Unless you’ve been steering clear of all pandemic-related news stories — which can actually be a cleansing experience — as a business owner you’re certainly well aware of the Paycheck Protection Program (PPP). Thousands of businesses have taken advantage of PPP round 1 and/or round 2 to receive loans that are nothing short of lifelines — but what about all those businesses that don’t qualify?
Who Qualifies?
Your business will qualify for a PPP loan if it meets the following criteria:
First draw PPP loans
- Your business was operational before February 15, 2020.
- Your business is still open and operational.
- You have no more than 500 employees.
- If your business has multiple locations, you have no more than 500 employees per location.
Second draw PPP loans
- You have used up your first PPP loan.
- Your business was operational before February 15, 2020.
- Your business is still open and operational.
- You have no more than 300 employees.
- If your business has multiple locations, you have no more than 300 employees per location.
- You can show a 25% or greater reduction in gross revenue.
Options For Those Who Don’t
You’re not shut out of receiving monetary help to get through this unprecedented time if your business doesn’t qualify for a PPP loan. For example, the SBA supports grant and loan programs you may be eligible for, such as:
- Economic Injury Disaster Loans — Low-interest loans available to businesses that have up to 500 employees and can show a financial loss due to the pandemic
- SBA 7(a) loans and microloans — A variety of lending programs available to small business owners who are being hit hard by pandemic
- Shuttered Venue Operators Grants — Reserved for theaters, live music venues, talent representatives and some museums, zoos and aquariums that can show a revenue drop of at least 25%
- Other grant programs — Thousands of grants available to qualifying small businesses
What If Your Credit Is Bad?
If you aren’t eligible to receive a PPP loan, and your credit situation restricts you from pursuing SBA loans or grants, you’re still not shut out from receiving potential business-saving funds from an alternative lender. Clear Skies Capital offers bad credit PPP loan alternatives such as working capital loans, lines of credit and more.
We’re here to help. You’re under no obligation, so contact us to discuss your situation and see how much you qualify for. Give us a call at 800-230-9822 or apply now.