Small Business Loans

Approved: How to Get Your Business Loan Funded Faster, Cheaper & with Less Stress

This straightforward road map guides you through the SBA loan approval process—from business plan preparation to submitting a foolproof application.

Few entrepreneurs are aware of the benefits and opportunities available through the Small Business Administration (SBA), mainly because there are few resources available to guide them through the process. Approved was written to fill that gap by providing a step-by-step guide to SBA loan approval—bypassing the difficulties, delays, and expenses that can complicate the procedure.

After finishing Approved, you will be able to highlight strengths (and mitigate weaknesses) from a lender’s perspective, provide a simple business plan identifying how the business will be profitable for the long term, and accurately prepare a business loan application that can be immediately submitted through underwriting—unlike most business applications.

Applying for a business loan can be difficult, time intensive, and expensive, but it doesn’t have to be. This book was written to provide a straightforward road map to help you obtain approval.

In Part One, traditional business loans are compared to business loans backed by the Small Business Administration (SBA) based on 21 factors. In these first two chapters, you will learn why every entrepreneur should consider an SBA loan.

In Part Two, an overview of the SBA’s flagship programs is discussed, including how to meet the SBA’s eligibility requirements, a low bar if you follow the guidelines in this book.

In Part Three, you will learn how to evaluate yourself, your partners, and your business(es) from a lender’s perspective. With this knowledge, you will be able to highlight particular strengths that lenders want to see and mitigate weaknesses that could cause processing delays and even loan declination.

In Part Four, you will learn how to prepare a summary business plan specifically written to obtain financing. A business plan is necessary for financing to take advantage of growth opportunities, acquisition of third-party businesses, and new businesses. In Part Four, you will learn which parts of the business plan to devote more time to and which other sections only need limited information or may be skipped altogether.

In Part Five, you will learn how to prepare your business loan application correctly. Incomplete/incorrect applications cause major delays in the loan approval process. Practically speaking, complete applications always take priority over the incomplete ones. Incomplete applications are often just set aside regardless of when they were initially submitted. In fact, many lenders will simply decline them due to the time that it takes to educate borrowers on how to properly prepare a complete application.

After finishing this book, you will have the ability to highlight the strengths (and mitigate the weaknesses) of your business from a lender’s perspective, provide a simple business plan identifying how your business will be profitable for the long term, and accurately prepare a business loan application package that can be immediately submitted through underwriting without delay.

The US Small Business Administration enables small businesses to obtain more than $20 billion in business funding every year.

How To Get Small Business Loans

Small Business Loans External Links:

More Small Business Loans Information

Chase help with government stimulus payments

Chase is here to help: Government stimulus payments
We urge you to go to the IRS site and choose “Get My Payment” to find out about your payment.
See below for helpful tips about how Chase can help with government stimulus payments.

How the IRS can help
First, go to the IRS site for the most up-to-date answers to your questions, including:

Will I get a payment and how much will government stimulus payments be?
How and when will I receive government stimulus payments?
Do I need to do anything to get government stimulus payments?

What else you can do about government stimulus payments
Download the Chase Mobile® app, if you haven’t already, so you can check your transactions and see your government stimulus payments from the IRS.
Set up a direct deposit alert, so you’ll know when you receive your government stimulus payments. When you set up your alert, make sure you choose the checking or savings account you expect the payment to be deposited to.
Learn how to use Chase QuickDepositSM so you can deposit checks with your mobile phone or tablet from the Chase Mobile app.

Questions about government stimulus payments

When should I expect to see the payment in my Chase account?
Payments will continue in waves over several weeks. You can check your transactions on the Chase Mobile app and chase.com. If you’re still expecting a payment, go to the IRS site(Opens Overlay) and choose “Get My Payment” to find out about it.

How will I know when it has posted to my account?
We recommend that you set up an account alert to tell you when deposits post to your account. You can also check your transactions on the Chase Mobile app and chase.com. To find out about your payment, go to the IRS site(Opens Overlay) and click “Get My Payment”.

If I receive a paper check, how can I deposit it without coming in to a branch?
You can snap a picture of it and deposit it to your account using Chase QuickDeposit in the Chase Mobile app on your mobile phone or tablet, or deposit it at many Chase ATMs.

What happens to my direct deposit payment if my Chase account is closed?
The IRS said it is sending direct deposit payments to customer bank accounts based on their federal tax returns from 2018 and 2019. If an account is closed and we can’t find another account for you, we send those payments back to the government, which will then be mailed as a check.

How can I help protect myself from scams?
First, don’t give anyone your personal information to sign up for your relief check. You don’t need to sign up for anything.
Second, don’t give your personal information to anyone who calls, emails or texts you, especially if they mention this stimulus program or getting early access to the money. If we ever reach out to you, we won’t ask for confidential information such as your name, password, personal identification number (PIN) or other account information.
The Federal Trade Commission recommends other ways to protect yourself.

What about phishing?
As always, don’t click links in emails or texts unless you’re sure that they’re authentic. And never provide your usernames or passwords outside of the normal secure sites and apps you use, like the Chase Mobile app and chase.com.

What else is Chase doing in response to COVID-19?
Go to chase.com/StayConnected.

Chase financial health tips
Set aside your stimulus payment If you can, transfer some or all of your payment to your savings account. You can also use Autosave to set up automatic transfers to help you rebuild your emergency fund.
Track your spending Your spending has probably changed, so keep a closer eye on what’s going on. If you don’t have a budget, think about building one now through Budget Builder, a free tool.
Check your available credit Knowing what’s available on your credit card or in your bank account could give you a sense of what you could draw on, if needed. You can find your available credit and balances for your Chase accounts on the Chase Mobile app and chase.com.
Review retirement accounts If you’re investing through a 401(k) plan at work, do what you can to stay the course. If you’re facing an immediate need, you might consider suspending contributions to your 401(k) or even consider taking a loan, if the plan offers it.

Learn more about Chase help with government stimulus payments

Stimulus Check 2020 Schedule And Requirements

Stimulus check 2020: Here is what you need to know about your Economic Impact Payment. For most taxpayers, payments are automatic, and no further action is needed. This includes taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees. Eligible US taxpayers can receive up to $1,200 from the federal government as part of a $2 trillion relief package intended to help people pay rent, purchase essentials and jog the economy as unemployment levels rise. The first 2020 stimulus checks should start to arrive shortly, the second or third week of April 2020. Help for small business owners from SBA Paycheck Protection Program.

Stimulus Check Requirements 2020

Who is eligible for Stimulus Check?

U.S. residents will receive the Economic Impact Payment of $1,200 for individual or head of household filers, and $2,400 for married filing jointly if they are not a dependent of another taxpayer and have a work eligible Social Security number with adjusted gross income up to:

– $75,000 for individuals
– $112,500 for head of household filers and
– $150,000 for married couples filing joint returns

Taxpayers will receive a reduced payment if their AGI is between:

– $75,000 and $99,000 if their filing status was single or married filing separately
– 112,500 and $136,500 for head of household
– $150,000 and $198,000 if their filing status was married filing jointly

The amount of the reduced payment will be based upon the taxpayers specific adjusted gross income.

Eligible retirees and recipients of Social Security, Railroad Retirement, disability or veterans’ benefits as well as taxpayers who do not make enough money to normally have to file a tax return will receive a payment. This also includes those who have no income, as well as those whose income comes entirely from certain benefit programs, such as Supplemental Security Income benefits.

Retirees who receive either Social Security retirement or Railroad Retirement benefits will also receive payments automatically.

Who is not eligible for Stimulus Check?

Although some filers, such as high-income filers, will not qualify for an Economic Impact Payment, most will.

Taxpayers likely won’t qualify for an Economic Impact Payment if any of the following apply:

– Your adjusted gross income is greater than
– – $99,000 if your filing status was single or married filing separately
– – $136,500 for head of household
– – $198,000 if your filing status was married filing jointly
– You can be claimed as a dependent on someone else’s return. For example, this would include a child, student or older dependent who can be claimed on a parent’s return.
– You do not have a valid Social Security number.
– You are a nonresident alien.
– You filed Form 1040-NR or Form 1040NR-EZ, Form 1040-PR or Form 1040-SS for 2019.

How much is Stimulus Check worth?

Eligible individuals with adjusted gross income up to $75,000 for single filers, $112,500 for head of household filers and $150,000 for married filing jointly are eligible for the full $1,200 for individuals and $2,400 married filing jointly. In addition, they are eligible for an additional $500 per qualifying child.

For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$112,500/$150,000 thresholds. Single filers with income exceeding $99,000, $136,500 for head of household filers and $198,000 for joint filers with no children are not eligible and will not receive payments.

Do I need to take action to get Stimulus Check?

People who filed a tax return for 2019 or 2018

No additional action is needed by taxpayers who:

– have already filed their tax returns this year for 2019. The IRS will use this information to calculate the payment amount.
– haven’t filed yet for 2019 but filed a 2018 federal tax return. For these taxpayers the IRS will use their information from 2018 tax filings to make the Economic Impact Payment calculations.

People who aren’t typically required to file a tax return

Social Security and Railroad Retirement recipients who are not typically required to file a tax return need to take no action. The IRS will use the information on the Form SSA-1099 and Form RRB-1099 to generate Economic Impact Payments of $1,200 to these individuals even if they did not file tax returns in 2018 or 2019. Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits. Social Security Disability Insurance (SSDI) recipients are also part of this group who don’t need to take action.

For Social Security, Railroad retirees and SSDI who have qualifying children, they can take an additional step to receive $500 per qualifying child.

There are other individuals such as low-income workers and certain veterans and individuals with disabilities who aren’t required to file a tax return, but they are still eligible for the Economic Impact Payments. Taxpayers can check the IRS.gov tool – Do I Need to File a Tax Return? – to see if they have a filing requirement.

The IRS will soon provide guidance for these individuals on the steps to take to get their payment as soon as possible.

Payment recipients: watch for an IRS letter regarding your Stimulus Check

For security reasons, the IRS plans to mail a letter about the economic impact payment to the taxpayer’s last known address within 15 days after the payment is paid. The letter will provide information on how the payment was made and how to report any failure to receive the payment.

How can I get a stimulus check 2020?

You will get a stimulus check if you fou filed a tax return this year or last year.

How much money can I get from Stimulus Check 2020?

Individuals: $1,200
Married Couples: $2,400
Dependent Children: $500 (must be less than 17-years-old)

How do I claim my stimulus check?

Except filing a tax return, you don’t have to do anything to claim your stimulus check. The IRS will send you a check automatically to either your bank account through direct deposit or your mailing address listed on your tax return.

Stimulus Check 2020 Schedule And Release Dates

When will I get my stimulus check?

Direct Deposit: within a few weeks

By Mail: within a few weeks (or a few months), see expected dates bellow.

Treasury Secretary Steven Mnuchin has said most Americans will receive their stimulus check by April 17, 2020.

Timetable from the IRS, stimulus checks could be distributed as follows (of course, these dates are subject to change):

April 9, 2020

Stimulus checks could be sent to some taxpayers as early as Thursday, April 9. If you filed your income taxes in 2018 or 2019 and provided your direct deposit information to the IRS, your stimulus check could be sent today. Estimated arrival time in your bank account could be on or before April 14, 2020.

April 24, 2020

The IRS will begin sending paper stimulus checks. The plan is to send paper stimulus checks to taxpayers with the lowest adjusted gross income first. Therefore, taxpayers who earned less than $10,000 will receive a paper check first.

May 1, 2020

This week, the IRS will send paper stimulus checks to taxpayers who earned between $10,001 and $20,000.

May 8, 2020

This week, the IRS will send paper stimulus checks to taxpayers who earned between $20,0001 and $30,000.

May – September 2020

From May through September, the IRS will continue to send paper checks in order from lowest income to highest income based on 2018 or 2019 tax information.

September 4, 2020

The IRS will mail any remaining checks, such as to married couples making $198,000 (the maximum joint income that is eligible to receive a stimulus check).

September 11, 2020

The IRS will send checks to those who didn’t provide contact information to the IRS.

Stimulus Check External Links:

Stimulus Check 2020
IRS Stimulus Check News

Consolidation can greatly simplify loan repayment

Direct loan consolidation allows you to combine multiple federal student loans into one loan; but it also can result in loss of some benefits. Once your loans are combined into a direct consolidation loan, they cannot be removed. The loans that were consolidated are paid off and no longer exist.

Carefully consider whether direct loan consolidation is the best option for you. Loan consolidation can greatly simplify loan repayment by centralizing your loans to one bill and can lower monthly payments by giving you up to thirty years to repay your loans. You might also have access to alternative repayment plans you would not have had before, and you will be able to switch your variable interest rate of direct loans to a fixed interest rate.

Making smaller payments over a longer time

Federal student loan consolidation allows you to combine one or more existing student loans into one single consolidation loan with a new repayment schedule. You will have lower monthly payments, but you will pay much higher interest over the life of the loan because you will be making smaller payments over a longer time.

When determining benefits that are available, you must consider each type of loan program, and the principal and interest components individually. The Department of Education pays the interest during the period of deferment for subsidized Stafford Loans and subsidized Federal Consolidation Loans. The Department of Education does not charge interest during the period of deferment for Perkins Loans and subsidized Federal Direct Loans.