With the opening bell for the SBA CARES program sounding tomorrow, business owners will be scrambling to get their applications filed. if you will be in that number, it’s critical for you to have all the documentation ready to avoid delays in processing in your loan.
And let me tell you: It can be confusing. There is certainly no shortage of information in emails and on the internet about what’s involved. What I haven’t seen is a simple checklist that details what will be required to apply. So to help organize this process, I came up with one.
Get the CARES document tracker
This tracker may not be a complete list of everything your SBA lender will require. What I can tell you is if have all of these documents ready, it will put you ahead of the majority of business owners who will be applying. An overview of the Paycheck Protection Plan, two other informative documents and a loan calculator can be accessed through the links below.
Paycheck Protection Plan Overview
Paycheck Protection Plan Application
Paycheck Protection Plan Borrower Fact Sheet
Paycheck Protection Plan Loan Calculator
Again, the loan application process begins tomorrow, April 3, 2020.
I hope this helps reduce the potential confusion and frustration of this process. Best of luck.
Managing Director, Investment Banking
BEACON Business Group, Inc.