How To Apply For PPP Loan 2023? Application Process, Eligibility Criteria 

PPP Loan stands for Paycheck Protection Program Loan which is offered by the United States government. In This Article, We will share the complete information about the Loan, the Application process, Eligibility criteria and customer reviews

What Is PPP Loan 2023?

Paycheck Protection Program is a $953 billion business loan program that was established by the US federal government under the administration of Trump in the year 2020. The PPP program was a part of the CARES (Coronavirus Aid, Relief, and Economic Security) Act, which was intended to help small businesses maintain their payroll. The program was developed to provide some relief to small business owners which was also a forgivable federal guaranteed loan. 

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PPP Loan Requirements 

There are certain requirements that need to be fulfilled to achieve the loan forgiveness program. The program was developed to support small businesses during the times of Covid-19 economically which indirectly helped regular workers working in small businesses. However, it is important for PPP loan seekers to have a glance at the loan forgiveness requirements.

  • A PPP loan seeker must be able to maintain both employees and their compensation.
  • One must not have decreased the total number of employees or the salary or the wages received by them by more than 25% during the loan period.
  • You must cover the loan proceeds on non-payroll costs.
  • Businesses will have to show proof of payments for eight weeks.

Candidates may visit the official website to learn in detail about the loan forgiveness program. Read carefully about the terms and conditions as well as the requirements for the loan program before applying for it. 

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How To Apply For PPP Loan?

Interested loan seekers would have to visit the official website for the initial application process. Now, candidates must keep in mind that there are two types of application forms that can be filled out or used to apply for a PPP loan. There is a Form 2483 which is considered to be the main form that needs to be filled in by most businesses and accordingly, loans will be set for your business. On the other hand, there is Form 2483-C which is a form that is specifically designed for self-employed individuals. This form must be used by those people who wish to apply for a loan program using their gross or net income taken from Schedule C. 

The business form is the main form that most small business owners will wish to fill in. This form will ask you for your business information followed by your loan amount calculation and then applicant ownership. 

PPP Loan List

  • First Draw PPP Loan
  • Second Draw PPP Loan
  • PPP Loan Forgiveness 

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Is PPP Loan Legit?

Even though the program was established under Trump’s administration back in the year 2020 several people have thought that the program was fraud. More than 15% of PPP loans had at least one indication of potential fraud. The intention of the program was to help small businesses get some relief economically due to the lockdown because of the spread of the Coronavirus worldwide. The program ended on May 31, 2021. 

PPP Loan Customer Review 

PPP loans came out as an interesting and attractive loan program but it failed to sustain in the country as there was an indication of the program being fraud. There seems to be dissatisfaction among customers who thought that they could find a solution to their financial problem in their business but nothing such could have happened. 

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