For many, the PPP loan program was too good to be true.
Offering a forgivable loan as long as it was spent on payroll, many small to mid-sized businesses saw their applications go in limbo while a lot of major franchises got their funds approved. It was a frustrating process that left a lot of power in the hands of banks, which Congress hopes to improve with new versions of the legislation coming up.
While there are still funds available, navigating the path to them isn’t always easy; and if you’ve been denied or felt it wasn’t worth the trouble, we’re here to help. Below we’ve put together a breakdown of what you should do if you didn’t qualify for a PPP loan, as well as how we can help. Here’s our breakdown:
Find a quality lender.
From our personal experience with PPP loans, having a quality lender is an absolute must. Banks like Wells Fargo and Bank of America, while ubiquitous, aren’t always looking out for the small business PPP loans as much as they are larger customers. With the volume of applications they’ve had, it can be difficult to even get through to their team. However, that’s why going after a community bank or credit union is a wise decision.
If you’d like some help finding a quality lender for your PPP solutions, don’t be afraid to reach out to our team. As we’ve helped countless freelancers and small businesses navigate their application into the hands of someone who will review it, we’d be happy to help.
Determine how your application could be improved.
Applying for anything involving government aid can be a confusing process. While at first glance the application is pretty straightforward (and for the most part, that’s correct), there are certain ways you should map out the money’s needs to fully translate why you need the PPP loan. The more efficiently you can present your case in the application, the higher chance of approval. Have an expert take a glance at your last application, as well as what can be improved if you’re going to apply again.