Wednesday, May 6, 2020

14. PPP Loans - It's Not Too Late

For any roasting businesses that have pursued, but not received a PPP loan yet, I have some tips from a small business briefing today.

1. As of May 6, $183 billion of the latest $310 billion has been spent. So there should still be some money out there.

2. PayPal comes through! A lot of companies have been successfully switching away from the first place they apply when the first institution isn't able to help them. Today, one story was conveyed of a Michigan business where the owner got started late, just this week, because it was only this week that a customer failed to renew a contract. He started on Monday, May 4, went through three banks where he had relationships, and all 3 said they couldn't help. Then he went through Paypal, and got approved within 24 hours!  Click here for more info on PayPal PPP loans.

3. Another "online bank" that I've heard is helping businesses get PPP loans is NAV. https://www.nav.com/


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