Author: Ann Xia

The SBA has released the new PPP Loan Forgiveness Application Form 3508EZ, which is designed to streamline PPP forgiveness for certain businesses who qualify. While applying for forgiveness may still seem daunting—- even with this simper form—  the EZ form requires fewer calculations and less documentation for eligible borrowers. Who Can Use This Form? The PPP forgiveness EZ form is designed for businesses that meet at least one of the following criteria: Are self-employed and have no employees; OR Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees…

A business plan is a crucial piece of any SBA loan application. It’s what lenders will look at most closely when approving a loan, so it should be organized, well planned and persuasive. SBA's Business Plan Tool provides you with a step-by-step guide to help you get started. All of your information entered into this tool can only be viewed by accessing your account using the password you have specified. Not only can you save your plan as a PDF file, you can also update it at any time, making this a living plan to which you can often refer. You can also use your completed business plan to discuss next steps with a mentor or counselor from an SBA resource partner such as SCORE, a Small Business Development Center…

"Small Business Administration on Monday announced all small businesses could again apply for Economic Injury Disaster Loans — as well as free $10,000 advances regardless of the loan’s approval." The announcement provides another lifeline to body shops suffering reduced business in an America still partially closed over COVID-19. The 3.75 percent, potentially 30-year EIDL loans are deferrable for a year. They can be used for “debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact, and that are not already covered by a Paycheck Protection Program loan,” the SBA wrote in a news release. Applicants also can request an advance of $1,000 per employee up to a combined $10,000. “This advance will not have to be repaid, and small businesses may receive an advance even if they…

A startup business loan is any kind of financing aimed specifically towards startups with little to no business history. There are a variety of new business loans and financing methods available to new business owners: SBA microloans, business credit cards, business grants, friends and family, and crowdfunding. How Do You Apply for Startup Business Loans? The application process for new business loans depends on which method of financing you’re applying to. Here’s a breakdown of what to expect with each type of startup business loan. SBA microloans will typically have the most intensive application process. Many documents will be required and the process as a whole can take at least a few weeks.Business credit cards have a very simple application process, only requiring your federal tax ID or your Social…

An SBA loan is a small business loan that is partially guaranteed by the government (the Small Business Administration), which eliminates some of the risk for the financial institution who is issuing the loan. Of all types of small business funding, Small Business Administration 7(a) loans are one of the best ways to finance your enterprise. They’re guaranteed by the federal agency, which allows lenders to offer them with flexible terms and low interest rates. Getting one can help you grow your business without taking on possibly crippling debt. SBA loans, as the 7(a) loans are also known, are the agency’s most popular type of financing. There’s one big downside, however: It can be tough to get a loan from the SBA. Still, low annual percentage rates make the SBA program…

Unlike other forms of business finance, a merchant cash advance can get you the money you need very quickly. Through United Capital Source, this could be in as little as 24 hours. A merchant cash advance is an option to get cash immediately for your business, in exchange for funds deducted directly from your credit/debit card payments in the future. An MCA is not as difficult to qualify for as other business loans, so business owners with little collateral, history in business, or a low credit score may benefit from this option. The amount of funding your business qualifies for depends on the amount of credit card receivables, or the sales you make to customers who pay using a credit card. So your merchant cash advance amount depends on your day-to-day…

A lot of businesses that do not qualify for bank loans benefit greatly through our operation. Granted, the interest rates are higher compared to bank rates but a business is guaranteed continuity through the cash advance. Other benefits include; No security required – A merchant cash advance does not require anything to be held as security comparable to what banking institutions do. A business, therefore, does not have to undergo the unfortunate situation of losing its shares or assets trying to repay a loan. In addition, there is no issue of the credit score involved. As such, the credit rating remains unaffected and the business can comfortably meet its financial obligations. However - if you do have collateral available we can use it lower your payments and further qualify you…