Time For PPP Loans Is Almost Up

With the March 31 deadline fast approaching, many lenders have stopped accepting new loan applications, but there is still time for your business to apply with Wallace Capital Funding.

 

Additional Funding for Sole Proprietors and Independent Contractors

The PPP Loan program reopened in January with $284 billion in funding, with some priority for sole proprietors and independent contractors. With all of the recent changes, many small business owners and small proprietors are unsure of their ability to secure a forgiven loan.

In 2018, more than 27 million people filed a return with an IRS 1040 Schedule C form for sole proprietors, according to the IRS. Many of these businesses have been particularly hard hit by the coronavirus pandemic. About 70% of such firms with no employees are owned by women and people of color, and 95% of Black-owned and 91% of Latino-owned firms are sole proprietorships, according to SBA data. 

 

The first round of PPP loans was largely focused on providing funds for small businesses with 2 or more employees. Sole proprietors and independent contractors were left unable to apply for a forgivable loan with the SBA.  However, the Biden Administration announced a slew of changes to the program.

 

 An adjusted loan formula was added that would mean larger amounts for sole proprietors as well as expanded eligibility for small business owners with certain criminal records, were delinquent on student loan debt or were non-citizens.

 

In addition, a priority application window was announced for businesses with fewer than 20 employees from Feb. 24 through March 9, assuring money would reach those that had difficulty accessing the program, including women and minority-led businesses.

 

Confusing Changes

Over the last year, the PPP loan rules have changed several times, leaving many small business owners unsure of what those changes would mean for their businesses.

 

The timing of that priority window was misaligned with the other changes, which didn’t go into effect until the first week of March, just weeks before the program’s deadline at the end of this month. As of this writing, the priority window has elapsed, but there are still funds available.

 

Help for small businesses

 

With all the changes, many business owners are left feeling unsure of their next steps. Dominick Wallace has over 20 years of experience in helping small business owners find financial success. He has been guiding business owners through the SBA loan process for years, and that expertise is vital to those seeking guidance during the application and forgiveness process.

 

Even though you’re self-employed or have no employees, you may still be eligible for an Economic Injury Disaster Loan from the SBA. If you’re in the arts industry, you may be qualified for a Shuttered Venue Operators Grant, although you can’t participate in this program and the PPP program.

 

As of this writing, almost half of the available PPP funds from December’s stimulus have yet to be spent. So there’s money available. But you need to hurry. 

 

PPP Loan Referral Program with Wallace Capital Funding

 

Picture of money with text

That’s where Wallace Capital Funding LLC comes in.  We partnered with arguably the largest solely focused PPP Loan servicing company in the country to secure your client’s loan, but that’s not all! We have developed a Brand New Referral Program  for those of you that working in the industry including:

 

  • Accountants and CPA’s
  • Tax Preparers
  • Business Consultants
  • Financial Consultants
  • Loan Brokers

 

“We can pay referral fees, unlike banks,” says Wallace.  “We have teamed up with a veteran servicer who funded half a billion PPP loans in the first round,” says Wallace. They have over $4.7 billion in PPP loan purchases to-date. 

 

Partnering with Wallace Capital Funding LLC for your PPP loan helps to support small and minority-owned businesses. Plus it can help make your clients happy, and who doesn’t want that?

More about our referral program:

 

This system allows you to create Tier 1 and Tier 2 referral partnerships.  This means you can allow individuals under you to refer to  PPP Loans, while easily tracking their submissions. “Soon we will have access for accountants to process their client’s application in the portal,” Wallace says.

 

Watch Dominick’s latest video:

 

 

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