The loans backed by the federal government have recently made up $150 million for Planned Parenthood affiliates, according to the Small Business Administration. If you want to learn more about the topic and discover fast and easy access to safe and cheap business funding, read the lines below.
Paycheck Protection Program Loan & Alternative Business Funding
The Paycheck Protection Program (PPP) aims to help small business owners overcome the challenges caused by COVID-19 and keep their employees. The loan program offered less stringent restrictions on eligibility to help small businesses and nonprofit organizations in a critical situation meet payroll during the crisis.
The SBA reports that loans of $65 – $150 million have been given to at least 43 Planned Parenthood affiliates. The Yeezy limited liability company, the owner of which is Kanye West, is among the recipients of Paycheck Protection Program loans.
The SBA has tracked $521 billion in funds provided as loans. According to the senior administration officials, the funds have helped around 50 million Americans avoid losing their jobs. What about your own business?
Do you need access to additional funds? What if you don’t qualify for the mentioned loans? No need to worry. There’re alternative online lenders that offer secure and cheap business funding to merchants in need.
PPP Loan Recipients
The data released referred to the recipients that got at least $150.000. Thus, 86.5% of the borrowers remained unnamed, as the senior administration officials note. The loan amounts were provided in the following way: $150.000 to $350.000; $350.000 to $1 million; $1 million to $2 million; $2 million to $5 million; and $5 million to $10 million.
Why applying for a PPP loan, businesses had to submit information concerning the number of jobs to be saved. According to a Treasury Department spokesman, they were asked to provide this information but this wasn’t an absolute must. When it comes to loan forgiveness, the companies will be asked to submit information on how many employees they have and what those employees are paid.
To sum up, some of the companies that got Paycheck Protection Program funding have recently been revealed. The loan program was designed to help small businesses get out of the COVID-19 crisis and retain jobs.
Author Bio: Michael Hollis is a Detroit native who now lives in Los Angeles. He is an account executive who has helped hundreds of business owners with their business funding solutions. He’s experimented with various occupations: computer programming, dog-training, scientificating… But his favorite job is the one he’s now doing full time — providing business funding for hard working business owners across the country.