Paycheck Protection Program Update | 4/24/2020

Dear Valued Clients & Partners,

With the House of Representatives passing the new $484 billion relief package, where $310 billion has been allocated to refill the depleted Paycheck Protection Program Funds, the Small Business Administration has issued new guidance for companies applying to receive relief funds. Companies applying for the coronavirus relief funds must certify that the loans are necessary and that they cannot tap other sources of money. You can learn more about SBA’s new guidance and other Frequently Asked Questions here.

Please let us know if you have any questions. Our team will continue to keep you informed as more information becomes available.

Paycheck Protection Program Update | 4/23/2020

Dear Valued Clients & Partners,

We wanted to give everyone an update on the SBA Paycheck Protection Program loans and what is coming down the pipeline. As many of you have already been made aware of, the original round of PPP funding has been depleted much quicker than anticipated. Just this week, the Senate has reached an agreement to add an additional $310 billion into the Paycheck Protection Program to refill the depleted PPP funds and assist small businesses that missed out in round one. Our team has been in constant contact with members of the SBA regarding this “second round” of funding and will release information regarding it as soon as it becomes available.

What we do have, however, is the following information regarding the second relief package:

• $484 billion: Size of the total relief package

• $310 billion: New amount allocated for Paycheck Protection Program

• $250 billion would be open to all lenders

• $60 billion would be reserved specifically for smaller lenders

• $10 billion would be reserved for emergency grants

• $75 billion would go to help hospitals

• $25 billion: COVID-19 testing

As always, please let us know if you have any questions. We will continue to keep you informed!

Important PPP Program update | 4/16/2020

We all knew that the first round of PPP funds was going to be exhausted at an incredible rate. A second round of PPP Monies have already been requested from the SBA to congress, so we feel it is still very wise to ensure that your borrowers remain in line, apply though our unique link as well as through their local bank so they are still ready for the next wave of SBA PPP funds. Additionally, there is an additional Bill being worked on for another $1T in SBA 7a loans for Business Owners – this is just round 1 of 10! While the government funds are being worked through legislation, the good news is there are thousands of lenders offering financing to Small Businesses now who need it. These options are not on standby for the Government to come out with the next Bill. We have businesses who can apply now for Business Loans to support their businesses until the big money comes behind. To expand our products our team has brought on several business loan options and will continue to keep adding business loan lenders to our platform until we have every financing bucket filled.

We anticipate having Business Loans available to all of our applicants by 4/20/2020

Stay tuned for next update!