SBA 7 Lending &
including interest rate and fees
|LOAN TERM||TYPICAL PAYMENT FOR A $100,000 LOAN|
|9% – 36%|
|7 – 14 days|
|1 – 5 years|
|$5,000 per month|
Cash Advance Providers
|20% – 100%|
|1 – 7 days|
|less than 1 year|
|$12,000 per month
(daily payments required)
|5.04% – 10.29%|
|7 days or more|
|10 – 25 years|
|$1,110 per month|
|BANK TERM LOANS|
|11.67% – 31.66%|
|7 days or less|
|2 – 5 years|
|$2,075.35 per month|
What can PPP loan funds be used for?
- Payroll costs
- Insurance benefits
- Employee salaries and/or commissions
- Rent payments and/or mortgage payments
- Software or cloud computing costs for business operations NEW
- Costs related to property damage and vandalism or looting due to public disturbances not covered by insurance or other compensation NEW
- Costs of the supply of goods that are essential to business operations NEW
- Covered worker protection expenditures that help adapt business activities to COVID safety requirements NEW
Who is it best for?
Businesses with less than 500 employees that are negatively impacted by the pandemic and are applying for their first PPP loan. Previous PPP loan recipients with business less than 300 employees can also qualify if they have more than a 25% drop in revenue quarter over quarter from the previous year. If you are applying for your second PPP loan, you will need to have used the full amount of funds from your first PPP loan before your second is disbursed.
How much can I borrow?
Eligible businesses can apply for as little as $2,500 or as much as $2 million. Our streamlined application will even help you calculate the allowable loan amount for your business based on your payroll information.
PPP loans are 100% federally guaranteed and have a low interest rate of 1.00% and a term of 2 years. There is no collateral required and no repayment necessary for the first 10 months.
What documents are needed?
To apply for a PPP loan, you’ll need to submit your business and personal tax returns, business bank statements, and payroll history report. If you use a payroll reporting service like ADP or Gusto, you can download their PPP reports. Also, you can easily and securely link your payroll provider account directly to your PPP Loan application.
When you’re ready to apply for loan forgiveness, our integrated application uses your securely stored financial information to help ensure a fast turnaround.
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