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Paycheck Protection and Disaster Loan Assistance

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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

A Paycheck Protection Program loan includes the following

  • Issued by an SBA registered lender, not the government

  • Guaranteed by the SBA

  • Does not require collateral or personal guarantees

  • The interest rate will not exceed 1%

  • Term is 2 years

  • Does not require payment for at least 6 months after origination

  • Is eligible for loan forgiveness (terms and conditions apply) if, due to likely high subscription, 75% of the loan proceeds must be used for payroll

  • Neither the government nor lenders will charge small businesses any fees

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.

Eligibility

  • 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.

Currently, most the bank process Paycheck Protection Program application for their current customers. Unfortunately, many of the banks are not acceptable forms online or stopped accepting new applications.

Mike Patel, is volunteering to help all those customers who have difficulty in making your application or having hard time finding bank accepting applicaitons.

Mike Patel

[email protected]

+1 301 949 4400

+1 920 629 2941

News

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{"IMARK": "https://www.imarkgroup.com"}

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