Can I get another PPP loan if I got funding in the first round?
April 23, 2020
In this 3-minute read:
- Can I get more than one Paycheck Protection Program loan?
- Additional emergency funding resources during COVID-19
- Can I submit more than one PPP loan application?
Many businesses have received their funds for the first round of PPP loans that went out. While some businesses may do just fine with this one source of emergency funding, others are still finding it a struggle to keep up with expenses.
What are some other options for emergency business funding during the COVID-19 pandemic and can you apply for more than one PPP loan to help your business make it through?
Womply is acting as a facilitator to connect American small businesses to SBA-authorized lenders to get emergency loans for COVID-19 relief. Start your free application here, or call us at 855-208-8813 for a free consultation.
Can I get more than one PPP loan for my business?
You can only apply for one PPP loan per business entity that you own. If you have a business with multiple locations and each location has its own Tax ID or EIN, then you could apply for a loan for each entity.
But for a single business under one EIN, you may only apply for one PPP loan. There is already so much demand for PPP loans that funds are quickly running out, so we urge you to apply now if you haven’t already.
If you have received your PPP loan or you are still waiting to receive it, there are other sources of emergency funding that you can apply for.
Additional resources for emergency business funding
The SBA has always offered emergency funding to small businesses in times of need, and the Paycheck Protection Program is not their only option.
The SBA has four different COVID-19 relief funding options for small businesses, one of which is the PPP loans. The other three include the following:
- Emergency Injury Disaster Loan (EIDL) advance of up to $10,000 to help businesses that are experiencing temporary setbacks. The EIDL program includes both an “advance” or “grant” (which is the $10,000 mentioned above) and loans for greater amounts. If you are approved for the loan “advance” then you don’t have to repay that money, or any interest on it, even if your SBA disaster loan is eventually rejected.
- SBA Express Bridge Loans allows businesses that already have relationships with SBA Express Lenders to quickly access up to $25,000
- SBA Debt Relief provides financial reprieve to businesses during the pandemic
Another option that can help you receive additional emergency funds quickly is Stimulus 2020. This program was created to support American businesses during times of economic struggle. Local businesses can receive $1,000 of interest-free, no-fee relief funding in around 24 hours, with flexible repayment terms, when you work with Stimulus2020.com.
Can / should I submit another PPP loan application if I haven’t heard anything from my bank?
Millions of small businesses have submitted PPP loan applications, but many have not yet actually received their funds from the program or heard back about whether or not they have been approved.
If you have not heard anything about the processing of your application and PPP loan, we urge you to first check with your lender before submitting another application.
It is possible to submit another application for a PPP loan with a different lender to potentially receive your funds quicker, however if you have completed and submitted a PPP loan application already, we recommend strongly against completing and submitting a second application.
Some lenders are more responsive than others, so we understand the desire to work through someone else if you haven’t heard anything back about your loan yet. This may be particularly true if your lender is a large national bank that has had a lot of demand where PPP loans are concerned.
If you decide you are going to submit another application through a different lender, it is extremely important to get confirmation that your initial application is cancelled so you don’t face any legal penalties.
Who can help me apply for a Paycheck Protection Program loan?
If you are looking to submit a PPP loan application, Womply can help. We are working with SBA 7(a) approved lenders that can help you get your application processed in a timely manner.
To start your free application, click here or reach out to us today at 855-208-8813 for a free consultation.
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