Firms all over the world have been impacted by the COVID-19 situation, with small businesses being the most vulnerable to permanently closing their doors as a result. According to the Chamber of Commerce, one out of every four small firms in the United States is at risk of going out of business within two months as a result of the pandemic. Fortunately, the Small Business Administration (SBA) of the United States has moved quickly to assist small firms in staying afloat. As part of their Coronavirus reaction, the Small Business Administration (SBA) has launched four separate loan programs, two of which we will explore today: the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan. Continue reading to find out how to apply for the Paycheck Protection Program.
CARES Act, the United States government has set aside $350 billion in loans for small- and medium-sized firms with fewer than 500 employees to cover payroll and other required costs. The loans must be used by February 15, 2020, and the businesses must be in operation before that date.
What is the Paycheck Protection Program?
When it comes to small businesses, their workforce is the heart and soul of the organization, so the prospect of having to lay people off as a result of financial difficulties is a difficult pill to swallow. This brings us to the Paycheck Protection Program (PPP), an SBA loan that is intended to assist businesses in keeping their employees on the payroll and avoiding firings or layoffs.
While this money is a loan that must be repaid, the Small Business Administration (SBA) will “forgive loans if all employees are retained on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities,” according to their website.
The Public-Private Partnership (PPP) program was relaunched in January 2021 to include new loan opportunities as well as increased funds for businesses that are currently receiving PPP loans. The new PPP will be open for business until March 31, 2021.
How to complete the Paycheck Protection Program application online
Business owners will need to fill out the Paycheck Protection Program Form and then submit their application through an appropriate lender. However, keep in mind that time is of the essence when completing this form. The Paycheck Protection Program (PPP) helps small businesses in the United States who are struggling to stay afloat. It is critical to submitting your Paycheck Protection Program (PPP) application as soon as feasible.
What is the Economic Injury Disaster Loan?
Through this program, small businesses that have suffered a temporary loss of revenue as a result of COVID-19 may be eligible for a cash infusion of up to $10,000. (amounts vary based on the number of employees and other factors). It is not necessary to repay this loan advance regardless of whether or not your loan application is granted, making EIDL a viable alternative if you require funds urgently and do not require a larger loan amount.
You can apply for both PPP and EIDL at the same time, but not for the same reason in each case. If you have already applied for an EIDL loan to cover payroll fees, you must use your PPP loan to pay off the EIDL loan that you have taken out.
Using SignEasy, how do I fill out the Paycheck Protection Program application form online?
Using electronic signatures, you can turn over documents more quickly than ever before while also ensuring that you are delivering complete and accurate data. Whenever time is of the essence, electronic signatures are your best friend – particularly if you don’t have access to your office area, where your printer and scanner are most likely to be found.
It is quite simple to fill out the Paycheck Protection Program form online using SignEasy if you are thinking about how to fill out the form online.
SignEasy accounts can be created in a matter of seconds.
SignEasy app/web users can directly access the Paycheck Protection Program application form from within their SignEasy account.
To sign the PPP, click on the blue “Sign the PPP” button.
You should select “Sign Yourself” because you will be the only person who will be signing the paper (the option “Request Signature” is only when additional parties must sign the document).
Upload the PDF form to your computer.
Fill in the blanks with the required information, such as your initials, signature, and date. You will be able to personalize the appearance of your initials and signature, or you may upload your image to use.
Then, at the upper right corner, click “Finish,” and your signed PDF will be downloaded, which you can then send to a lender who has been approved by the loan program by clicking on the “Finish” button.
Watch this video to learn how to fill out the Paycheck Protection Program form online on the web.
How to fill out the Paycheck Protection Program application form online or on a mobile device: Take a look at it in action.
Is the use of electronic signatures legally enforceable?
Yes, without a doubt! You will have no difficulty submitting an SBA loan application with an electronically signed document. The Small Business Administration has been recognizing digital signatures as wet ink substitutes since 2015.
The design Act and UETA in the United States, eIDAS in the European Union, and GDPR data security requirements are all followed by SignEasy, which complies with every major eSignature legislation worldwide. We’ve put together a helpful blog post that contains additional information on the legality of eSignatures around the world.
Here are some additional useful resources:
Download the PPP application form from the Small Business Administration’s website.