SBA Paycheck Protection Program (PPP)

SBA PAYCHECK PROTECTION PROGRAM

Overview

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program (PPP), the initiative provides 100% federally guaranteed loans to small businesses. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.

SBG Funding is working hard to help you protect the business you’ve built, and the families it supports. We are moving quickly to give you access to the Paycheck Protection Program loan under the new federal legislation. This loan can be used to cover payroll costs and other expenses during these difficult times.

I Need a Paycheck Protection Loan

Quick and easy, no obligation:

Get Funding Today - PPP

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PPP Overview

  • Loan Amounts up to 2.5x Your Average Monthly Payroll with a Maximum of $10 Million

  • Any small businesses that have been affected by COVID-19 with 500 or fewer employees and were in operation on February 15, 2020. This includes sole proprietorship, independent contractors, eligible self-employed individual, non-profit organizations, and tribal concerns.

  • No Collateral or Personal Guarantees
  • Interest Rates – 1% Fixed Rate
  • No Prepayment Penalties
  • Loan Term – 2 Years
  • Deferred Payments for 6 Months

Loan Forgiveness

The loan amounts could be 100% forgiven if:

  • The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8-week period after the loan is made; and

  • Employee and compensation levels are maintained.

How to Apply

  • Complete PPP Application Here and Upload the Documents Below:

    • - Past Three Months of Business Bank Statements
    • - All applicable payroll tax filing forms such as:
      • - 941's, 944's, and 1099's
    • - Past 12 Months of Payroll Records
  • Once Received, a Dedicated SBG Funding Specialist will reach out to discuss next steps

Please note: SBG Funding is not a direct lender for the Paycheck Protection Program. SBG Funding is an agent working with SBA approved lenders to rapidly process applications for these loans as they become available. SBG Funding does not charge any fee’s to applicants for aiding in the facilitation of obtaining Paycheck Protection Loans.

CARES Act, Additional Information & FAQ’s

What is the Paycheck Protection Program?

The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.

Who is Eligible for the PPP?

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.

How Much Money Can I get

Loans can be for up to two months of your average monthly payroll costs from the last year plus an additional 25% of that amount. That amount is subject to a $10 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.

What Can I Use the Money For?

You should use the proceeds from these loans to cover your payroll costs, interest on mortgage payments or rent obligations, and to pay any other business Utilities for which services began before February 15, 2020.

How Can My PPP Loan be Forgiven?

Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

When Can I Apply?

Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.
Other Financing Options

For more information on PPP and other disaster relief efforts, visit our COVID 19 resource center.

Need additional funding to your SBA, PPP, or EIDL?
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