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Paycheck Protection and Disaster Loan Assistance
1 . Paycheck Protection Program (PPP)
Business owners will need to meet the requirements provided by the SBA to be eligible for these loans, and provide all necessary information and documentation. Please reference SBA page for additional details on eligibility.
- Paycheck Protection Program Updates for Business Owners
On March 27, President Trump signed the CARES Act into law, providing emergency financial relief to individuals, students, and small business owners. Part of the relief package includes funding for the Paycheck Protection Program, which provides loans for business owners who have been impacted by COVID-19. These loans are 100% guaranteed by, and eligible for loan forgiveness from, the SBA.
The Paycheck Protection Program is administered by the SBA with support from the U.S. Department of Treasury. It expands the SBA 7(a) loan program to help business owners cover payroll and benefits, and other eligible expenses, like rent, mortgage interest, interest on existing debt, utilities or insurance premiums.
- What is a Paycheck Protection Program Loan?
A Paycheck Protection Program loan is available to businesses with 500 employees or less, individuals who operate under a sole proprietorship, as well as 501(c)(3) nonprofit organizations, 501(c)(19) veterans organizations and some Tribal business concerns that are impacted by COVID-19.
The Paycheck Protection Program provides small businesses with funds in the form of an SBA guaranteed loan to pay upto 8 weeks of payroll cost, and other eligible expenses such as interest on mortgages, rent, and utilities.
- What information should I begin pulling together in anticipation of applying for a loan?
When preparing to apply for a Paycheck Protection Program loan, we recommend that business owners gather the following information to apply with Capital One
Date of business origination and business address
Business Employer Identification Number (EIN)
Payroll reporting from your payroll provider detailing monthly costs for your employees over the last 12 months, unless you are a seasonal employer
Payroll tax documentation over the last 12 months, including on or around February 15, 2020
2 . Disaster Loan Assistance
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan assistance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.
The SBA’s Economic Injury Disaster Loan provides vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing as a result of the COVID-19 pandemic.
Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.
The Economic Injury Disaster Loan advance funds will be made available within days of a successful application, and this loan advance will not have to be repaid.
Special offer for IMARK Members
Exciting Offer for IMARK Members
IMARK recently announced the e-Customer Service Achievement Program designed to recognize and reward IMARK members that make investments in e-commerce tools and resources.
As a Proud IMARK Member Service Provider, we will be happy to help you achieve the full Tier 3 compliance, earning cash rewards upto $12,500 from IMARK.
Tier 1 Compliance :
Complete the following on the IMARK website (the only requirements you complete on your own): Ximple Solutions can help you build a Custom Website Design for you.
- Write a Vision Statement
- Assign an e-Commerce Project Leader
- Assign a Webstore Marketer
- Listing All Branch Locations
- Displaying Supplier Line Card
- Offering a Credit Application
Tier 2 Compliance :
Ximple Solutions provides a full functioning e-commerce store front including all of the following requirements for compliance:
- Search attributed product data which features structured taxonomy which allows for search by multiple attributes—and a minimum number of key strokes for customer.
- Ability to see inventory levels
- Placement of purchase orders
- Look up and review Account invoice.
- Gain Access to Monthly Statements
- Access to Account inquiry for managing credit and reviewing bills
- Ability to request quotations
- Access to open bids
- Access to open orders
- Review order history and search order status
- Private price account
- Ability to enter and release orders
- Set/Maintain budgets for authorized Order Entry users
- Set/Maintain spending limits for authorized Order Entry users
- Manage approvals for authorized Order Entry users
- Show A/R information to authorized users
Tier 3 Compliance :
Ximple Solutions provides you with enhanced e-commerce features, that includes the following requirements for compliance:
Product search function to allow customers to utilize local industry slang to search / purchase products on your e-commerce offering. Allowing customers to find material based on the same terminology they would use over the phone or in an email.
Provide customers with ability to utilize past orders to quickly and easily create new ones.
Customer can conduct product search by their company's own unique part number
Customer can offer complementary items..."you bought this, you also need this" A convenient way to remind customers to add items related to the products being ordered.
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