The latest round of Covid-19 economic relief from Washington DC is available to independent mini storage or self-storage operators suffering from the fallout from Covid-19, enabling businesses to pay staff and cover operating costs.
Round 2 of PPP for Mini-Storage Eligibility in 2021
If your self-storage business took a Paycheck Protection Program (PPP) Loan during the first round in 2020, you may be eligible for a second draw PPP Loan. If your organization has fewer than 300 employees and had a decline in gross receipts of at least 25% in any quarter of 2020 compared to the same quarter in 2019, your self-storage business may qualify for PPP in 2021.
Gross receipts include the total amount received from all sources, but do not include funds from the initial PPP Loan.
PPP loans cover 2.5 times payroll plus other expenses essential to the operation of your self-storage facility, providing a critical lifeline for many small business owners who have been decimated by the pandemic.
Self-storage facility owners: submit your PPP Loan application
Approved PPP lender Liberty SBF is now accepting applications from self-storage facility owners through its secure, customized Paycheck Protection Program Loan portal, which can process and approve applications quickly and efficiently.
Liberty SBF is an Approved PPP Lender for Self-Storage Businesses
As a non-bank lender with over 10 years of experience providing low-cost capital to small business owners, Liberty SBF facilitated over 3,200 loans in the sum of more than $350 million in the first round of Paycheck Protection Program lending. The company has extensively invested in new resources and hired back office staff to process thousands of PPP loan applications per day.
Liberty SBF also recently relaunched SBAPAYCHECK.com, a leading source of news and information about the Paycheck Protection Program.
About the new round of PPP Loan relief: The Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act authorizes up to $284 billion toward job retention and certain other expenses through March 31, 2021 and allows borrowers to apply for a Second Draw Paycheck Protection Program Loan. Many businesses who already received a Paycheck Protection Program Loan will be eligible for a second draw. Those small business owners who missed out on PPP Loans the first time can still get a first draw loan in this next round.
Similar to first draw, second draw PPP Loans are on a first come, first served basis, so self-storage operators should apply as soon as possible to secure funding.
Click here to begin your PPP Loan application.