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Online loans and merchant cash advance offers will come for business owners as banks tighten credit access, but there are big risks with these funding options.
Online loans and merchant cash advance offers will come for business owners as banks tighten credit access, but there are big risks with these funding options.
Online loans and merchant cash advance offers will come for business owners as banks tighten credit access, but there are big risks with these funding options.
Online loans and merchant cash advance offers will come for business owners as banks tighten credit access, but there are big risks with these funding options.
KXLY January 15, 2021 6:05 AM Robin Saks Frankel - Forbes Advisor Posted: Updated: January 17, 2021 3:56 AM Paycheck Protection Program funds will reopen to all PPP lenders next week, and with this latest round comes yet another version of guidance aimed at providing clarity to a program that has proven anything but clear for small business owners. There are some notable changes to the program first approved by Congress last spring to help struggling small businesses stay afloat during the coronavirus pandemic. For example, businesses now can seek a second loan. But, as we’ve seen before, some aspects of the program remain unclear when it comes to eligibility and forgiveness. Still, program changes may make the process easier. Here are six things to know.
Relief Deal Would Give Small Businesses a Shot at a Second Loan msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
But the biggest change would reopen the program to some businesses that had already received help. When the Paycheck Protection Program expired in August, about $138 billion had not been spent. Many business owners who had received money said they would gladly take another loan, but the program’s rules prevented them from getting a second helping. The new relief bill offers a second cash infusion for those who meet stricter terms: Borrowers with fewer than 300 employees that had a 25 percent drop in sales from a year earlier in at least one quarter could qualify for an additional loan of up to $2 million.