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Thread: PPP Loans Through the Forum

  1. #11
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    wait, does it cost more to go through your link rather than through lendio directly?

  2. #12
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    Quote Originally Posted by Jimmym View Post
    wait, does it cost more to go through your link rather than through lendio directly?
    No, it doesn't cost anything at all to apply for a PPP loan.

  3. #13

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    Can you apply for this one if you arleady got the first one?

  4. #14
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    Quote Originally Posted by sarah919 View Post
    Can you apply for this one if you arleady got the first one?
    Yes, I posted a link earlier in the thread to the SBA guide

    Who may qualify
    A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

    • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses
    • Has no more than 300 employees; and
    • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020

  5. #15

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    I'm sorry I have another question. Do you have to apply through the same place as you applied the first time? Or can you do it through a different place this time.

  6. #16

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    Quote Originally Posted by sarah919 View Post
    I'm sorry I have another question. Do you have to apply through the same place as you applied the first time? Or can you do it through a different place this time.
    Hi Sarah, it does not have to be through the same place. It might make it easier to do it through the same place though unless you had a bad experience the first time around.

  7. #17
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    Quote Originally Posted by Melanie O View Post
    Hi Sarah, it does not have to be through the same place. It might make it easier to do it through the same place though unless you had a bad experience the first time around.
    Some banks will not let you apply for this round of PPP funding if you did not use them the first time.

  8. #18

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    Quote Originally Posted by Blue Hen View Post
    Some banks will not let you apply for this round of PPP funding if you did not use them the first time.
    wait are you saying if you skipped the first round and decided you want to do this round, you can't unless you did the first one too?

  9. #19
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    Not that you can't, but that some banks have decided they don't want to. It depends on the bank, but it's definitely something that I've heard come up. So if you skipped the last round and decided to do this one and your bank says no, that's a situation where trying an online lending platform is probably the best bet.

  10. #20

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    what's the rationale behind them not wanting to do it if they didn't do it before?

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