As small businesses around the US scrambled during the past weeks to apply for the SBA Paycheck Protection Program, many businesses, including VFX Technologies, wondered if their funding would be approved and if there were ways to better their chances of getting the loan.
So what is the SBA PPP Funding?
In a nutshell, the SBA Paycheck Protection Program, or SBA PPP, is a program that provides loans to small businesses to help them keep their employees on payroll. SBA will forgive this loan if all employees are kept on payroll for 8 weeks and the money is used for payroll, rent, mortgage interest, or utilities.
To help us gain some clarity, our good friend at A La Carte Solutions, Shirley Wiliani, shared some great tips via a Zoom meeting with Sarote Tabcum at VFX Technologies. They discussed ways to improve your approval chances for the PPP loan and how the forgiveness aspect of the loan works.
Apart from watching the video discussion, we recommend you check with your local SBA or banking representative for more details as guidelines continue to change.
Please feel free to send any comments or concerns our way!
Charles - VFX Technologies