The Paycheck Protection Program (PPP) is a new loan from the Small Business Administration (SBA) intended to help businesses meet payroll costs. The loan can be forgiven and converted effectively into a grant for qualified expenses. We’ve collected questions from around the web and on Facebook and provided answers to the most frequently asked questions…
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Paycheck Protection Program Loans: The Ultimate Guide
Small business owners can borrow up to $10 million to pay for payroll, rent, mortgage interest, and utilities under the newly available Paycheck Protection Program (PPP) loan. The loan is available from any Small Business Administration (SBA)-approved lender as well as through online loan brokers. Loan proceeds used for eligible expenses will be forgiven for…
What the COVID-19 Stimulus Package Means for Small Businesses
The United States Congress has passed several measures in response to the COVID-19 pandemic designed to help small businesses, including tax rebates, tax-filing extensions, business loans, emergency relief, and modified tax treatment. Perhaps the most significant benefit, the Paycheck Protection Program (PPP) loan, which can convert into a grant for small business owners that use…
Amazon Lending & Alternative Funding Options for Your Business
Amazon Lending is an invitation-only short-term business loan that helps Amazon sellers fund inventory purchases, but it’s not available to everyone. For those who do not have access to Amazon Lending, there are other options. We reviewed Amazon Lending and the top alternatives to help fund your business inventory and working capital needs. Amazon Lending…
SBA Loans: What Is an SBA Loan?
When a small business owner needs financing, the first option to come to mind is usually a loan through the Small Business Administration (SBA). While many people are familiar with the term “SBA loan,” they often aren’t clear on what these loans are, or even how to get them. We’ve provided a general overview of…
SBA 8(a) Certification Requirements
SBA 8(a) certification requirements are primarily focused on the owner or owners of the business, their social and economic status, and net worth. While your business must be operating profitably, there are no debt-service-coverage or credit score requirements. When it comes to qualifying for the Small Business Administration 8(a) program, the certification requirements are, in…
What Is an SBA 8(a) Certification?
The Small Business Administration (SBA) offers qualifying small businesses the opportunity to apply for SBA 8(a) certification. This certification allows small businesses to contract with the federal government more easily for sole-source contracts to supply goods and services. While the SBA is most often referenced with regard to SBA loans, the agency provides other forms…
How to Complete the SBA 8(a) Application
Socially or economically disadvantaged small business owners may be interested in applying for SBA 8(a) certification, which allows exclusive access to sole-source federal government contracts. This is not a Small Business Administration (SBA) loan, but rather an opportunity for small businesses to compete for federal government contracts. As with any federal program, there is an…
Current SBA Loan Rates May 2020
The affordability of Small Business Administration (SBA) loan rates attracts many businesses that may not otherwise be able to obtain affordable financing. Whether you are considering an SBA 7(a) loan, Express loan, microloan, or Community Development Company (CDC)/504 loan, the SBA loan rates you receive will likely be more affordable than most other financing options….
How to Apply for a Paycheck Protection Program Loan
Applying for a Paycheck Protection Program (PPP) loan is less daunting than applying for a traditional Small Business Administration (SBA) loan. Most lenders offer an online application process that allows you to upload your supporting documents simultaneously with the application. Fit Small Business examined the Paycheck Protection Program loan application process at numerous lenders and…
SBA Form 413: What You Need to Fill Out the SBA Personal Financial Statement
SBA Form 413 is a personal financial statement form used to apply for Small Business Administration (SBA) 7(a) and SBA 504 loans. Your lender will incorporate the personal financial information you report into its analysis of your company’s creditworthiness and repayment ability. To complete SBA Form 413 quickly and easily, have your financial paperwork organized…
SBA Loans: Types, Rates & Requirements
The Small Business Administration (SBA) guarantees business loans issued by approved lenders. SBA loans, though difficult to qualify for, carry low interest rates up to 11% with terms up to 25 years. The six types of SBA loans are 7(a) loans, community development corporation (CDC)/504 loans, CAPLines, export loans, microloans, and disaster loans. Types of…