7 Tips for Securing Your PPP Loan

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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
1. Act Quickly
2. Get Your Finances Together Before Applying
Reduced Revenue
Payroll Costs
Self-Employment Revenue
3. Know You Can Apply for a Second Draw
4. Find Out if You’re Eligible (Things Have Changed)
Are engaged in political activities or lobbying activities Are organized under the laws of the People’s Republic of China or the Special Administrative Region of Hong Kong, or with other specified ties to the People’s Republic of China or the Special Administrative Region of Hong Kong Are required to submit a registration statement under section 2 of the Foreign Agents Registration Act of 1938 Have received a business grant for shuttered venue operators under section 324 of the Economic Aid Act Are owned, controlled, or held (at least 20%) by the President, Vice President, head of an Executive department, or a Member of Congress, or the spouse of such a person Are publicly traded
5. Consider Looking Beyond Your Bank
6. Be Aware of Forgiveness Rules
7. Know the Tax Impact
SOLC21009
About the Author
Su Guillory is a freelance business writer and expat coach. She’s written several business books and has been published on sites including Forbes, AllBusiness, and SoFi. She writes about business and personal credit, financial strategies, loans, and credit cards.
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