SBA Paycheck Protection Program Loan
Help for Small Businesses SBA Disaster Loans
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GoKapital is determined to support the small business community during this time of uncertainty. It’s our mission to provide all business owners the resources they need to keep their businesses going
WIth the Coronavirus Aid, Relief, and Economic Security (CARES) Act, $350 billion will be made available to small businesses in federally guaranteed loans. This low interest rate loan may have 100% forgiveness for eligible businesses.
The SBA Paycheck Protection Program is designed to assist small businesses in retaining employees throughout and after the coronavirus crisis.
Get a Paycheck Protection Program Loan
Applying is free and it won’t impact your credit.
What is the SBA Payback Protection Program?
This new expansion of the SBA’s lending program (also known as the Coronavirus Stimulus Loan, or PPP Loan) helps businesses maintain their workforce during the current covid-19 pandemic. These loans are federally-backed and forgivable to eligible businesses. A few important details about this loan include:
- The business must have less than 500 employees (subject to limited exceptions), including 501(c)(3) nonprofit organizations, 501(c)(19) veterans organizations, and/or Tribal businesses.
- Loan proceeds may only be used for specific expenses, such as payroll costs, utilities, mortgage interest, rent/lease payments, group healthcare benefits, interest on existing debt, and other approved efforts to retain employees.
- Paycheck Protection Program loans do not require a personal guarantee nor collateral.
- Maximum loan size is up to 2.5 times average monthly payroll costs over the prior 12 months for most businesses, or over a more targeted period for seasonal businesses, but may not exceed $10 million.
- Impacted businesses may only receive one Paycheck Protection Program loan.
- All eligible entities impacted by COVID-19 between February 15, 2020 and June 30, 2020 may apply.