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President Joe Biden visiting the W. S. Jenks & Son hardware store in Washington, D.C., which received a PPP loan (). In order to be eligible for the Paycheck Protection Program, an applicant must be a small business, sole proprietor, independent contractor, self-employed person, 501(c)(3) nonprofit organization, [a] [b] [c] [14] 501(c)(19) veterans organization, [15] [16] or a tribal business.
The CARES Act created the $349-billion Paycheck Protection Program, which provided low-interest loans to small businesses that were forgivable if they maintained their employees and payroll. The $349 billion was fully allocated within 13 days. During those 13 days, 1.6 million loans were approved by nearly 5,000 banks and other lenders. [3]
Lendio compiled a list of the seven loan requirements business owners need to know before filing a loan application.
Those owners often seek out loans to support their companies. As they start the LLC loan shopping process, business owners can also start gathering the documentation they’ll need to apply for loans.
Small business financing (also referred to as startup financing - especially when referring to an investment in a startup company - or franchise financing) refers to the means by which an aspiring or current business owner obtains money to start a new small business, purchase an existing small business or bring money into an existing small business to finance current or future business activity.
Getting a startup business loan is often easier if you launch your business before you apply for funding. Showing lenders your business has an operating history is a big help when seeking financing.
For any sole proprietor applying for a loan, before starting the loan procedure, it is essential that their personal and business credit history is in order and up-to-date. A personal credit report should be obtained from a credit bureau; for example, Trans-Union, Equifax or Experian. This action should be initiated by a business owner well ...
The standard option, a 7(a) loan, is a term loan that can be used to cover many business-related expenses. 504 loans . A 504 loan is the most similar to an equipment loan.
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