Stimulus Bill Passed

The new Stimulus Bill has just passed which means in two weeks another round of SBA funding for PPP and EIDL loans will begin. Small Business owners who have been struggling to keep their business afloat will have an opportunity to acquire much-needed cash to help sustain their business operations during these uncertain times. Now let me be the first to say as I have personal experience in helping many small business owners qualify and receive these funds that this is not a quick nor easy process.

Small Business Owners now is the time to ensure your business being in business is addressed. Make sure your address which you use is correct and current. Also, make sure your business bank account is set up and is not overdrawn. The SBA will verify those things and if they aren't correct this will delay or deny your application. Make sure you have the following:

1. Copy of your IRS Transcript
2. Copy of a VOIDED Check
3. Copy of a signed bank letter from your bank with your business bank account information
4. Copy of your Driver License
5. Copy of your tax return(Personal and Business)

I highly recommend you scan all of these items so you can submit these as soon as you are assigned an application number. Do not use your personal bank account as many banks will reject or return your funds which will further delay your loan. The applications will be overwhelming as the SBA is currently working on 16 million prior loan applications already.

The average length from application to funding is 8 to 12 weeks. There are some applications that have been in process for over 5 months due to missing items, banks rejecting the funds, or failure to file 2019 taxes. Make sure you have everything listed above so you can ensure the fastest processing of your file. If you have any further questions please leave a comment and I will reply as soon as possible.