{"id":5038,"date":"2021-05-06T15:52:57","date_gmt":"2021-05-06T19:52:57","guid":{"rendered":"https:\/\/yemeniamerican.com\/en\/?p=5038"},"modified":"2021-05-06T15:52:57","modified_gmt":"2021-05-06T19:52:57","slug":"detroit-business-leaders-dont-wait-to-submit-ppp-application","status":"publish","type":"post","link":"https:\/\/yemeniamerican.com\/en\/detroit-business-leaders-dont-wait-to-submit-ppp-application\/","title":{"rendered":"Detroit Business Leaders: \u2018Don\u2019t Wait to Submit PPP Application\u2019"},"content":{"rendered":"<p>By Simon Albaugh \u2013 Yemeni American News<\/p>\n<p>Detroit, Mich. \u2013 In the final weeks of the Paycheck Protection Program, Detroit\u2019s Small Business Leaders encourage business owners to hurry in applying for a Paycheck Protection Program Loan.<\/p>\n<p>This morning, a presentation hosted by the City of Detroit, and various small businesses that were impacted by the COVID-19 shutdowns, hammered the point that there isn\u2019t much time left to apply for the Paycheck Protection Program.<\/p>\n<p>The Paycheck Protection Program offers two and a half months\u2019 worth of payroll expenses to any small business. In order to be granted the loan, you\u2019ll need to show that you lost at least 25% of your business\u2019 revenue as a result of COVID-19 shutdowns. From there, you\u2019ll be given two and a half months\u2019 worth of payroll for your employees.<\/p>\n<p>&nbsp;<\/p>\n<p><iframe loading=\"lazy\" title=\"Real Talk about PPP: Owner to Owner\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/IVkB3kRaNK8?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p>&nbsp;<\/p>\n<p>\u201cYour amount that you\u2019re approved is usually based off of two and a half times your monthly payroll. So if you show that you paid yourself $100, they\u2019ll say \u2018okay you paid $100 a month, you can multiply that by two and a half.\u2019 And that\u2019s what your PPP loan can be. You have 24 weeks after they grant you this money to spend it.\u201d<\/p>\n<p>The loan is forgivable, so long as it\u2019s spent keeping up payroll expenses over the 24 weeks after the loan is granted. Even if a business is unable to spend the whole sum of the loan, the loan itself has a 1% interest rate.<\/p>\n<p>Ping Ho, owner of three different restaurants and bars around the Detroit area, says that the process of forgiving the loan was fairly easy.<\/p>\n<p>\u201cThe forgiveness was very seamless,\u201d Ho said. \u201cI was actually very surprised how seamless it was, especially for small PPP grants\u2026 the forgiveness piece was actually the simplest. All they really asked for was proof of seven payments that we made to payroll.\u201d<\/p>\n<p>Business owners who were part of the City of Detroit\u2019s presentation talked about some of the legal intricacies of the program. Some of the most pressing questions that small business leaders had involved immigration and legal statuses and how they impact someone\u2019s chances of being awarded a loan.<\/p>\n<p>\u201cThe first round, you couldn\u2019t have a felony conviction, and now you can as long as it\u2019s not fraud related,\u201d said Karla Walker Miller, owner of Walker Miller Energy. \u201cYou can have delinquencies on your student loans as well. And if you\u2019re a non-citizen business owner, but you\u2019re a lawful US Resident, you can still get PPP. Those are all things I\u2019ve heard about why people weren\u2019t applying. But they are not barriers.\u201d<\/p>\n<p>The deadline to apply is approaching fast, with many in the Detroit small business community saying that the money is quickly dwindling. For people finding it difficult to apply through the traditional methods, there are still opportunities to apply for the Paycheck Protection Program.<\/p>\n<p>\u201cFor those of us who are listening, there aren\u2019t a lot of traditional routes to actually apply at this point,\u201d said Danielle North, of the Detroit Women\u2019s Leadership Network. \u201cAnd so I applied through the opportunity fund.\u201d<\/p>\n<p>Even though some people recognize May 17 as the deadline, one business leader recommends ignoring it and just beginning the process immediately.<\/p>\n<p>\u201cThe reason we\u2019re here is last week, there was $20 billion left of PPP,\u201d said Walker Miller. \u201cThe last time I checked, I think there was $8 billion left. So number one, the money is going fast. Some banks have already closed their applications\u2026 So we\u2019re saying if you\u2019re going to do it, you have to do it now.\u201d<\/p>\n<p>Many in Detroit\u2019s small business community are encouraging anyone to apply for the Paycheck Protection Program. Regardless of citizenship status or legal status, many small business owners may find that they\u2019ll be granted a cushion. As Walker Miller says, there won\u2019t be another opportunity like this one.<\/p>\n<p>\u201cI really, really want to make it clear to people who are holding out for a grant \u2013 this is actually better than a grant.\u201d<\/p>\n<p>&nbsp;<\/p>\n<p>Other resources for the grant can be found at <span style=\"color: #3366ff\"><a style=\"color: #3366ff\" href=\"http:\/\/mbaresponse.org\/ppp\">mbaresponse.org\/ppp<\/a><\/span> and <span style=\"color: #3366ff\"><a style=\"color: #3366ff\" href=\"http:\/\/oppfund.org\/\">oppfund.org<\/a><\/span><\/p>\n<div class='clear '><\/div><\/div>","protected":false},"excerpt":{"rendered":"By Simon Albaugh \u2013 Yemeni American News Detroit, Mich. \u2013 In the final weeks of the Paycheck Protection Program, Detroit\u2019s Small Business Leaders encourage business owners to hurry in applying for a Paycheck Protection Program Loan. This morning, a presentation hosted by the City of Detroit, and various small businesses that were impacted by the [&hellip;]","protected":false},"author":7,"featured_media":5039,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3,5],"tags":[],"class_list":["post-5038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-community-news","category-local","category-story"],"_links":{"self":[{"href":"https:\/\/yemeniamerican.com\/en\/wp-json\/wp\/v2\/posts\/5038","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/yemeniamerican.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/yemeniamerican.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/yemeniamerican.com\/en\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/yemeniamerican.com\/en\/wp-json\/wp\/v2\/comments?post=5038"}],"version-history":[{"count":2,"href":"https:\/\/yemeniamerican.com\/en\/wp-json\/wp\/v2\/posts\/5038\/revisions"}],"predecessor-version":[{"id":5041,"href":"https:\/\/yemeniamerican.com\/en\/wp-json\/wp\/v2\/posts\/5038\/revisions\/5041"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/yemeniamerican.com\/en\/wp-json\/wp\/v2\/media\/5039"}],"wp:attachment":[{"href":"https:\/\/yemeniamerican.com\/en\/wp-json\/wp\/v2\/media?parent=5038"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/yemeniamerican.com\/en\/wp-json\/wp\/v2\/categories?post=5038"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/yemeniamerican.com\/en\/wp-json\/wp\/v2\/tags?post=5038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}