Can I apply for the ppp or loan

Question

I began buying investment property out of state.  I did my articles of incorporation and got my ein.  I began this business in July 2019.  Can I apply for covid relief ppp or loan?  I was sick and could not work on my house March to May.  What do you all think.

Kimberly Moore · Answer

Jenni and Peter. Thank you so much.  I wish I would have seen your post about PayPal before I submitted.  Oh well.  Thank you  bunches.

Peter Mckernan · Answer

You should be able to try and apply for the PPP loan, with it being this late in the stages of COVID-19 there maybe still some banks giving them out; however, many banks have stopped giving out the loans due to funds from the FED coming to a stop.

It is just something you will have to work hard to get, try PayPal, and Square if you use them. They seem to be quicker (got my PPP Loan from PayPal in about 4 days). My bank still has yet to give me a PPP Loan since I applied two months ago. I have a friend that runs a restaurant that got a PPP loan from Square within 4 days, and there was another investor I work with that owns a escrow company that got a large PPP loan for their escrow company from B of A (the larger banks are giving out money to high net worth clients quicker than other clients I have noticed).

Jenni Ellis · Answer

Several of my investors applied for a PPP loan and was granted the loan on their investment property through their LLC.