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How to Get a New Payroll Protection Program Loan with a streamlined process...
A new Payroll Protection Loan Program (PPP Loan Program) has been authorized by Congress to provide a direct incentive for businesses to keep employees on the payroll. The $284 Billion in authorized funding will be disbursed to small businesses through SBA Approved lenders.
This round of Payroll Protection Loan funding is available for businesses with less than 300 employees who have suffered a revenue reduction of at least 25% in the first, second or third quarter of 2020 relative to the same quarter in 2019.
The maximum second PPP loan amount is $2 million for most businesses and capped at 2.5 times their monthly average payroll costs. (Some food services and accommodations businesses will have a PPP loan limit set at 3.5 times their monthly payroll costs.
In general, forgiveness of the Payroll Protection Loan will be made to the extent that at least 60% of the loan proceeds are spent on payroll costs. There is likely to be a simplified loan forgiveness form consisting of a one-page certification requiring the small business to list the loan amount, the number of employees retained and the total amount spent on payroll costs.
The new Payroll Protection Program includes a broader range of expenses that can be forgive. These covered expenses now include software, cloud computing resources, human resource and accounting needs as well as the costs of facility modifications (dividers, etc.) and the purchase of personal protective equipment.
There is more to communicate than would be appropriate for this page, and PPP program information and how it is interpreted continues to change. Still - if your business is a qualified borrower this is the best and cheapest money available to struggling small business - bar none!
Let K2 Commercial Finance help you secure your Payroll Protection Program loan as quickly and easily as possible. We are partnered with a SBA lender set up exclusively to process Payroll Protection Loans. All PPP Loans have the exact same terms so borrowers are NEVER charged an application fee.
The white glove application process is done completely online via a secure portal. You will have the opportunity for live chat or phone support and no prior banking relationship is necessary. All we need to begin the process is the legal name of your business, your email address and the business' EIN.
Please provide this information in the form below. You will quickly receive an email from a direct SBA lender asking you to complete the registration process directly with them.
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