877-600-2487

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Paycheck Protection Plan (PPP) Overview

The Paycheck Protection Plan (PPP) is SBA’s forgiveness plan that was created to help small business owners navigate the Corona virus/ COVID-19.  This page includes the important details you’ll need to get approved.

Questions?  Call 877-600-2487 or email [email protected]

Who Can Apply?

Any business in operation and paying employees before February 15, 2020 that has 500 employees or less can qualify, including sole proprietorships, independent contractors, self-employed individuals, and nonprofits.

How Much Money Can I Get? 

You can be approved for 2.5 times your average payroll for the last 12 months minus any employee or contractor making over $100,000.  To calculate how much you may get, add your total payroll (subtracting anyone making over $100,000) over the last 12 months, divide that number by 12, then multiply that times 2.5. There is a maximum loan about of $10,000,000

Forgiveness

The loan/grant will be 100% forgiven if within the 8 weeks after loan is issued, 75%+ of funds are used for payroll and no more than 25% of funds are used for interest on mortgage, rent, and utilities. 

Loan Terms

Payments are deferred for 6 months after loan is issued!  Any amount of loan not forgiven will be paid back over 2 years at a 1% interest rate.

How To Apply

Applications are now being accepted!  You can apply through most Federally insured banks and credit unions, Click Here for a list of SBA’s top 100 lenders.  As you’ve seen on the news and probably already know, many banks are having issues processing applications, hit their limit, or aren’t accepting applications at all.   

So, we’re making available our SBA broker who charges $2,000 app fee for SBA loan handling. They work with PPP, EIDL (including the $10,000 Forgivable loan/Grant), 7(a), and 504 Loans. They also deal with over 10 SBA funding sources including community banks, and they DON'T require extensive documentation. 

To get approved, complete the short questionnaire and our team will contact you:

Please note: By providing your email address, you are consenting to receive electronic communications from Credit Suite and allows us to send your information to our PPP Loan providers. 

Documentation Needed

You will need to provide payroll documentation to be approved. CLICK HERE for the exact docs that you’ll need to get approved.

Loan Features

This loan requires no collateral or personal guarantee and is non-recourse.  It is 100% guaranteed by SBA.  If you secured an SBA Economic Injury Disaster Loan (EIDL), that loan amount will be rolled into this new PPP loan.

Additional Details

We cover all the details of the PPP in our recent webinar, CLICK HERE to watch.

Want the slides of the webinar to review later? CLICK HERE to download.

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