Tips for Getting Your Paycheck Protection Loan Quicker
As small business owners, dentists are eligible to apply for the Small Business Administration’s Paycheck Protection Program, which provides funds to strapped small businesses that may not need to be repaid. If you’re feeling the pinch, Fortune Magazine provides a few tips to speed up your cash payment.
First, apply for the loan at more than one bank. You can always cancel the other applications once you’ve been accepted. Second, triple check your calculations on your practice’s average monthly payroll cost to prevent delays. Finally, see if you can speak to a loan officer on the phone to ensure you’re providing all necessary information. Click here to read more.
If you were lucky enough not to apply to Wells Fargo who informed you not to apply to more than one bank, you may have a chance.
It took my payroll people and my CPAs three times to get the correct number especially when I pointed out to thedm that they were only working with one payroll and not an entire monthly payroll. This would seem to be easy but with backing out Federal and Stater taxes on payroll, adding in the medical components it became an exercise of ‘figuring ouit as government program with good intentions’ .
I am still waiting for part b to come through! That was suppose to be done a week ago!