Information continues to come from the U.S. Treasury and the U.S. Small Business Administration about much-needed relief for American small businesses. For a refresher on the key loan options available for small businesses, please see LGT’s analysis of the Paycheck Protection Program (PPP) here, the Emergency Economic Injury Disaster Loan (EIDL) program here, and a comparison of the two types of loans here. Applications for EIDLs are already available online for download, and now so is the PPP Application Form! Before diving in to complete the application, however, take a few minutes to get familiar with some key provisions of the PPP application and process below, and don’t forget to download and review the full PPP Information Sheet from the U.S. Treasury.
The Treasury is expecting that millions of American small businesses will be applying for PPP loans, so it is essential to gather the required information, meet with your LGT advisors and payroll processors as necessary to help determine the amount of loan available, and present a complete loan package to your lender.
Contact your LGT advisor today to see how a PPP loan can help. Visit our COVID-19 Financial Updates website frequently for the newest information.
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