Answering the big questions around the Payment Protection Program
Buildertrend’s legal expert, Nick Knihnisky, is joining Tom and Paul on today’s special-release episode of “The Building Code” to answer questions about the Payment Protection Program (PPP).
Check out the full episode to hear about the latest updates to the PPP, what these updates mean for you and your business, and looking forward, what you can expect from the program.
WHAT IS THE PAYMENT PROTECTION PROGRAM?
The PPP is a loan program that allows the Small Business Administration to administer loans, through private lenders, to businesses with fewer than 500 employees. PPP loans are designed to help small businesses maintain employee payroll while dealing with the challenges caused by the pandemic and are forgivable if certain requirements are met.
WHAT DO I NEED TO KNOW?
- There was a second round of resources released in the amount of $320 billion
- The second round may be close to exhaustion, so get out there and apply as soon as possible
- If you have a relationship with a small community bank, start there
- The time between loan application and loan disbursement is only about eight to ten days
- You can still receive a loan if you have another line of credit elsewhere
- If you already have a loan, focus on what you need to be doing to get it forgiven. Don’t forget to document!
- Your bank will be able to seek reimbursement from the government around week seven of the eight-week loan
WE’RE HERE TO HELP
If you’ve got questions, we’re sure you’re not the only one. Don’t hesitate to reach out if you have questions about the PPP or the Buildertrend platform. We’ll do our best to help in any way we can!
LINKS AND MORE
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