Question 1

1. How do you qualify for a payroll loan?

Accepted Answer

Qualifications for small business payroll loans vary by loan type and lender. In general, small business owners must meet the following eligibility criteria to increase their chances of approval:

Short-term Business Loans: At least 1 year of business history, a credit score of 550 or higher, and annual revenue of $100,000+.

Business Line of Credit: At least 1 year of business history, a credit score of 550+, and at least $100,000 in annual revenue.

Invoice Financing: At least 6 months of business history and annual revenue of at least $50,000. There is no minimum credit score requirement, but business owners may need to meet a certain invoice volume before qualifying for the business loan.
Merchant Cash Advance: At least 1 year of business history, 500+ credit score, and $50,000+ in annual revenue. The lenders may also impose a minimum volume of credit card transactions on top of the main eligibility requirements.

Question 2

2. Will there be another PPP loan in 2022?

Accepted Answer

The government hasn’t made a formal announcement yet, but there’s very little chance of another batch of PPP Loans being offered in 2022. Still, there’s no telling how the pandemic will progress.

Note: PPP Loans are 100% SBA-backed loans offered to small business owners to help them keep their workers employed at the peak of the COVID-19 pandemic. The program officially ended on May 31, 2021.

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