The Paycheck Protection Program "PPP" re-opened today allowing business owners to apply for 1% interest rate, fully forgivable financing up to $2 million, equal to 2.5x - 3.5x their average monthly payroll. Eligible businesses are able to apply for a 1st or 2nd PPP loan.
The SBA has announced it will make the first six (6) payments (up to $9,000 per month) for new SBA 7(a) and 504 loans taken before 9/20/2021 (these are not PPP loans). Businesses must be able to document consistent revenue over the last 12 to 24+ months to apply for an SBA 7(a) or 504 loan.
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