Insurance Agent Ppp Loan
If an agent applied for or received an eidl loan related to covid 19 before april 3 2020 and used the loan proceeds to cover payroll costs the agent will be able to refinance the eidl into a ppp loan for purposes of loan forgiveness.
Insurance agent ppp loan. Insurance agents are eligible for forgivable loans. The coronavirus aid relief and economic security cares act recently signed into law contains an important provision known as the paycheck protection program ppp designed to provide relief to small businesses affected by the coronavirus pandemic. There should be no fees paid by a business owner to file or access an ppp or other sba loan. Unless your approved agent is one of your employees who is already on your payroll you will not have to pay your agent nor should any sba ppp loan facilitator or agent request any sort of compensation or fee from you.
The sba prohibits loan guarantees to businesses primarily engaged in lending investments or to an otherwise eligible business engaged in financing or factoring if there s any confusion as to what that includes the sba lists 7 specific ineligible business types under this definition in the.
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