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Do You Qualify for a First Draw PPP Loan? You Might Be Surprised

If you’re a small business owner, sole proprietor, or an independent contractor, you , or PPP loan. The purpose of this https://americashpaydayloan.com/title-loans-id/ loan is to help keep your business operating, especially if it means being able to keep paying your employees (yes, yourself too!). Many people don’t realize they might qualify for these loans, particularly immigrants to the United States.

At Remitly, we know that a fair number of our customers are business owners or independent contractors. Immigrant-owned businesses help keep the economy afloat. According to New American Economy, a bipartisan research and immigration advocacy organization, 3.2 million immigrants in the United States ran their own businesses in 2019.

The PPP loans are designed to help during the COVID pandemic, similar to the stimulus check program; these loans, however, work a little differently. While they must be paid back, in many cases the loan proceeds can be forgiven-as long as you can prove the money went to qualified expenses. Even if you’re not sure if you’re eligible, it’s a good idea to find out.

Let’s take a look at exactly what the First Draw PPP loan is, how to know if you qualify, and your next steps.

What is the Paycheck Protection Program?

The Paycheck Protection Program is meant to help small businesses and those who are considered self-employed to ensure that their employees are still on the payroll.

The loan itself has a 1% interest rate but can be forgiven if the business meets all criteria, including using the funds for eligible expenses and meeting employee retention requirements.

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