3 things you should know about the Paycheck Protection Program

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Whether you’re a sole proprietor or a small business owner, you might be looking into getting an SBA loan through the Paycheck Protection Program.

However, you might be having issues hearing back from a PPP lender, or wonder how Unemployment Insurance or Pandemic Unemployment Assistance affects your eligibility for a loan. Here are three answers to three common questions we’ve seen in our Mutual Aid Google Group:

You can apply for a loan through multiple lenders at once.

According to Bench, you can simultaneously apply for the same PPP loan through a few different lenders — you can even hear back from your bank and still apply somewhere else, just to be safe. You just have to make sure you only get the actual loan through one lender, unless you have multiple businesses with different tax IDs.

Smaller or less traditional lenders might be more helpful than your bank.

Users in the Mutual Aid Circle have cited success with lenders such as Fundera, Lendio, and Blue Vine. Part of the reason is that smaller lenders have more experience working with small or local businesses in the first place. That being said, you should still apply

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