How can small businesses obtain Paycheck Protection Program loans? How are 2021 PPP loans different than last year’s round of loans? And perhaps most importantly, what can small businesses do after they obtain funding to ensure PPP loan forgiveness? With a new round of PPP funding available to eligible businesses, many small businesses likely have lots of questions about how the program works.
That's why Brent Cannon, director of community banking, invited John Lewis, business banking manager, and Laura Schaeffer, director of operations and technology, to discuss some of these frequently asked questions. All three are veterans of the first round of Paycheck Protection Program funding that happened in the spring of 2020, and each offers a unique insight into how the program works.
In this episode of Financial Cents, Brent, John and Laura take a look at the key differences between the initial round of funding made available in the spring of 2020 and this year’s round of funding, while delving into what we learned last year and how businesses can apply those lessons today. Along the way, they’ll walk listeners through the process of applying for a loan and explain what happens in between the initial application and receiving funds.
In addition, they’ll discuss some of the expanded provisions of the program which allow small business owners to use some of the funding to purchase personal protective equipment (PPE) and necessary business upgrades that allow employees to continue working safely.
As an SBA preferred lender, National Bank of Arizona has created a streamlined process that makes the application quick and simple. To get started with a PPP loan* application, eligible first- and second-time borrowers can simply go to NBAZ.com/cares to complete their online application in as few as 10 to 15 minutes.
Financial Cents is hosted by Brent Cannon and features insightful conversations with bankers at National Bank of Arizona about real-world financial topics that matter to you. Leveraging decades of banking experience, Financial Cents provides the insights you can only get from a friend in the business.
Subscribe on your favorite podcast platform or view full episodes at nbaz.com/financial-cents.
*PPP loans subject to SBA approval. Restrictions may apply. See banker for details.
Check out more content Financial Cents content by visiting: https://www.nbarizona.com/financial-cents/
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