NEW YORK, April 13, 2020 /PRNewswire/ -- Celeri Network, a New-York based online small business loan broker, has announced they are aiding in meeting the insatiable loan demand emanating from clients seeking to tap funds from the Small Business Administration CARES Act legislation.
"$349 billion in federal funding is available to small- and medium-sized businesses throughout the country, and our aim is to process every penny of it available to our hard-working clients who cannot get prompt responses from their very own banks," says Chairman and CEO Justin Cheng. "Navigating Washington is never easy – unless you have skilled hands showing you the way. That's our job."
SBA Section 7(a) loans are the typical SBA loans that are commonly available through numerous banks and other lenders. These loans are typically thought of when discussing SBA loans. The CARES Act created a new loan program – the "Paycheck Protection Program" Loans. Paycheck Protection Program loans may have a principal loan amount of up to $10 million (see below for limitations). Loans may have a term of up to 10 years and bear interest at a rate of no more than 4% per annum (with payments to be deferred for at least 6 months and at most 1 year). The loan can be prepaid without penalty. In addition, Paycheck Protection loans will be allowed to be used for the following additional purposes:
- Payroll support (including paid sick or medical leave);
- Employee salaries;
- Mortgage, rent and utility payments;
- Insurance premiums; and
- Other debt obligations.
The process of distributing funds has been slow, uneven and unclear thus far, and this is causing deep consternation among borrowers in a time of crisis. Writes the Wall Street Journal: "Despite the Trump administration's promise to deliver aid quickly, small-business owners who have applied for federally guaranteed loans to keep them afloat during the coronavirus pandemic are still largely waiting for the money, according to business advocates and banking industry officials."
The $350 billion Paycheck Protection Program opened a week ago with loans to companies with 500 or fewer employees and expands Friday to include independent contractors and self-employed individuals.
Yet even as the program expands, the first applicants are still waiting for funding, fueling anxiety among business owners whose revenue has tanked and whose bills are piling up.
Celeri Network stands ready to help businesses and individuals looking to participate in the Paycheck Protection Program.
About Celeri Network
We offer business loans for people who want to expand their business, hire new staff, or build inventory. We also provide student loans, to people who want to continue their education or build their dream career path.
Celeri Network is located in the heart of the financial district, at 180 Maiden Lane NY, NY 10038, giving us access to the latest trends in technology and providing clients and potential clients with up-to-date convenience.
SOURCE Celeri Network, Inc