The Paycheck Protection Program, otherwise known as the PPP was signed into law on March 27, 2020. This was part of a larger bill that was passed to help businesses and individuals recover from the economic fallout from the Coronavirus. From the moment information started circulating about this potential bill Erik started looking into it. He wanted to be one of the first in line to apply if and when it got signed into law. He started calling his local bank and asking about it. At the time it seemed we knew more about the loan program than they did as the details around the loan kept changing.
Erik and Katya spent the next several days doing more research and preparing all of the paperwork that might be needed to apply. Approximately two and a half weeks after the bill passed we applied through our bank. We had the funds within a week. So, it took three weeks from the time the bill was passed until we received the loan.
Like so many other things in business time was of the essence. We jumped on this opportunity the minute we learned about it. Many other businesses did too and have benefited from it. Unfortunately, those who waited are now being told that the funds have run out. The big lesson learned here is to be prepared. Get your things in order so when an opportunity presents itself you are ready for it.