{"id":1069,"date":"2021-04-02T18:06:32","date_gmt":"2021-04-02T23:06:32","guid":{"rendered":"http:\/\/agcus.net\/?p=1069"},"modified":"2026-02-04T19:15:38","modified_gmt":"2026-02-05T01:15:38","slug":"3-tips-to-landing-a-ppp-loan-that-works-for-your-business","status":"publish","type":"post","link":"http:\/\/streamapse.com\/TAR\/?p=1069","title":{"rendered":"3 Tips To Landing A PPP Loan That Works For Your Business"},"content":{"rendered":"

(BPT) – COVID-19 has sparked unprecedented impact across industries and has changed the way almost every business operates. And while many of these businesses have probably sought funding in the past \u2014 whether business loans for expansion, venture capital to launch or otherwise \u2014<\/em> the concept of a Paycheck Protection Program (PPP) that so many businesses raced to apply for, and have since relied on \u2014 just to survive \u2014 <\/em>is a first.<\/p>\n

But in a matter of months the term \u201cPPP\u201d has not only become familiar to most, search data indicates the acronym has officially outpaced \u201cSBA\u201d (Small Business Administration), also known as the government agency that manages PPP.<\/p>\n

In 2020, the SBA worked with private lenders to distribute a historic nine million loans worth $750 billion.<\/a> And this week, they\u2019ve opened the initial phase of a new $284 billion round of funding, which is intended to prioritize underserved borrowers who meet certain qualifications<\/a> prior to opening up the PPP to all applicants next week.<\/p>\n

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These loans are providing a critical lifeline to businesses impacted by COVID-19 and are intended to help keep workers employed and safe, while also keeping businesses afloat. However, each round of funding is finite, making the process of obtaining a loan potentially competitive.<\/p>\n

\u201cFor many of the 30+ million small businesses across the U.S., the ability to source and secure PPP funding will determine whether or not their organizations will continue to exist,\u201d explains Anthony Noto, CEO at SoFi<\/a>, a one-stop-shop digital personal finance company. \u201cAnd while many assume their options are limited to the local bank they\u2019ve always used, traditional banks are certainly not their only option. In many cases, they\u2019re not the best option either \u2014 especially when it comes to PPP. Product comparison sites like Lantern<\/a> by SoFi<\/a> are free of cost to the borrower and offer added value by equipping business owners with the insights they need to make an informed decision, enabling choice and competition in the marketplace.\u201d<\/p>\n

If your business is in need of a PPP loan, remember that evaluating a few options is a smart way to make an important decision. After all, choice isn\u2019t a \u201cluxury\u201d reserved for some organizations; it\u2019s a best practice for any business. And as you pursue next steps, consider these tips to help ensure you\u2019re well-positioned to have your loan approved, and to assist in choosing the lender that makes the most sense for you and your business:<\/p>\n

Lean on lender networks to enable choice and competition <\/strong><\/p>\n

There\u2019s no need to fill out multiple applications; instead, opt for one standard form to save time and help protect you and your privacy. An objective product comparison site can do the legwork of researching possible lenders and recommend options that have the capacity to provide you with timely support based on your circumstances. Look for sites that offer transparency, foster trust in the form of real lender reviews and explain the rationale for the selection you\u2019re presented with.<\/p>\n

Have your paperwork ready <\/strong><\/p>\n

Although the SBA provides a standardized form that\u2019s intended to help streamline the application process, many banks will still incorporate their own processes. Expect to provide the following:<\/p>\n