Beginning April 3, 2020, your small business can apply for a PPP loan funded as part of the coronavirus CARES Act. The great thing about these loans, is that they are low cost and some or all of it can be forgiven.
The rush to get this program up is understandably confusing and chaotic. If you wish to get your small business application into the program here are some suggestions.
Small Business Administration (SBA) is administering. Not the Treasury Department or other government agency. So the SBA and your bank are the best places to get first hand information on the program. While banks have information, they are swamped... so check with SBA first! Here is a link: PPP loan information
Example: For a number of days there were two versions of an application form; one from Treasury and one from the SBA. Though similar, banks will need to follow SBA guidelines!
SBA banks are on the front line. This is where YOU go to get an application filed for loan approval into the program. So work with a bank that is good at this process. Start with your business banker and go from there.
The risk to your bank could be high! The SBA loan guarantee is critical for your bank. If they mess up, the guarantee goes away, and they are on the line for the loss. So the risk is high for your bank and the reward is low. Do not forget this. Give them exactly what they need!
High demand, means low availability. The SBA loan processing system is not developed to handle the volume they are receiving. This includes banks handling SBA transactions. So be patient and for goodness sake DO NOT become the bottleneck. Turn their requests around as quickly and as accurately as possible.
And remember to ask for help. You want to do this right the first time, even with change rules and constantly evolving requirements.
Last updated: 04/13/2020
This Site and the Mostad Cloud Services content are intended for customers of Mostad Cloud Services. You may not use this Site or any of the content for any purpose not related to your business with Mostad Cloud Services. You are specifically prohibited from: (a) downloading, copying, or re-transmitting any or all of the Site or the content without, or in violation of, a written license or agreement with Mostad Cloud Services; (b) using any data mining, robots or similar data gathering or extraction methods; (c) manipulating or otherwise displaying the Site or the content by using navigational technology, framing, or similar technology; and (d) using the Site or the content other than for its intended purpose. Such unauthorized use may also violate applicable laws including but without limitation to copyright and trademark laws, the laws of privacy and publicity, and applicable communications regulations and statutes.
You represent and warrant that you will comply with all applicable laws and regulations, including, without limitation, those relating to the Internet, data, e-mail, privacy, and the transmission of technical data exported from the United States or the country in which you reside.
You acknowledge and agree that all content and information on the Site is protected by proprietary rights and laws.
You agree not to modify, copy, distribute, transmit, display, perform, reproduce, publish, license, transfer, create derivate work from, sell or re-sell any content or information obtained from or through the Site.
The Site may contain links to other websites maintained by third-parties. These links are provided solely as a convenience and does not imply endorsement of, or association with, the party by your accountant, your tax professional, or Mostad Cloud Services or its affiliates
Mostad Cloud Services reserves the right to change or modify any of the terms and conditions contained in this Agreement at any time. You acknowledge and agree that it is your responsibility to review the Site and these Terms of Service from time to time. Your continued use of the Site after such modifications to this Agreement will constitute acknowledgment of the modified Terms of Service and agreement to abide and be bound by the modified Terms of Service.
Mostad Cloud Services shall have the right to immediately terminate or suspend, at its discretion, your access to all or part of the Site with or without notice for any reason.
You expressly agree that use of the Site is at your sole risk and discretion. The Site and all content and other information contained on the Site is provided on an "AS IS" and "AS AVAILABLE" basis without warranty of any kind, whether express or implied. Mostad Cloud Services makes no warranty that (I) the Site and content or information will be uninterrupted, timely, secure or error-free, (II) the results that may be obtained from use of this Site will be effective, accurate or reliable. The Site may include technical mistakes, inaccuracies or typographical errors. Mostad Cloud Services reserves the right to change the Site content and information at any time without notice.
In no event shall Mostad Cloud Services or its affiliates be liable for any indirect, incidental, special, punitive damages or consequential damages of any kind, or any damages whatsoever arising out of or related to your use of the Site, the content and other information obtained therein.
Certain jurisdictions prohibit the exclusion or limitation of liability for consequential or incidental damages, thus the above limitations may not apply to you.
At Mostad Cloud Services, we respect the intellectual property rights of others and expect our users to do the same. Our Terms prohibit users from violating someone else’s intellectual property rights, including copyright and trademark.
If you believe content that belongs to you is being used through our Services or Websites without your permission, we want to know about it. You can send notice of the alleged infringement to our designated agent:
If you do send us a notice, please note that we may forward your notice, including your contact information, to the user who posted or used the content that you are complaining about. If you're not sure whether content on one of our Websites or sent through our Service infringes your intellectual rights, then you may want to speak with legal counsel in your area before notifying us.
Finally, before sending us a notice you may want to reach out to the person or organization who posted or used the content you believe infringes your rights. You may be able to resolve the issue directly with that person or organization without contacting Mostad Cloud Services.
When reporting a claim of copyright infringement, please ensure your notice includes the following:
When reporting a claim of trademark infringement, please ensure your notice includes the following:
This agreement was last updated on April 20, 2020.
You can contact Mostad Cloud Services with any questions at
9655 Penn Ave S
Minneapolis, MN 55431
Call us at 800.888.5803