Payroll Protection Loan Blues? Be Ready for the Next Round with This Free Tool

If you’ve tried to submit a Paycheck Protection Loan (PPL) application over the last week, it’s likely that you’ve noticed how broken the system is. Especially because you’re having to find a lender who is accepting loan applications and deal with SBA red tape.

A lucky few have been able to move fast and gained access to their slice of the nearly $350 billion allocated to this program. Now, with this initial money almost depleted, experts are expecting another round of funding.

The second time around, be better prepared by creating your loan application now and starting a conversation with lenders to jump on the opportunity when it presents itself.

A day ago, Sajad Ghanizada from the Goal Financial team reached out to me to provide a free tool that can help you with this process: a live spreadsheet that tracks which banks are lending PPP loans.

This spreadsheet tracks the FDIC’s top 100 SBA lenders (plus more). Use it to find a bank that will work with you to get your PPP loan application.

If you need help completing the application (calculating average payroll, knowing what forms to have on hand, etc.) Goal Financial will soon release a free new tool to guide you through the process. You’ll walk away with a fully completed application ready for any lender. Stay tuned, I’ll update this post when the link for this is available.

© SMB Group 2020

 

Source: Laurie McCabe’s Blog

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