Apply for your SBA PPP Loan in Minutes
Our online process is simple. Apply before the May 31, 2021 deadline to receive funds.
Our network of banks and SBA lenders have the HIGHEST approval rates and FASTEST processing times. Apply today for a quick approval.
Even if you received a 1st round of funding, you may qualify for the 2nd round.
SBA PPP Loan Relief
With a new round of funding made available by Congress, the SBA will be offering financial assistance via the Paycheck Protection Program to eligible business affected by the COVID pandemic. Independent contractors also now qualify.
How can you use the SBA PPP Loan?
Whether this is your first or second round of funding, there are many eligible uses for this COVID relief program.
Frequently Asked Questions
As an initiative of the CARES Act and Consolidated Appropriations Act, the Paycheck Protection Program provides small business loans with up to 100% forgiveness to assist businesses impacted by COVID-19. The goal of this program is to assist businesses retain their workforce and assist with operational expenses. These loans are meant to assist small businesses cover employee salaries, total payroll support, rent, utilities, and other business related debt-obligations.
Guidelines are constantly being updated by the SBA. But generally, your business must have been operating since February 15, 2000 and have less than 500 employees. Your business must also be currently operating and the owner(s) should not have major criminal charges.
If it’s your first PPP loan, the max loan amount may be up to 250% (or 2.5 times) your average monthly payroll costs for 2019 or 2020 or for a 1-year period before the date on which the loan is formed .
For a second draw PPP loan, the mac loan amount may also be up to 250% (or 2.5 times) your monthly average payroll costs. If your business is in food services or accommodations, the utmost loan amount are going to be up to 350% (or 3.5 times) your monthly average payroll.
For small businesses that filed a Schedule C in 2019 and are seeking PPP authorization after March 03, 2021, you’ll use (i) net income or (ii) gross income to calculate your maximum loan amount rather than average monthly payroll costs.
Depending on the legal entity of your business (LLC, Corporation, S Corporation, Sole Proprietorship, etc.) the documents will vary. But generally, you will need:
- Copies of official ID
- Copies of tax returns
- Copies of bank statements
Yes. Eligible PPP applicants can receive a second PPP loan if they have fewer than 300 employees and have experienced a 25% decrease in revenue each quarter.
With our online application, pre-qualifications are done almost instantly. Once you’ve uploaded documents, a team of underwriters review your loan request for accuracy. If your information is correct and complete, you could receive funds in a matter of days.
The deadline to apply is May 31.
Funds are subject to availability.
Send us a message and we’ll respond as soon as possible.
1 Paycheck Protection Program funds are limited and will be disbursed until May 31, 2021, or until funds have been exhausted, whichever comes first.
2 Eligibility requirements for loan forgiveness can be found at https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program/second-draw-ppp-loans
3 Your lender will be disclosed in application or Promissory Note. Minimum loan amount set at $25,001 for DC and TN.
4 Additional applicable timelines for businesses that were not in operation in Q1, Q2, Q3, and Q4 of 2019 are available. Applications submitted on or after January 1, 2021 are eligible to utilize the gross receipts from the fourth quarter of 2020.
5 If all or a portion of your PPP loan is not forgiven by the SBA, then your monthly repayment of the unforgiven amount will begin approximately 30 days after the lender has been notified of the SBA’s forgiveness decision or receives payment from the SBA.
6 Borrowers have until May 31, 2021, to communicate their chosen covered period to the lender. For purposes of loan forgiveness, the covered period is the period beginning on the date the lender disburses the PPP loan and ending on a date selected by the borrower that occurs during the period (i) beginning on the date that is 8 weeks after the date of disbursement, and (ii) ending on the date that is 24 weeks after the date of disbursement.