How the Paycheck Protection Program Loan Can Support Your Business During COVID-19
By Will Price
As of 4/21, another round of funding has been approved for PPP loans, and you can still complete an application through Lendio to be submitted to the SBA. An application submitted to Lendio does not guarantee you will receive a PPP loan.
The financial impacts of COVID-19 have been felt by many small businesses throughout the world, from reduction in workforce and shuttering doors, to completely revamped methods of doing business in a time of uncertainty.
To support affected businesses, Mindbody has partnered with Lendio to assist our customers even further through the Paycheck Protection Program.
What is the Paycheck Protection Program?
The Paycheck Protection Program provides federally guaranteed loans to small businesses that qualify. Originally added as an SBA loan, these funds are calculated based on payroll, may be forgivable, and are intended to help small businesses retain employees throughout and after the coronavirus (COVID-19) crisis.
If you have 500 or fewer employees whose primary residence is in the United States, you are eligible. You may use these funds for paramount expenses and costs such as payroll and employee commissions or similar compensation, insurance premiums and group healthcare benefits during paid sick, family, or medical leave, mortgage interest payments (but not prepayment or payment of mortgage principal), commercial space rent and utilities, and more.
How to apply for the loan
Applying for this loan is easy, and you only need a few key documents and pieces of information to see if your business qualifies:
- The date you started your business
- Documentation verifying average monthly payroll costs
To see if you qualify for the SBA-Backed Paycheck Protection Program Loan, and benefit from low-interest rates, loan forgiveness, six-month deferred payments, and a two-year loan term, please visit the Paycheck Protection Program Loan page and get started today.
We're all in this together.