What other loans can I get besides PPP?
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What other loans can I get besides PPP?
7 Best Alternative Financing Options If You’ve Been Denied a PPP Loan
- SBA 7(a) Loan. SBA 7(a) loans are still the king of small business loans.
- SBA Microloan.
- Business Term Loan.
- Business Line of Credit.
- Business Credit Card.
- Invoice Factoring.
- Merchant Cash Advance.
Can owners be included in PPP loan forgiveness?
The employee cash compensation of a C corporation owner-employee, defined as an owner who is also an employee (including when the owner is the only employee), is eligible for loan forgiveness up to the amount of 2.5/12 of his or her 2019 or 2020 employee cash compensation, with cash compensation defined as it is for …
What other small business loans are available?
Types of Small Business Loans
- SBA Loans. SBA loans are small business loans that are guaranteed by the Small Business Administration, including the SBA 7(a), 504, CAPLines, Export, Microloan and Disaster loan programs.
- Term Loans.
- Lines of Credit.
- Invoice Factoring and Financing.
- Merchant Cash Advances.
- Equipment Financing.
What other loans are there besides SBA?
Here are 10 options to consider if you’re looking for non-bank or non-SBA small business funding:
- Term loans.
- Short term loans.
- Business credit cards.
- Business lines of credit.
- Merchant cash advances.
- Equipment or inventory financing.
- Invoice factoring or invoice financing.
- Crowdfunding.
Will there be a PPP Round 3?
A third round of Paycheck Protection Program (PPP) loans was authorized by the passage of H.R. 133: Consolidated Appropriations Act, 2021 into law on Dec. 27, 2020. Business owners can still apply for an EIDL loan but PPP loans are no longer available.
Which lenders are still accepting PPP applications?
America First Credit Union. America First Credit Union is currently accepting applications on its website.
Can small business owners pay themselves with PPP?
When it comes to the PPP, your payroll will be limited to the wages that you are taxed on. If you’ve been running payroll manually yourself or with the help of a CPA, so long as you have been remitting payroll taxes, you can use those salaries in your calculation to apply for the PPP.
Can PPP loan be used to pay owner?
Yes, essentially! You can treat the Owner Compensation Replacement as personal income and use it however you want. With guidance allowing for 2.5 months’ worth of net or gross profit as OCR, that means your entire PPP loan could be used for personal purposes.