Ashburn PPP-2 Business Loans

Paycheck Protection Program (PPP-2)

pre-qualify for PPP2 in just 5 minutes!

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Paycheck Protection Program (PPP-2)

SBA ‘Preferred Lender’ for Faster Funding

a BFNYC website

Paycheck Protection Loan

PPP-2 Up to $2 million


Paycheck Protection Program (PPP2) – An SBA loan that helps businesses keep their workforce employed during the Coronavirus crisis, will be available through March 31, 2021.

Main Features 

  • Interest rates of 1.0%
  • Maturity of two years
  • 1st payment deferred for six months
  • 100% guarantee by the SBA
  • No collateral required
  • No personal guarantees from borrowers
  • No borrower or lender fees payable to the SBA
  • Loans will be based on 2.5 times the sum of average monthly payroll costs however restaurants and hotels may receive loans of up to 3.5 times the average monthly payroll costs.
  • Pre-qualify for PPP in 5 minutes
  • Apply Now. Get funded soon!

Qualify with:

  • The business has 500 or fewer employees.

learn more. . . .

 

  • Businesses applying for their first PPP loan must have 500 employees or fewer to be eligible. Previous PPP loan recipients with less than 300 employees can also qualify if they have more than a 25% drop in revenue quarter over quarter from the previous year. If you are applying for your second PPP loan, you will need to have used the full amount of funds from your first PPP loan before your second is disbursed.
  • The loan proceeds must be used to fund: Payroll costs, including compensation, employee benefits, and employer-paid taxes, Rent or lease payments, Mortgage interest payments, Utilities, Personal protective equipment (PPE) and facilities updates to operate safely during the COVID-19 pandemic, Software or cloud computing costs for business operations, Costs related to property damage and vandalism or looting due to public disturbances not covered by insurance or other compensation, Costs of the supply of goods that are essential to business operations, Covered worker protection expenditures that help adapt business activities to COVID safety requirements
  • To apply for a PPP loan, you’ll need to submit your 2019 business and personal tax returns (include IRS Form 941) and a payroll history report. If you use a payroll reporting service like ADP or Gusto, you can download their PPP reports. Also, you can link your bank account easily and securely to save time.
  • When you’re ready to apply for loan forgiveness, our integrated application allows you to use your securely stored financial information to ensure fast turnaround.

pre-qualify for PPP2 in just 5 minutes!

Avg live-person response time 37 secs

 

 

Loans That Empower Over 500,000 Small Businesses

FAQs
Paycheck Protection Program (PPP-2)

none
Introduction
The Paycheck Protection Program provides small businesses with funds to cover payroll costs including benefits.

The loan amounts will be forgiven as long as:

  • The loan proceeds are used to cover Payroll costs, including compensation, employee benefits, and employer-paid taxes, Rent or lease payments, Mortgage interest payments, Utilities, Personal protective equipment (PPE) and facilities updates to operate safely during the COVID-19 pandemic, Software or cloud computing costs for business operations, Costs related to property damage and vandalism or looting due to public disturbances not covered by insurance or other compensation, Costs of the supply of goods that are essential to business operations, Covered worker protection expenditures that help adapt business activities to COVID safety requirements.
  • Employee and compensation levels are maintained. Payroll costs are capped at $100,000 on an annualized basis for each employee. Loan payments will be deferred for 6 months.
When can I apply?
  • Starting January 11, 2021, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
  • Starting January 11, 2021, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
  • Other regulated lenders will be available to make these loans as soon as they are approved and enrolled in the program.
Where can I apply?

Complete our online Pre-Approval Form, and complete the link which will be automatically emailed to you. Then, upload the relevant documents to the link.

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. Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries.

For this program, the SBA’s affiliation standards are waived for small businesses (1) in the hotel and food services industries; or (2) that are franchises in the SBA’s Franchise Directory; or (3) that receive financial assistance from small business investment companies licensed by the SBA. Additional guidance may be released as appropriate.

What do I need to apply?

You will need to complete the online application and then upload the required documentation to us with the link that is sent to you by March 31, 2021.

What other documents will I need to include in my application?

You’ll need to submit your 2019 business and personal tax returns (include IRS Form 941) and a payroll history report. If you use a payroll reporting service like ADP or Gusto, you can download their PPP reports.

How long will this program last?

Although the program is open until March 31, 2021, we encourage you to apply as quickly as you can because there is a funding cap and lenders need time to process your loan.

How many loans can I take out under this program?

Only one.

What can I use these loans for?

You should use the proceeds from these loans on your:

  • Payroll costs, including compensation, employee benefits, and employer-paid taxes.
  • Rent or lease payments
  • Mortgage interest payments
  • Utilities, Personal protective equipment (PPE) and facilities updates to operate safely during the COVID-19 pandemic
  • Software or cloud computing costs for business operations,
  • Costs related to property damage and vandalism or looting due to public disturbances not covered by insurance or other compensation,
  • Costs of the supply of goods that are essential to business operations,
  • Covered worker protection expenditures that help adapt business activities to COVID safety requirements
What counts as payroll costs?

Payroll costs include:

Salary, wages, commissions, or tips (capped at $100,000 on an annualized basis for each employee);
 Employee benefits including costs for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payments required for the provisions of group health care benefits including insurance premiums; and payment of any retirement benefit;
 State and local taxes assessed on compensation; and
 For a sole proprietor or independent contractor: wages, commissions, income, or net earnings from self-employment, capped at $100,000 on an annualized basis for each employee.

Does the PPP cover paid sick leave?

Yes, the PPP covers payroll costs, which include employee benefits such as costs for parental, family, medical, or sick leave. However, it is worth noting that the CARES Act expressly excludes qualified sick and family leave wages for which a credit is allowed under sections 7001
and 7003 of the Families First Coronavirus Response Act (FFCRA) (Public Law 116–127).

How large can my loan be?

Loans will be based on 2.5 times the sum of average monthly payroll costs however restaurants and hotels may receive loans of up to 3.5 times the average monthly payroll costs.

That amount is subject to a $2 million cap. If you are a seasonal or new business, you will use different applicable time periods for your calculation. Payroll costs will be capped at $100,000 annualized for each employee.

How much of my loan will be forgiven?

You will owe money when your loan is due if you use the loan amount for anything other than the items listed in the categories above. (payroll costs, mortgage interest, rent, utilities, etc.)

How can I request loan forgiveness?

You can submit a request to the lender that is servicing the loan. The request will include documents that verify that the funds were used for categories allowed.

What is my interest rate?

1.00% fixed rate.

When do I need to start paying interest on my loan?

All payments are deferred for 6 months; however, interest will continue to accrue over this period. More changes may be made over time.

When is my loan due?

In 2 years.

Can I pay my loan earlier than 2 years?

Yes. There are no prepayment penalties or fees.

Do I need to pledge any collateral for these loans?

No. No collateral is required.

Do I need to personally guarantee this loan?

No. There is no personal guarantee requirement. However, if the proceeds are used for fraudulent purposes, the U.S. government will pursue criminal charges against you.

What do I need to certify?

Current economic uncertainty makes the loan necessary to support your ongoing operations.

  • The funds will be used for the allowable categories.
  • You have not and will not receive another loan under this program under the current round of PPP. If you received a PPP during the last round; you can receive another one now; however you will need to have used the full amount of funds from your first PPP loan before your second is disbursed
  • You will provide to the lender documentation that verifies the number of full-time equivalent employees on payroll and the dollar amounts of payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities for the eight weeks after getting this loan
  • Loan forgiveness will be provided for the sum of documented payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities
  • All the information you provided in your application and in all supporting documents and forms is true and accurate. Knowingly making a false statement to get a loan under this program is punishable by law
  • You acknowledge that the lender will calculate the eligible loan amount using the tax documents you submitted. You affirm that the tax documents are identical to those you submitted to the IRS. And you also understand, acknowledge, and agree that the lender can share the tax information with the SBA’s authorized representatives, including authorized representatives of the SBA Office of Inspector General, for the purpose of compliance with SBA Loan Program Requirements and all SBA reviews

Pre-qualify for PPP2 in just 5 minutes!

 

About Us

Ashburn‘s Top SBA Business Lender

The Ultimate Source For SBA Business Loans

SMB Loans, a Branch of Business Funding New York LLC, is comprised of a group of highly experienced and seasoned, certified, financial professionals. With our knowledge and expertise, we will find a solution for all your financing needs. Unlike a bank, or local lending institution, which only lend to the most credit-worthy businesses, SMB Loans with its relationships and national lenders, will match you with the fastest and most affordable financing options you need.

We pride ourselves on delivering the highest standard of customer service. Over the last several years, we have established a reputation as leaders in our field by going above and beyond to ensure your needs and expectations are always met and exceeded.

Please contact us today for a FREE, no-obligation analysis of your financing needs. A member of our professional staff will contact you to discuss your business’s short and long-term financial needs.

Whether you need to get new equipment, finance your accounts receivable, raise working capital, or acquire Commercial Real Estate, SMB Loans can help you get approved and funded!

Contact Us

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600 3rd Avenue, New York, NY 10016

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