Category: Business Credit

Many businesses are wondering if their business will survive the coronavirus slowdown or will have to shut down. Either way, they may be wondering about whether they should file bankruptcy, or be forced to do so.  “I am doing more and more phone consults with small business owners struggling with credit cards and unsecured loans they are on the hook for personally,” says Michael Bovee, founder of the Consumer Recovery Network. “These days, during our COVID-19 reality, many of these… Read More

One of the things we’ve learned through the implementation of the Paycheck Protection Program (PPP), is that your credit profile still matters in the midst of a crisis like that caused by the coronavirus. With that in mind, what can you start doing now, and post-pandemic, to build your business credit in the wake of COVID-19? Regardless of whether you are applying for an SBA loan or any other type of small business financing, a strong business credit profile is… Read More

If your PPP loan application was denied because of credit issues, you weren’t alone. We’ve spoken to a number of business owners who had their application declined because their credit score was too low. Because the SBA didn’t provide a minimum credit score requirement for the PPP, it surprised some borrowers that their credit profile mattered when applying for a PPP loan. Based upon guidelines from the SBA, it kind of surprised us too, but not completely. As Part of… Read More

There is reason to be optimistic about another appropriation to fuel both the Paycheck Protection Plan (PPP) loan program as well as the Economic Injury Disaster Loan (EIDL) program as Senate leaders and the White House worked over the weekend. It’s looking like somewhere close to $300 billion will be further allocated for the PPP along with another $70 billion for the EIDL. If the sentiment from both Senate and White House spokespeople expressed overnight and this morning is right,… Read More

As millions of small business owners are applying for low-interest loans associated with the Paycheck Protection Plan, I can’t help but think of all the small business owners I personally spoke with over Facebook last weekend as the PPP got off to a rather bumpy start as lenders tried to absorb the new regulations associated with the SBA’s disaster relief loans. With that in mind, it seemed like a good time to share 4 things that automatically disqualify you for… Read More

Business owners around the U.S. may have just had their identities compromised by the SBA site designed to help them. If you had trouble accessing the SBA.gov site the past few days to apply for disaster assistance loans, you’re not alone. The application portal was showing a maintenance message for most of the day as thousands of business owners around the country rushed to apply for much-needed COVID aid. According to reports out of D.C., the SBA was alerted to… Read More