As a part of the federal response to the unprecedented economic disruptions caused by COVID-19, Congress approved, and the Small Business Administration has launched, The Paycheck Protection Program and Economic Injury Disaster Loan Program to help businesses continue to operate in a time of depressed economic activity.
While the program has generated a great deal of excitement it has also generated plenty of questions. NAED recently hosted a question and answer session with peers who are already involved in the application process (view the video below). NAED also offers the lender’s perspective to help you understand what’s driving banks’ response to the crush of applications they are receiving now. The q&a was hosted by NAED’s Sr. VP of Government Affairs, Ed Orlet, and will feature Jen Vacha, CPA with Brown Smith Wallace, and John Cain, President of Wiseway Supply.
The discussion included topics such as:
- What is the PPP application process like?
- Are the documentation requirements tough to manage or fairly straightforward?
- Can I apply with my existing banker?
- How long before I actually receive funds?
- What kind of fees and charges should I expect when applying?
- What are common mistakes people are making on applications and how can we avoid them?
- What are bankers looking for when making these lending decisions?
Tagged with Covid-19