IMPORTANT: If your business has been affected by the coronavirus please don’t hesitate to reach out. We are actively lending, our loan process is conducted online, and we have remote staff ready to assist you.
Apply for the CARES Act Paycheck Protection Program – Start Here
Apply for this help only takes about 2 to 5 minutes and can help get your business back on track to get through these trying times.
The SBA has issued some additional guidance on the CARES Act Paycheck Protection Program (PPP) which includes the following:
- The interest rate is now 0.5% (down from 4%)
- The loan maturity is now 2 years (down from 10 years)
- The first loan payment is deferred for 6 months
- No collateral or personal guarantee required
- No SBA or lender fees (we also charge NO fees)
The Coronavirus Aid, Relief, and Economic Security Act in the Senate (the “CARES Act”), will increase the maximum SBA’s 7(a) loan amount to $10 million and expand allowable uses of 7(a) loans to include payroll support (including paid sick or medical leave), employee salaries, mortgage payments, insurance premiums and any other debt obligations.
Please note that the CARES Act is not the same as the SBA economic injury disaster loan (EIDL) program that is already available on the SBA website (the SBA provides EIDL, not us), nor may it be used for the same purpose. Borrowers should evaluate both programs and choose accordingly.
Any applications that have been previously declined, or are specifically submitted for disaster relief financing, will be evaluated for a CARES Act SBA 7(a) loan as soon as it becomes available. Please note that we are still actively lending and offering our core loan programs as well.
Start your CARES Act SBA 7(a) Loan Application for $100,000 or more by Clicking Here.
