The coronavirus pandemic has sent business owners reeling as a result of the economic devastation that shelter-in-place and social distancing orders have caused. Although these medically necessary restrictions have protected millions from infection, they have also left many without the ability to earn revenue. Business owners have looked to the Paycheck Protection Program (PPP) for assistance, but that well ran dry at the very beginning of the pandemic. Now, the program is reopening, giving those same establishments a second chance at funding. If you’re still in need of financial assistance, here’s a quick guide to applying for the PPP loan provided by the 401k Savings Plan provider, Ubiquity.
What to Know About the Paycheck Protection Program Loan
With a PPP loan, business owners can take out an exceptionally large amount of money to cover their business expenses and interrupted revenue streams during the coronavirus pandemic. (Borrowers can take a maximum of $10 million, or whatever amounts to 2.5 times the business’s monthly payroll.)
It is especially attractive to those suffering as a direct result of the coronavirus pandemic, as the funds do not have to be repaid like traditional loans. That is, under the condition that the funds are …