Ashburn SBA Business Loans

Paycheck Protection Program (PPP-2) and SBA 7a Multi-Purpose Financing

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pre-qualify for PPP2 in just 5 minutes!

Paycheck Protection Program (PPP)

SBA ‘Preferred Lender’ for Faster Funding

SBA Funding Programs

Operating Capital & Equipment Loans‎

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 15 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.

SBA Express Loans

$50,000 – $350,000


This SBA program provides working capital lines of credit for manufacturing, wholesale, services and retail businesses. May be used to finance inventory, accounts receivable, a specific contract and more.  

 

Main Features
  • Low rates 3.75% – 6%
  • Financing term up to 10 years
  • Pre-qualify in 15 minutes
  • Loan decision in 36 hrs, funding in 7-14 days
Qualify with:
  • FICO® score above 650+
  • Two Years Business Tax Returns
  • Show schedule of Liabilities
  • No bankruptcy in the last 4 years
  • No outstanding tax liens
  • No current loan delinquencies
  • No defaults on government loans
Eligibility
  • For-profit business
  • Must qualify as a small business according to (varies by industry type)
  • Business owners must be US citizens or legal permanent residents
Use of Proceeds
  • Working capital, Business debt consolidation, operational expenses, payroll, rents, cash reserves, marketing, hiring new resources
Collateral
  • No Collateral – Unsecured Business Loan

SBA 7(a) Program

$100,000 – $5 million


This multi-purpose SBA loan program offers the most flexible and longest-term loans. The loan may be used for small and large businesses, for everything  real estate to equipment and working capital.

 

Main Features
  • Low rates 3.75% – 6%
  • Financing terms up to 25 years
  • Pre-qualify in 15 minutes
  • Loan decision in 36 hrs, funding in 7-14 days
Qualify with:
  • FICO® score above 650+
  • Two Years Business Tax Returns
  • Show schedule of Liabilities
  • No bankruptcy in the last 4 years
  • No outstanding tax liens
  • No current loan delinquencies
  • No defaults on government loans
Eligibility
  • For-profit business
  • Must qualify as a small business according to SBA Size Guidelines (varies by industry type).
  • Business owners must be US citizens or legal permanent residents
Use of Proceeds
  • Buildings, Equipment, Furniture & Fixtures, Inventory, Business Acquisition, Working Capital, Business debt consolidation, operational expenses, payroll, rents, cash reserves, marketing, hiring new resources 
Collateral
  • No Collateral – Unsecured Business Loan
  • For real estate purchases or refinance, SBA requires that Lender take a first secured interest in business assets and/or a mortgage on real estate.
Loan Terms
  • Working Capital – up to 10 years
  • Equipment – up to 10 years (or useful life)
  • Real Estate – up to 25 years
  • No balloon payments

Pre-qualify for PPP2 in just 5 minutes!

Pre-qualify in 15 minutes

Pre-qualify in 15 minutes

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Loans That Empower Over 500,000 Small Businesses

Paycheck Protection Program (PPP-2)

 

COVID-19, SBA 7a, SBA 504 – Business Loans

Disaster Assistance, Heavy Machinery, Equipment, Real Estate – SBA Loans

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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!

Healthcare:

  • Hospital Equipment – All Needs
  • Medical Laboratories
  • Nursing Care Facilities
  • Pharmacies
  • Home Health Care Services
  • Medical Office Equipment & Supplies (including dentists, chiropractors)
  • Veterinarians

Service:

  • Accounting, Bookkeeping and Tax Preparation
  • Advertising
  • IT related services
  • Insurance Agents
  • Training and development
  • Financial specialists
  • Geo-scientists
  • Funeral Services
  • Laundry and Dry Cleaning Services
  • Building Cleaning and Maintenance
  • and more

Specialty Trade:

  • Plumbing, Heating, AC
  • Roofing and Siding
  • Electricians
  • Flooring
  • Excavation, Wrecking and Demolition
  • Architectural and Engineering Services
  • And Others

SBA Working Capital Loans

SBA Fixed Assets Loans

Manufacturing:

  • Consumables (Food, Beverage)
  • Food Product Machinery
  • Household appliances
  • Furniture
  • Sports equipment
  • Factory systems
  • Just-in-time manufacturing
  • Manufacturing engineering
  • Mass customization, production
  • Products sold through wholesalers
  • Products sold through retailers
  • And other manufacturers supporting all approved industry types

Construction:

  • Above Ground Fuel Tanks
  • Bulldozers
  • Concrete Mixer
  • Cranes
  • Mechanic’s Truck
  • Dump Truck
  • Trailers, and more

Real Estate:

  • Commercial real estate (purchases, construction, or refinance)
  • Leasehold improvements
  • Business expansions
  • Machinery, equipment, furniture or fixtures
  • Franchises, Motels, Restaurants Gas Stations and C-Stores

 

SBA COVID-19 Assistance

Federal Coronavirus (COVID-19) Small Business Assistance – As part of its disaster assistance program, the SBA is providing low-interest working capital loans of up to $2 million to small businesses and nonprofits affected by the Coronavirus.

These loans carry an interest rate of 3.75% for small businesses and 2.75% for nonprofits. Loan repayment terms vary by applicant, up to a maximum of 30 years. You can use the loan to cover accounts payable, debts, payroll and other bills the Coronavirus has affected your ability to pay.

You’ll need to supply required supporting documentation that could include the business’s most recent tax returns, a personal financial statement and a schedule of liabilities that lists all your current debts.

Call the SMB Loans Customer Service Center at 1-888-357-3547 for help with your application.

 

SBA 7(a) Program

SMB Loans offers several loan programs designed for small businesses that may not qualify for traditional bank or conventional loans. The most common is SBA loan 7(a) multi-purpose business Loan program, which provides up to $5 million in working capital and is designed to help businesses manage and expand their businesses.

It is flexible because it can be used for a variety of purposes, including buying machinery or equipment or furniture, purchasing real estate, leasehold improvements, working capital or even debt refinancing. The maturity term for these loans is up to 10 years for working capital and up to 25 years for fixed assets.

 

 

SBA Express Loans

A unique benefit that the SBA Express loan offers over other SBA loans is a quicker decision process. Whereas other SBA loans may require extensive time before approval with a process that can take up to three months, an SBA Express loan allows business owners to get a decision and receive funding in a shorter amount of time. With an accelerated turnaround time for SBA review, borrowers are given a decision within just three days.

Qualifying for an SBA Express loan is pretty simple. There are a few requirements, like operating your business within the United States and not having any existing debt obligations to the government.

Basic Requirements:

  • Business must operate for profit
  • Must engage in operations within the USA
  • Should be in operation for at least 2 years
  • Must qualify as a small business according to SBA size standards
  • Must be able to prove/show a need for financing
  • Must be able to show that funds will be used for sound business purposes
  • There can be no delinquencies on previous debts to the government
  • As with all other federally sponsored loan programs, the government requires borrowers to be of good character and demonstrate the ability to repay the SBA Express loan debt.

Call the SMB Loans Customer Service Center at 888-357-3547 for help with your application, or APPLY ONLINE to pre-qualify in just 15 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!

 

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