Here are some details about the current round of PPP:
- Total funding for this round is $284 B.
- It is open to those who received PPP loan money in the first rounds if they can demonstrate a 25% reduction in sales in any quarter of 2020 compared to the same quarter of 2019. You may also compare full year 2020 to full year 2019.
- It is also open to first time borrowers.
- The loan amount for most borrowers will be equal to 2.5x monthly payroll expenses.
- The loan amount for restaurants and hotels will be equal to 3.5x monthly payroll expenses (Includes all NAICS 72 entities).
- Loan forgiveness will be simplified.
- Expenses paid with PPP funds are now tax deductible.
- Funds can be spent over a 6 month period.
- Spending restrictions are loosened. In addition to payroll, rent and utilities, funds can now also be spent on items such as PPE and to fix property damage due to “public disturbances”.
Terms of the loan:
- Interest rate of 1%
- 5 year term
- First payment deferred for 12 months
- No fees
- No personal guarantee, no collateral
- Most importantly, the entire loan can be forgiven
We work with Prime Commercial Lending and ACAP & The Loan Source, who manage $4 Billion in PPP loans. We are committed to helping you gain access to these funds with no additional fees.
By creating an account today with ACAP & The Loan Source you will be poised to move fast and get your funds as soon as possible. Once your account is created, you will be given access to a portal to view and track the loan process. Our qualified support team standing by to help you.
Click the link below to start the process.
Here are some items to have ready to upload to the portal:
- Revenue Reduction Report – Gather financials and bank statements to help support this.
- Payroll Records – To confirm your business was in operation February 15, 2020.
- Business Documents – Your articles of incorporation and W9.
- Personal Information – For any owners you may need to provide valid identification.
- Tax Returns & Statements – Have these available if needed.
We also have Working Capital and other financing available. Please call today for more information.