PAYCHECK PROTECTION PROGRAM (PPP) FOR BUSINESSES IN THE USA

The Covid Relief & Omnibus Agreement was officially signed into law by President Trump and therefore kickstarting the U.S. Small Business Administration (SBA)’s process on rolling out  PPP Round 2 Funds.

So what does this mean for you?

For 1st Time Borrowers:
  • Generally 500 or fewer employees
  • Sole proprietors, independent contractors, and eligible self-employed individuals.
  • Any business that averages less than 500 employees per physical location that has a NAICS code (North American Industry Classification System) starting with 72
  • Nonprofits, including churches
  • All loans are subject to review by the SBA
  • 1% interest rate for small businesses
  • If no forgiveness, payments are deferred 10 months after the covered period

      Loan maturity

  • Before June 5th: 2 years
  • After June 5th: 5 years
For Hardest Hit Borrowers:
  • 300 employees or fewer
  • 25-30% gross receipts decline in any calendar quarter of 2020 compared to same quarter in 2019
  • Based on the calendar quarter
  • May be a tiered system where certain loan amounts will only require self-certification and others will have documentation requirements.
  • All will be subject to review by the SBA, random for smaller.

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Are you interested in applying for the PPP business loan? Submit the following information to receive a request to submit your application today:

  • Full First and Last Name
  • Name of Company
  • Email Address

Please use the Contact Us page to submit your information.