Are you waiting for Paycheck Protection Program (PPP) loan approval?The Small Business Administration (SBA)makes these loans up to 100% forgivable when they’re spent for the payroll purposes they were meant for. So, let’s move forward.
How to Qualify for Forgiveness
When launching the PPP, the SBA announced the eligibility criteria for applicants. The government created general guidelines on how business owners could be eligible for forgiveness, and the guidelines are equal for all business sizes, types, and sectors.
The borrowers must spend at least 75% of the fundingon payroll purposes and the rest on utility payments, rent and/or mortgage interest payments.A bill is put forward concerning eliminating payroll percentage limitations. Besides, the authors of the bill believe the spending deadline must last until the end of 2020. The bill isn’t signed off yet.
PPP Loans & Bad Credit Merchant Account
The global economic crisis has created challenging times for business owners all over the world. Thankfully, merchants can apply for both government-backed and alternative funding options for their companies.
Though you might face more challenges when trying to get approved for merchant services, this can’t be an issue if you work with a true merchant processing expert in your field. Thanks to a reputable alternative lender and processor, you can get quick and easy access to the necessary merchant services, including a bad credit merchant account. Make sure you’ve found a merchant services provider that offers the cheapest rates in the industry.
When it comes to the Paycheck Protection Program, merchants can get a direct incentive for small businesses so they can keep their employees on the payroll. Be aware that the elimination of the limitations on these loans is under discussion.
However, the PPP loans have proved to be not the best fit for every small business. That’s where alternative funding providers step in.
As you see, you must spend 75% of the PPP funding on employee payroll to receive forgiveness. You can also benefit from other funding and payment processing options by turning to alternative financing providers and processors that specialize in your field.
Author Bio:Michael Hollis is a Detroit native who now lives in Los Angeles. He is an account executive who has helped hundreds of business owners with their bad credit merchant accountsolutions. He’s experimented with various occupations: computer programming, dog-training, scientificating… But his favorite job is the one he’s now doing full time — providing business funding for hard working business owners across the country.