The U.S. government’s Paycheck Protection Program (“PPP”) announced the release of a second round of loan funds to assist small businesses in the United States. This additional loan program was signed by President Trump on April 24, 2020 and will now become officially available to the small business community.
The initial round of $350 billion in PPP money was exhausted just 13 days after the Small Business Administration (“SBA”) application process for such loans opened. For those companies that missed out on the opportunity to take advantage of the first round of loans, there are several steps that should be taken in preparation for applying for the latest funds being offered by the U.S. government for small businesses. The bottom line is act quickly: the sooner you apply, the greater your chances of obtaining a loan.
The three main steps that we would recommend for small Japanese owned U.S. subsidiaries intending to apply for newly released PPP loans funds are as follows:
While there's still some uncertainty involved with the PPP loan process, keeping these issues in mind and being prepared can increase your chances of obtaining loan assistance this time around. Visit www.sba.gov for a list of SBA lenders or contact your relationship attorney for more information.
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