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IS YOUR BUSINESS IMPACTED BY COVID-19?

“CARES” Loan Programs provide No Collateral, Loan Forgiveness, No Personal Guarantees!

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CARES LOAN PROGRAMS

Paycheck Protection Program (PPP)

From cash flow losses to temporary layoffs, small businesses are having to quickly adapt. There is good news. This SBA loan program provides the small business up to $10 Million dollars to keep their work force employed.

Economic Injury Disaster Loan (EIDL)

Small businesses are faced with economic difficulties which is unprecedented. This loan advance will provide your business up to $10,000 of economic relief to cure temporary difficulties.

Is my business eligible?

  • A small business with fewer than 500 employees.
  • A small business that otherwise meets the SBA’s size requirements.
  • Small Business, sole proprietors, independent contractors, and self-employed individuals who regularly carry on any trade or business, including those in the “gig economy”
    a hospitality or food service business .
  • A non-profit entity under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (Internal Revenue Code), so long as that entity has fewer than 500 employees.
  • A veterans organization under Section 501(c)(19) of the Internal Revenue Code that meets the SBA’s size requirements.
  • A tribal business entity that meets the SBA’s size requirements.


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How It Works?

An applicant may use a third-party broker to apply for these loans. Third party broker is known as the “Packaging Agent” who can apply on behalf of the client to complete the application and to expedite the process.

EIDL

  • There is no cost to apply.
  • Funds come directly from the US Treasury
  • There is no obligation to the loan, if offered
  • Loans could be un-secured and deferred
  • Low interest rate

PPP

  • No cost to apply.
  • Funds come from participating banks only.
  • The funds will be used to retain workers, payroll, make mortgage interest, lease and utility payments.
  • low interest rate
  • Loans may be forgiven
  • No pre-payment penalties

SBA will collect information in order to make a determination of a loan under SBA’s economic injury disaster loan program (EIDL) to the qualified entities and sole proprietors listed on the application. These businesses are impacted by the Coronavirus (COVID-19). SBA will rely on self-certification contained in the application to verify if an applicant is qualified for Economic Injury Disaster Loan (EIDL). The estimated time to complete an application is two hours. In certain situations, the process may take longer. The process description will be as follows.


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What information do I need to provide to apply?

  • Borrower certification required by the SBA.
  • Any payroll filings and Form 1099-MISC reported to the IRS, and state income, payroll, and unemployment insurance filings.
  • Borrower loan application.
  • Good Faith Certification stating that the loan is necessary to support ongoing operations; funds will be used toward eligible expenses; and you’ve only applied for one loan under the program.
  • As the program evolves, additional documents may be requested.


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FAQS

What is the PPP?
The Paycheck Protection Program loan AKA “PPP” is a new type of loan created by the federal government as a part of the Coronavirus Aid, Relief, and Economic Security (CARES) act. It is designed to help small businesses around the country to pay employees, expenses while the COVID-19 Pandemic disrupts their business.
How much money can I get through the “PPP” LOAN?
This loan is approved with an amount equal to 2.5 times the businesses average monthly payroll or $10 Million dollars whichever is lower.
Does the “PPP” loan bear an interest rate?
Yes. The loan is calculated at a rate of 1% unless the loan is forgiven.
When can I apply?
Applications for small business filing is on April 3, 2020. Self-employed businesses and independent contractors can apply on April 10, 2020. Please contact us to get the process started as soon as possible.
What is the process for applying for a “PPP” loan?
Each one of our commercial banks have their process in place. Our specialist will assist you in completion of the application and the supporting documentation. Additionally, the application requires that the applicant will certify a number of criteria such as economic uncertainty facing its business, loan will be used for the permitted purpose, you haven’t and will not receive another PPP loan and other certifications.
How long will the process take?
The department of the treasury and the participating banks are working on expediting the process. The initial application and the processes will also determine the speed by which an application will be approved.
What is the “EIDL” program?
Economic Injury Disaster Loan “EIDL” are low interest rate loans for small business that experience an economic hardship as a result of the COVID-19 disaster.
How much can a business receive from an “EIDL”?
This program caps at $2 Million dollars based on their working capitals needs. The “CARES” act includes a provision allowing small businesses to receive an advance of up to $10,000 within just a few short days of applying.
Is the EIDL forgiven?
Yes. As long as the borrower spends the advance on eligible items such as mortgage or rent payments.
What are the terms for “EIDL” which is not forgiven?
The term is up to 30 years. It bears an interest rate of 3.75% for a business for profit and a rate of 2.75% for a non-profit.
There are criteria’s which may make the loan without a personal guarantee. The same is true for a real estate as a collateral.
Can a business receive both the “PPP” as well as the “EIDL” loan”
Yes. There are some caveats.

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Resources & Disclaimers


PPP-Fact Sheet


Fee Disclosure Form and Compensation Agreement


Compensation Letter to the applicant & the disclosure


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