Update on the Paycheck Protection Program

Note: The Paycheck Protection Program shut to new candidates on August 8, 2020. This page will be refreshed if and when the government passes enactment to restart the program or make extra independent company money related help.

Check Protection Program Loans: Everything You Need to Know

The Paycheck Protection Program (otherwise called PPP) is a program that was as of late revealed by the Small Business Administration to help flexibly subsidizing to private companies, charities, sole owners, and business substances influenced by the novel Covid.

This program gives 100% governmentally ensured advances to assist organizations with their finance and other working costs. All business credit installments are conceded for 10 months, and the SBA will excuse the advance continues that are utilized to cover the procedure 24 weeks of finance costs, lease, utilities, and home loan intrigue. (Note that these terms have been refreshed to mirror the PPP...

Across the country, business owners who attempt to get a small business loan with bad credit are discovering that, rather than extending a warm and hearty handshake, their bank is giving them the cold shoulder. 

Why is this? It’s because banks don’t want to take any risk, and they view business owners with bad credit as personified “Red Flags”. As such, they won’t even consider offering a small business loan. They’re much more interested in focusing on their large and enterprise customers, and earning transaction and serve fees.

On the other hand, here at Shield Advisory Group, we understand that business owners are often forced into making regrettable financial decisions. For example:

• A major customer may have declared bankruptcy, leaving behind tens or hundreds of thousands of dollars in unpaid invoices that, frankly, aren’t worth the paper they’re printed on.
• A thriving market may have suddenly been gutted due to...

One of the most shocking things that small and mid-sized business owners discover – as with talk with them on a daily basis – is that the bank business loan application process is excessively long. We’re talking several months here, not weeks.

What’s behind the massive delay? It’s that banks frankly don’t want to give business loans to small and mid-sized business owners. They want to focus on larger businesses with deep pockets, and of course, boosting commercial and residential mortgages, selling mutual funds and other investments, and promoting their beloved HELOCs. 

Of course, banks don’t want to come out and tell small and mid-sized business owners to take a hike. It’s not good public relations. And so they’ve made their business loan application process excessively, and in many cases prohibitively long. At the same time, they’ve dramatically hiked their business loan requirement criteria, and the due...