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Paypal ppp loan first draw1/8/2024 The PPP extension will provide an additional $325 billion in low-interest small business loans, that will still be administered by SBA approved lenders. How much money is available in the second round of PPP loans? Read on for more information regarding the extension and how to apply. While there’s still a great amount of uncertainty involved with the PPP, keeping these things in mind can help you when applying or reapplying this time around. This can help ensure that you provided all necessary documents and that you have direct insight into the status of your loan. Chat with a real person: Much of the application process is automated, but it’s important to connect with a person from your lending institution.If you’re a smaller business and able to work with a small bank, credit union, or fintech lender, you may have a better chance. Avoid larger banking institutions: There were reports that bigger banks prioritized PPP funding for larger customers.Prepare your application and documentation ahead of time: You want to be sure you can apply as soon as the funds are available.Here are some key tips from those that received funding during the first round to help improve your chances of getting approved. This means, even though it is not guaranteed, you likely have a better shot of having your application approved this time around. Rather than allowing larger banking institutions to initiate funding procedures, the applications are only being made available through community lenders and SBA partnered fintech organizations. Now, the extension is being rolled out far more carefully to prioritize actual small business owners. The original $350 billion was claimed in just 13 days and that was when lenders were navigating a new application process and businesses were still unraveling what was necessary to apply. The unfortunate reality with the Paycheck Protection Program is that it is a highly sought after source of forgivable funding with a limited supply. What to expect from the second round of PPP loans For those that missed out on applying for the first round or got stuck somewhere in the middle of the approval process, here’s what you can expect from the extension. The Paycheck Protection Program (PPP) has been renewed with a second round of relief funds for small business owners. What the New Round of PPP Loans Means for Your Business Posted JanuBy Kody Wirth
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