How we can help:
You do not have an existing banking relationship or do not have confidence that your current bank will be responsive
You want a PPP loan, but do not want to change or transfer bank accounts to another bank to obtain one
What:
SBA PPP Loans for Small Businesses – New Stimulus Bill Approved – Next Round of PPP Funding is here!
- A second loan for small businesses with less than 300 employees with a revenue reduction of at least 25% in the first, second or third quarter of 2020 relative to the same quarter in 2019.
- A maximum second loan amount of $2 million for most businesses at 2.5 times their average monthly payroll costs, although some food service and accommodations businesses could see more, as their maximum equals 3.5 times their monthly payroll costs.
- Creation of a simplified loan forgiveness application form consisting of a one-page certification that requires the small business to list the loan amount, the number of employees retained and the estimated total spent on payroll costs.
- Forgiveness for small businesses if they spend at least 60% of their PPP second draw loan on payroll costs during the covered period.
- Expansion of covered expenses to include software, cloud computing resources and human resources and accounting needs, as well as property damage costs due to public disturbances that were not covered by insurance, supplier costs and the purchase of personal protective equipment.
- Expansion of covered expenses to include software, cloud computing resources and human resources and accounting needs, as well as property damage costs due to public disturbances that were not covered by insurance, supplier costs and the purchase of personal protective equipment.
- Expansion of eligibility to include 501(c)(6) nonprofits, such as local chambers of commerce, as well as destination marketing organizations, housing cooperatives, newspapers, broadcasters and radio stations.
- Repeal of a previous CARES Act provision that required small businesses to deduct any Economic Injury Disaster Loans from PPP loan forgiveness.
- An override of an IRS ruling that barred small businesses from deducting from their taxes expenses paid for with PPP loans.
- Prohibition on publicly-traded companies accessing the PPP. Entities affiliated with the Chinese government are also ineligible.
- Prohibition on publicly-traded companies accessing the PPP. Entities affiliated with the Chinese government are also ineligible.
- The creation of a farmer and rancher calculation for PPP loans, as well as codifying rules for faith-based organizations and churches to maintain their eligibility in the program.
- PPP loan borrowers to choose two covered periods, an eight-week covered period or a 24-week covered period, in which to spend the loan proceeds.
- Voluntary release of demographic information for loans. However the SBA is mandated to include a demographic questionnaire in the loan origination application.
- Clarification that group insurance payments count as payroll costs, including group life, disability, vision and detail insurance.
- Ineligibility for businesses that receive a grant under a separate, $15 billion program for venues.
- A reapplication option for the PPP maximum for any business that returned all or part of their PPP loan so long as they have not received forgiveness yet. And any borrower that would have gotten a larger loan under the new legislation can reapply for the difference.
Who:
Dedicated PPP partners. Exclusively focused on originating and servicing PPP loans
Eagle Bend Capital and our Lending partners who are national SBA-approved non-bank leaders in PPP loan origination and servicing, closing $4B in loans during the last round of funding. Dedicated servicing team with over 20 years of experience.
Process:
Specialized software that creates a streamlined, fast, paperless and simple online PPP loan application process
Online application portal has opened in anticipation of the new legislation that has passed
Fill out a short contact form to get started (You will be getting one email from us which will include instructions to set up your account and their unique link to our portal. Then you will be able to log in and complete a two-step verification process and then will be able to follow instructions and start up loading the necessary documents once applications start processing as soon as the SBA opens up the application process).