SBA Paycheck Protection Program is designed to provide a direct incentive for small businesses that are adversely impacted by COVID-19 crisis to keep their workers employed. Total of $357 billion dollars will be funded to small businesses around the nation to help them retain employees and cover a part of their operating expenses.
The SBA relief loan program will only be available for a limited time, in accordance with the Coronavirus Aid, Relief, and Economic Securities (CARES) Act. To help businesses survive during these trying times the Capital Rams have started accepting applications through a streamlined process to help your business get funded through one of our 8 SBA preferred lenders.
All businesses – including nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors – with 500 or fewer employees can apply. Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries.
**Although the program is open until June 30, 2020, you should apply as quickly as you can due to the funding cap ($349 Billion).
You can apply through us for FREE by submitting a quick loan request – Apply Now
Benefits of applying through us:
Payroll costs are defined as:
Example: Some employees make more than $100,000, outstanding EIDL loan of $100,000
The act expressly excludes the following:
No. Independent contractors have the ability and must apply for a PPP loan on their own.
If you use PPP funds for unauthorized purposes, SBA will direct you to repay those amounts and the loan will not be forgiven. If you knowingly use the funds for unauthorized purposes, you will be subject to additional liability, such as charges for fraud.
Yes. However, Keep the following in mind:
You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, and utilities payments over the 8 weeks after getting the loan. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.
You will also owe money if you do not maintain your staff and payroll.
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Non Profit Organization
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