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Terms
How Does it work?
Paycheck Protection Program (PPP) loans are available for up to 2.5 times (or 3.5x for restaurants and hospitality) of your average monthly payroll* during the year preceding the application.
Eligible For 100%
We want to make sure your loan is eligible for 100% forgiveness. Regardless, your worst case scenario is a 1% fixed rate APR for the life of the loan
Payment Deferral
All payments (principal, interest and fees) are deferred for 10 months; however, interest will continue to accrue over this period.
*You do not need formal payroll. If you pay yourself in cash, owner draws, transfers, etc - it still counts!
DO I QUALIFY FOR A SECOND PPP?
How to tell if your business qualifies for a second draw
Out of Funds
You must have used up all of the funds from your first PPP. That's it. It does not matter if you have applied for loan forgiveness or not.
Revenue Decline
Your business must have suffered a revenue loss of 25% or greater (for a single quarter or the entire year).
Not Sure? We have financial professionals ready to review your case!
Still in Business
It is ok if you closed doors for a few, but if you are shut down for good, the SBA will not approve your application.
What we do
1. Initial Consultation
2. Strategy
3. Application Process
4. Using Funds 101
5. Get Ready For Forgiveness!
Breakdown
Initial Consultation
We want to get to know you and your business (You don't need to have a formal payroll! Also side gigs do count!)
Strategy
We've partnered up with Remedy Tax to strategize and help you realize your full eligible amount.
Application Process
We've Partnered up with Biz2Credit, an SBA-Approved Lender, providing you a direct link to obtaining your funds!
Using Funds 101
We will provide you with the necessary tools and easy set of guidelines to make sure that you qualify for 100% forgiveness.
Additionally
Keep in mind that you must apply for forgiveness. We will prepare you with what you'll need, but as an additional service, we will make sure that your forgiveness application is completed correctly with all documentation.
