The Positives and Negatives of PPP Loans for Businesses in Chicago, IL

by | Dec 8, 2020 | Banking & Loans

Anyone who owns a business probably knows about the CARES act. This legislative effort provides some much needed relief to companies struggling in the current business climate. Yet, although many business owners are aware that help is available, not all are availing themselves of the assistance. This can be due to a number of different reasons. Yet, if you find yourself needing help with your payroll, you need to get help with an SBA PPP Loan 60007. Learn about the pros and cons of this type of loan.

A Look at the Positives

There are many benefits to applying for an SBA PPP loan 60007. For one, these loans can be forgiven. However, you need to adhere to the strict requirements in order to take advantage of this. PPP loans also do not require a personal guarantee or collateral. This makes them available to a wide variety of business owners. Furthermore, PPP loans have good interest rates. In addition, there are options to defer the payback of the loan. Finally, the PPP program is geared towards small businesses. This means it helps those business owners who need it most.

Some of the Negatives

There are a couple of reasons you may not want to pursue a PPP loan. For example, the application process is fairly rigorous. Yet, there are organizations that can handle this for you and help your chances of approval. Furthermore, PPP loans only cover approximately eight weeks of business expenses. This may not be enough to get certain companies out of the hole. In any case, it is still worth the effort to try to obtain a PPP loan.

In Summary

When it comes down to it, there are more reasons to apply for a PPP loan than to not. The best advice is to speak to a financial services provider to learn more. An SBA PPP loan 60007 could be the lifeline you need.

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