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.
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.
