Paycheck Protection Program
Expedited SBA Funding with a Simplified Process
The Paycheck Protection Program (“PPP”) authorizes up to $350 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone.
The loan amounts will be forgiven as long as:
The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and
Employee and compensation levels are maintained.
Payroll costs are capped at $100,000 on an annualized basis for each employee. Due to likely high subscriptions, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs. Loan payments will be deferred for 6 months.
When can I apply?
Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
Who can apply?
All businesses – including nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors – with 500 or fewer employees can apply. Except Hospitality & Restaurants.
2yr Term & Interest Capped at 1%
Certain Loan Forgiveness for Payroll, Rent, Mortgage interest & Utilities
No Personal Guarantee or Collateral
Max Loan Amount $10Million
Loan Calculated 2.5x your Avg Monthly Payroll
What do I need to apply?
2019 Tax Returns
Federal Tax Identification Number (EIN) (SSN)
Payroll Tax Filings
Income & Expenses; Bank Records
Where can I apply?
Through our relationship with many lending firms, you can apply through our partner link here at Capital Bankcard of Tupelo or any existing SBA lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating.
We would be more than happy to help you with the application process. If you have any questions, just email us at firstname.lastname@example.org. Subject: Paycheck Protection Program