6 PPP Loan Tips for Minority and Women Owners of Businesses | Activity area
For first and second draw loans, you will need to prove your total labor costs, which include employer-paid insurance and pension benefits, for the calendar year 2019, 2020 or 12 months prior to the loan. Perform the numbers for each scenario. You don’t want to leave money on the table by under-calculating your payroll.
4. Leverage your business network
Tap your banker, your lawyer, your payroll company, your accountant – anyone who knows you and your business. These connections can help you prepare your loan application, gather the required documents, and resolve any issues that arise.
5. Ask for help
Don’t hesitate to ask for help if you encounter any obstacles. Find a Small Business Development Center in your area or contact an organization like SCORE, a nonprofit that mentors business owners. Many organizations offer free online training sessions for business owners.
“[With] webinars and seminars, there are no borders, ”says Janie Barrera, CEO of LiftFund, a community development finance institution. This means that business owners can get help from virtually anywhere. “The rules are the same whether you are in Texas or Washington State. Look for webinars that will walk you through the app.