paycheck Protection Program.
The House is expected to vote on Thursday.
So what are these loans?
The loans and grants fall under the two main program.
These are the Economic Injury Disaster Loan or EIDL and the Paycheck Protection Program.
Things you should know about the loans
The PPP provided funds to a wide variety of industries in all sectors of the economy, including construction, manufacturing, food and hospitality services, health care, agriculture, and retail, among many others.
This demonstrates the broad diversity of PPP and its support for American workers across the board.
· Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
· SBA is processing EIDL applications as quickly as possible. SBA will provide those whose applications are approved, with loans that will cover the business's short-term working capital needs.
What should you do now that funds are exhausted?
Continue to keep in contact with your lender. Make sure they have the documents they need to complete your PPP loan should additional funding become available.
Now is the time to take advantage of SBA's other business resources such as our SBDCs, SCORE, Women's Business Centers to begin the process of developing a 30/60/90 day strategic plan.
