The holiday season is here, and U.S. Congress has until midnight, December 18th, 2020 to hammer out a deal to garner additional economic aid for struggling small businesses. As death tolls from COVID-19 near 300,000, citizens are anxious over their physical health and their road to economic recovery. But whether D.C. arrives at consensus on the 18th or via stop-gap measures in the weeks ahead, here’s how Loan Mantra can help you prepare for another potential wave of PPP funding and a brighter 2021.
Will your holidays include debt relief?…
Here are responses to the most common questions Loan Mantra is hearing about the next round of PPP funding:
Am I eligible to participate in the next round of PPP loans?
The specifics about the final stimulus bill and the application are to be determined. What we do know is LoanMantra is committed to providing PPP lending for its clients and will continue to guide you through next steps.
Once a stimulus bill is finalized and issued to SBA for guidance and oversight, Loan Mantra will communicate how to best submit a PPP application. Like the first round of PPP funding, our clients will likely be able to easily and seamlessly apply using our app and portal. (As a note: The SBA has indicated the second wave application will likely look similar to the first).
When and where can I submit my PPP application?
As there is still not an approved stimulus bill, no guidance has been given for where and when to submit an application. We will alert you as soon as the process begins and the best way to go about applying for PPP funding. Again, Loan Mantra is committed to making this as simple as possible like we did with the first wave of loans.
What should I expect from the PPP application this time around?
Loan Mantra is doing everything in its power to help borrowers during this uncertain time. We had a 100% success rate with our borrowers during the first round of PPP funding and believe offering you a calm, competent process is important to economic recovery. Prepare for the days ahead by ensuring your business profile is up-to-date on the Loan Mantra portal. Submit any outstanding, quarterly financials and, should you have any questions, you will receive a timely response from our team within 24-48 hours. Prepare today, so once the PPP application is made available, you will be ready to submit your materials and receive immediate relief.
What happens next:
The next few days and weeks are critical. We recognize you may have questions regarding debt relief. Rest assured we will continue to guide you through the storm and offer you information as we have it. Loan Mantra is staying apprised of everything that is happening in D.C. and preparing to serve you in a potential second wave of PPP funding. Our goal is to keep you doing what you do best: serving your communities.