5. How to Apply for the PPP -- get ready for April 3

Roasters start your engines!

U.S. Treasury has announced that the Paycheck Protection Program (PPP) will go live on Friday, Apr. 3. Now every small business support agency and bank which is an SBA lender has their deadline. They must be ready to serve you on April 3.

Here are basic steps you should do between now and Friday:
1. Contact the bank where you do most of your business, ask to speak to someone in the business loans department (an average teller may not know the answers), and ask the following questions:

• Are you an SBA certified lender?
• Are you participating in the Paycheck Protection Program - new SBA lending authorized by the CARES Act?
• Is there someone who can help me understand what are the requirements to qualify, and the benefits for my business? (BTW - we at Artisan Coffee Imports can help you with these questions, too, to a certain extent. It may be wise to feel like you have a basic understanding before calling the bank.)
• If I want to apply for PPP, what are the steps with your bank? (Most banks are opening an on-line portal where you will submit the application form and supporting documents.)

2. Download the application form and fill it out. It's pretty short - more like a cover sheet only.

3. Gather the supporting documents which are listed on side 2 of the form. Items 3 and 4 under "Certifications" give you a good idea of what type of documents you'll need to provide to your banker. Your banker will be the one to specify exactly what is required. The items may include:

• Number of full-time employees on payroll at the time the loan is issued.
• Dollar amount of payroll costs at the time the loan is issued.
• Mortgage interest payments.
• Rent payments.
• Utilities

Contact us to ask questions using the comment field below or the contact page of our website!

OR join our webinar "Loan Application Assistance for Roasters" on Th., Apr. 2, 11 am EST, or Tue, Apr. 7, 11am EST. Contact us to register (CLICK HERE).