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SBA Paycheck Protection Program

Due to the overwhelming number of applicants, we are no longer accepting applications.

What you should know

The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.

See the most updated information on terms, rates, loan forgiveness, eligibility, and application requirements HERE.

Required Documentation:

Completed SBA PPP application

Copy of driver’s license of all 20% or more owners (front and back)

IRS form 940 and 941 (as of 31 Dec 2019 and 31 Mar 2020, respectively)

Payroll reports, or any acceptable documentation proving paid payroll as of February 15, 2020, or closest date

Annual payroll report for 2019

If an SBA EIDL loan was made between 1/31/2020 and 4/3/2020, a copy of the note

Summary of Loan Details:

Interest rate: 1%

Term: 2 years

Collateral: None

Prepayment penalties: None

Personal Guarantee: None

Loan Forgiveness: fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months.

Fees: neither the government nor lenders will charge small businesses any fees.

Payroll restrictions: payroll costs are capped at $100,000 on an annualized basis for each employee. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.

Eligibility: small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors— are eligible. Businesses with more than 500 employees are eligible in certain industries.

Timing: starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap. Other regulated lenders will be available to make these loans as soon as they are approved and enrolled in the program. The program is open until June 30, 2020.

Questions?

Call, text, or email:

833-Brook-CC (833-276-6522)

Info@BrookCapConsulting.com

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