Small Business Programs and Loans
Paycheck Protection Program (PPP)
A forgivable loan program that offers the following:
Loans of up to 2.5 times the borrowers average total monthly payroll(limited to $10 million) for businesses with 500 or less employees.
Interest rates capped at 4% with deferred interest payments for 6-12 months.
No personal guarantees or the use of assets as collateral required.
Application period ends June 30, 2020.
The PPP loan has a forgiveness provision allowing the borrower to apply for loan forgiveness in an amount equal to the payroll costs, rent, utilities, and interest paid on mortgages during the 8 weeks after the loan is made.
Economic Injury Disaster Loan (EIDL)
Emergency loans of up to $2M to assist companies affected by COVID-19.
Streamlines the process and waives personal guarantees on loans under $200k.
Provides emergency grants of up to $10k within 3 days of completing the application.
Note: The amount of the grant would reduce any loan forgiveness under the PPP.
We are here to help you make sense of these programs and what is possible for you and your business. We're setting aside special times just for this crucial, business-saving work.