Payroll Protection Loan (PPP)
Through the CARES Act, $350B has been allocated to small businesses to assist them in meeting payroll, rent and utilities through June 30, 2020.The loan amount is determined by multiplying average monthly payroll by 2.5. There are adjustments that need to be made to arrive at average monthly payroll.
Program Highlights:
- 100% SBA Guarantee
- Loan amount is 2.5 X Average monthly payroll, mortgage, rent and utilities expenses
- Maximum loan amount $10 Million
- Forgivable if proceeds spent on qualifying expenses
- Rates: Not to exceed 4%
- Term: Up to 10-year repayment
- No Personal Guarantee
- SBA fees waived
- Apply through SBA approved lenders
Who can apply?
Applicants include any small business that suffered an economic loss because of COVID-19. The loss can be from the complete shutdown of a business, as well as a slowdown in revenue for those that remain open. Some industry examples include restaurants, retail, hospitality, sports & entertainment venues, shipping & logistics, and auto dealers.
Pre-qualify for loan
Looking for funding? Answer a few questions and a banker will contact you within 1 business day!