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Streamlined Paycheck Protection Services

How to Keep Your Workers Paid and Employed with a
Paycheck Protection Program (PPP) Loan

What is it?

Congress has passed and the President has signed into law the Coronavirus Aid, Relief, and Economic Security Act (commonly known as the CARES Act).
The CARES Act created the Paycheck Protection Program (PPP) to help you pay certain operational costs like payroll, rent, health benefits, insurance premiums, and utilities. All or substantially all of these PPP loans are forgivable. What this means to you is that the Federal Government effectively will pay up to eight weeks of your payroll costs, interest on mortgages, rent, and utilities.
No collateral or personal guarantee is required for a PPP loan. The interest rate on loans under the program is not to exceed 1%. There will be no prepayment penalty for any payments made. Additionally, the administrator/lender has no recourse against any individual, shareholder, member, or partner of an eligible loan recipient for non-payment, unless the individual uses the loan proceeds for unauthorized purposes.

How to Keep Your Workers Paid and Employed with a
Paycheck Protection Program (PPP) Loan

What is it?

Congress has passed and the President has signed into law the Coronavirus Aid, Relief, and Economic Security Act (commonly known as the CARES Act).

The CARES Act created a new Business Loan Program category For the period from February 15, 2020 to June 30, 2020. The law allows the Small Business Administration and Banks to provide 100% federally-backed loans up to a maximum amount to eligible businesses to help pay operational costs like payroll, rent, health benefits, insurance premiums, utilities, etc. Subject to certain conditions, loan amounts are forgivable.

No collateral or personal guarantee is required for a loan. The interest rate on loans under the program is not to exceed 4%. There will be no subsidy recoupment fee associated with the loans and no prepayment penalty for any payments made. Additionally, the Administrator/lender has no recourse against any individual, shareholder, member, or partner of an eligible loan recipient for non-payment, unless the individual uses the loan proceeds for unauthorized purposes.

Who is Eligible?


Are you a For-profit, Non-profit 501(c)(3), or Veteran's Organization 501(c)(19)?


Do you operate in the U.S.? (Operational on February 15, 2020)


Do you have fewer than 500 Employees? (Including full-time/part-time)


What are the Terms of a PPP Loan?


What is the Maximum Amount of the Loan
that May be Forgiven?

All or substantially all of the loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent and utilities. Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease by more than 25%.

If you wish to calculate your estimated loan amount and the estimated portion of the loan that will be forgiven click here:

CALCULATE ESTIMATED LOAN AMOUNT

Ready to Start the Application Process?

Although the program is open until June 30, 2020, we encourage you to apply as quickly as possibly because there is a funding cap and SBA lenders need time to process your PPP loan. Analysts estimate there will be more than $1 trillion in demand and the PPP program only has $350 billion in appropriation.

CALCULATE ESTIMATED LOAN AMOUNT