Save Your Finances Fast With Covid-19
Paycheck SBA Relief
Complete Your Digital SBA Paycheck Protection Program Loan Application.
Apply Now For Funding You Need to Keep Your Business Going and Growing
Funds Are Limited So
Apply Today!
Loans up to $10,000,000 WITH NO FEES!
Up to 100% of the loan can be forgiven
Whatever is not forgiven will be 1% Interest Rate Loan; 2-year term
Only takes minutes to apply and potentially receive conditional Loan Offer subject to SBA final approval
6 Months With No Payment
Loans up to $10,000,000 WITH NO FEES!
Over $5 million Funded
100+ Digitally Complete Packaged Application Submissions Processed
SBA Paycheck Protection Program was enacted in the form of a partial or wholly forgivable loan to small business owners as a result of the CARES Act on March 27th 2020. The premise of this loan is to provide working capital to the small business owners in order to hire and retain employees to keep the unemployment rate from collapsing as we transition to defeat the Pandemic. To promote hiring the program provides relief to forgive any part of the loan spent on paying workers during the first 8 weeks of the loan. To make the program affordable it comes with a 1% Interest rate on the loan amount with a 2 year term, and Non-Recourse which means they can not go after you personally to collect the money in the event of a default.
Who Can Apply
The following entities affected by the current pandemic and quarantine business restrictions may be eligible:
Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
500 employees, or
That meets the SBA industry size standard if more than 500
Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
Sole proprietors, independent contractors, and self-employed persons
Loan Amount
- The loan amounts available to borrowers which are forgiven are 8 weeks of payroll expenses tracked and verified
- The maximum loan amount is $10 million
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Supporting Documents to be provided to calculate the loan amount:
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Payroll and 1099 Summary can calculate your last 12 months.
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Companies Provide IRS 940’s and IRS 941’s for 4 quarters of 2019 or if unavailable a previous year
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Sole proprietors, independent contractors, and self-employed individuals documenting earned income on a Form 1099-MISC
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Calculate your total monthly payroll and contractor expenses:
Corporation Example: Jan 2019 – Dec 2019 totaled $120,000 for Payroll + $100,000 for 1099 Contractors + $10,000 for Health Insurance = $230,000 Total Expenses / 12 Months = $19,166 Expenses x 2.5 = $47,915 Loan Amount.
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Self Employed Example: Jan 2019 – Dec 2019 1099’s totaled $75,000 / 12 Months = $6,250 per month x 2.5 = $15,625 Loan Amount.
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You must exclude out of the expenses calculated by any workers that earn more than $100,000 per year. For example, 1 employee earns $150,000 then you must only count him for $100,000 expenses. So if he makes $150,000 for 12 months you would request for his portion of pay a loan amount equal to $100,000 Annual Expenses / 12 Months = $8,333 x 2.5 = $20,833 Loan Amount.
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See SBA How to Calculate Loan Amounts Link if you have more questions
Loan Details and Forgiveness
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The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll).
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Loan payments will also be deferred for six months.
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No collateral or personal guarantees are required.
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Neither the government nor lenders will charge small businesses any fees.
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Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels.
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Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
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This loan has a maturity of 2 years
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This loan has an annual interest rate of 1%.
Use of funds
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Provide employees with their job back if you fired them
Provide same pay,
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Including sick leave, medical leave, and tips
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Maintain group healthcare benefits
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Make interest payments on existing mortgages
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Pay rent, leases, and utilities
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Terms
Repay in up to 2 years
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1% fixed interest rate
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All payments deferred for 6 months
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Non-Recourse (No personal guarantee)
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No collateral required
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No prepayment penalty
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No financial qualification required for repayment but must stay in business
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No credit check
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No Fees
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