{"id":1567,"date":"2020-07-20T17:47:11","date_gmt":"2020-07-20T22:47:11","guid":{"rendered":"https:\/\/www.northone.com\/blog\/?p=1567"},"modified":"2024-07-04T13:25:36","modified_gmt":"2024-07-04T18:25:36","slug":"how-to-get-a-ppp-loan","status":"publish","type":"post","link":"https:\/\/www.northone.com\/blog\/community\/how-to-get-a-ppp-loan","title":{"rendered":"Business Owner Hack: How to get a PPP loan"},"content":{"rendered":"\n<p class=\"has-text-align-left has-very-dark-gray-color has-very-light-gray-background-color has-text-color has-background\"><strong>Notice<\/strong>: The Paycheck Protection Program (PPP)&nbsp;<strong>ended on May 31, 2021<\/strong>. Existing borrowers may be eligible for PPP loan forgiveness.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>If you\u2019re an American small business owner, chances are you\u2019re aware of the SBA Paycheck Protection Program. Even if you missed the heavy coverage by the mainstream media, you\u2019ve probably seen some heated discussions on social platforms or discussed it with fellow business owners online or in person. However, information about the SBA PPP has been confusing and hard to keep up with. In this article,<strong> we want to break down some of the most frequently asked questions and give you everything you need to know to successfully apply for a loan. <\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_Paycheck_Protection_Program\"><\/span><strong>What is the Paycheck Protection Program?&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Paycheck Protection Program, also known as PPP, was launched in March as the centerpiece to the federal government\u2019s CARES Act. The purpose of the PPP is to provide financial assistance to businesses that have been negatively impacted by the Coronavirus pandemic in the form of a 100% forgivable loan. So far, $800-billion has been allocated to the program. <br><\/p>\n\n\n\n<p class=\"has-very-dark-gray-color has-very-light-gray-background-color has-text-color has-background\"><meta charset=\"utf-8\"><strong>Notice<\/strong>: The Paycheck Protection Program (PPP)&nbsp;<strong>ended on May 31, 2021<\/strong>. Existing borrowers may be eligible for PPP loan forgiveness.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Whats_the_easiest_way_to_get_a_Paycheck_Protection_Program_loan\"><\/span><strong>What\u2019s the easiest way to get a Paycheck Protection Program loan?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Applying for the SBA PPP loan on the official government website is a long and tedious process that includes filling out a lot of paperwork.&nbsp;<\/p>\n\n\n\n<p><meta charset=\"utf-8\"><strong>Notice<\/strong>: The Paycheck Protection Program (PPP)&nbsp;<strong>ended on May 31, 2021<\/strong>. Existing borrowers may be eligible for PPP loan forgiveness.<br><br>If you&#8217;re still interested in opening a business bank account apply below<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<span class='mb-center maxbutton-3-center'><span class='maxbutton-3-container mb-container'><a class=\"maxbutton-3 maxbutton maxbutton-apply-for-an-account\" title=\"Apply for a North One Account in less than 3 minutes.\" href=\"https:\/\/join.northone.com\/\"><span class='mb-text'>Apply for an Account<\/span><\/a><\/span><\/span>\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_is_eligible_for_the_Paycheck_Protection_Program\"><\/span><strong>Who is eligible for the Paycheck Protection Program?&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"has-very-light-gray-background-color has-background\"><meta charset=\"utf-8\"><strong>Notice<\/strong>: The Paycheck Protection Program (PPP)&nbsp;<strong>ended on May 31, 2021<\/strong>. Existing borrowers may be eligible for PPP loan forgiveness.<\/p>\n\n\n\n<p>This includes:&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.northone.com\/blog\/start-a-business\/what-is-an-s-corp\">S Corporations&nbsp;<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.northone.com\/blog\/start-a-business\/what-is-a-c-corp\">C Corporations&nbsp;<\/a><\/li>\n\n\n\n<li>LLCs<\/li>\n\n\n\n<li>Private nonprofits<\/li>\n\n\n\n<li>Independent contractors&nbsp;<\/li>\n\n\n\n<li><a href=\"https:\/\/www.northone.com\/blog\/business-banking\/sole-proprietorship-advantages\">Sole proprietors<\/a>&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>You will need to prove that your business existed before February 15th of this year.&nbsp;<br><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Is_a_Paycheck_Protection_Program_loan_really_100_forgivable\"><\/span><strong>Is a Paycheck Protection Program loan really 100% forgivable?<\/strong>&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A lot of business owners have expressed concern about applying for the Paycheck Protection Program for fear they may end up in more debt then they started with. But as long as you follow the SBA guidelines for using the PPP loan, it is 100% forgivable. The main thing to remember if you want your PPP loan forgiven is that at least 75% of the funds should go towards payroll expenses. This includes benefits like sick leave, parental leave, and vacation pay.&nbsp;<br><\/p>\n\n\n\n<p>To receive forgiveness for the PPP loan you will also have to prove you maintained your staff headcount. Remember that the purpose of this loan is to prevent mass unemployment. If you receive a PPP loan but then lay off your staff, it defeats the purpose of the loan. We understand that times are tough but cutting payroll should be a last resort if you want your loan forgiven.&nbsp;<\/p>\n\n\n\n<p>To make sure our customers have all the information they need, we\u2019ve put together<a href=\"https:\/\/www.northone.com\/blog\/financial-management\/sba-ppp-loan-forgiveness\"> this resource that outlines the guidelines you should follow if you want forgiveness for your PPP loan.&nbsp;<\/a><br><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Is_it_hard_to_get_a_Paycheck_Protection_Program_loan\"><\/span><strong>Is it hard to get a Paycheck Protection Program loan?&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"has-background\" style=\"background-color:#e8e8e8\"><meta charset=\"utf-8\"><strong>Notice: <\/strong>The Paycheck Protection Program (PPP)&nbsp;ended on May 31, 2021. Existing borrowers may be eligible for PPP loan forgiveness.<br><br>For more information surrounding this, check out the <a href=\"https:\/\/www.sba.gov\/funding-programs\/loans\/covid-19-relief-options\/paycheck-protection-program\" target=\"_blank\" rel=\"noreferrer noopener\">SBA&#8217;s update<\/a> on this topic.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"I_was_rejected_by_another_bank_can_I_still_apply_for_the_Paycheck_Protection_Program\"><\/span><strong>I was rejected by another bank, can I still apply for the Paycheck Protection Program?&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>We\u2019ve heard from a lot of business owners who were told by their banks that they could not apply for the loan despite fitting the prerequisites outlined by the SBA. After the first round of funding, some big banks were accused of prioritizing bigger, more profitable businesses when distributing PPP loans. <\/p>\n\n\n\n<p>This explains why businesses like Shake Shack and Ruth\u2019s Steakhouse ended up with multimillion-dollar loans while so many small businesses missed out.<br><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_long_will_it_take_to_get_the_Paycheck_Protection_Program_funds\"><\/span><strong>How long will it take to get the Paycheck Protection Program funds?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The SBA has never had to process this many loan applications and as a result, we are seeing some people having their applications approved in a matter of hours while others are taking weeks. In some cases, the SBA might ask you to provide some more information about your identity or business which can further slow down the process. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_long_do_I_have_to_apply_for_the_PPP_loan\"><\/span><strong>How long do I have to apply for the PPP loan?&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"has-very-dark-gray-color has-very-light-gray-background-color has-text-color has-background\"><meta charset=\"utf-8\"><strong>Notice: <\/strong>The Paycheck Protection Program (PPP)&nbsp;ended on May 31, 2021. Existing borrowers may be eligible for PPP loan forgiveness. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>If you&#8217;re still looking for a business bank account check out North One<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Notice: The Paycheck Protection Program (PPP)&nbsp;ended on May 31, 2021. Existing borrowers may be eligible for PPP loan forgiveness. If you\u2019re an American small business owner, chances are you\u2019re aware&#8230;<\/p>\n","protected":false},"author":1,"featured_media":1568,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[128],"tags":[142,208,119,117,143,209,167,192,169],"class_list":["post-1567","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-community","tag-budgeting","tag-community","tag-financial-health","tag-financial-management","tag-financing","tag-loan","tag-ppp","tag-ppp-loan-forgiveness","tag-sba"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Business Owner Hack: How to get a PPP loan | NorthOne<\/title>\n<meta name=\"description\" content=\"NorthOne has made it quick and easy to apply for the PPP. We break down some FAQs and give you everything you need to know to successfully apply for a loan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.northone.com\/blog\/community\/how-to-get-a-ppp-loan\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Business Owner Hack: How to get a PPP loan | NorthOne\" \/>\n<meta property=\"og:description\" content=\"NorthOne has made it quick and easy to apply for the PPP. 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