Biz tip of the week: The ripple effect of Paycheck Protection Program loans | Business News

The Small Business Administration is offering forgivable Paycheck Protection Program loans to business owners and independent contractors.

These loans provide cash flow to small-business owners during this economic slowdown. The second round of funding is now available, but will run out soon.

The process is fast and easy, if you have the right banker on your side.

The online application takes 20 minutes to fill out, and you can have funds deposited in your account in as little as 48 hours.

The average PPP loan is $58,000. If you follow the guidelines, the loan is forgiven and does not need to be paid back.

These monies will not be taxed as income either. It is a blessing for many business owners.

The right banker is critically important, and is probably the single most important component of a successful PPP loan. More often than not, business owners are frustrated with the process.

I recently talked to several business owners who applied through multiple banks and had no luck. They had given up hope. I connected all of them to the business banker I had used. Each one of them had their applications submitted, most were approved and one of them has already received their funds, all in the past 48 hours. They all expressed sincere appreciation for the introduction.

Collectively, these local business owners will be given millions of dollars. This money will be paid to their employees, all of whom live in Tucson. These employees will spend that money. Much of it will recirculate in our economy, flowing through hundreds of other local businesses. Every dollar that is spent generates tax revenue for the city, county and the state.