STAMFORD, Conn., Jan. 11, 2021 /PRNewswire/ -- Eligible business owners will be able to begin their applications for the next round of the Paycheck Protection Program ("PPP") loans today. The Program, replenished with an additional $284 billion, will remain open for applications until March 31, 2021.
SBA Funding will facilitate first and second draw PPP loans for small business owners seeking to take advantage of stimulus provided through the recently passed Economic Aid Act. Through its servicing partner, borrowers will access an online, self-directed process to both apply and revisit the status of their loan through loan disbursement (payout). SBA Funding's servicing partner will access a variety of lenders authorized to make PPP loans.
While interested business owners should be prepared to begin their applications as soon as possible, there is reason to suggest that the $284 billion allocated for the Program will not be exhausted quickly. When the original Program closed in August 2020, it still had approximately $130 billion unallocated to business owners.
There is no minimum loan amount requirement, but borrowers may receive up to $2 million. PPP borrowers can use loan proceeds to cover payroll costs, rent and lease expenses, mortgage interest payments or utilities services. In addition, eligible use of loan proceeds has been expanded to include software costs for business operations, supply costs that are essential to operation, and worker protection expenses to meet safety requirements.
"It is important to note that the vast majority of business owners and business types are eligible. If you're a sole proprietor or an LLC with dozens of employees, you may be eligible," said Steve Rabinovici, SBA Funding's Chairman. "We facilitated PPP loans in the first draw from $1,000 to $9 million - what's important is that all businesses adversely affected by Covid-19 know they have an opportunity to access a 100% forgivable loan."
First time borrowers applying with community lenders will have first access to the Program on Monday, with second time borrowers gaining access through those lenders on Wednesday. It is unclear when the Program becomes accessible to all borrowers and lenders.
To begin your application for a PPP loan, please visit: https://www.smartbizloans.com/apply?partner_id=sbaloangroup&sb_apply_form=paycheck_protection
Small businesses always have the opportunity to apply for additional, long-term SBA financing through SBA Funding. If you would like more information about this topic, please call Rebecca Harris at (203) 339-2643 or email [email protected].
SBA Funding is a division of Business Funding Group. SBA Funding, together with its affiliate, SBA Loan Group, is one of the largest packagers of SBA loans to small business owners in the country. We are a team of entrepreneurs for entrepreneurs. Our SBA expertise and client first approach ensures that our clients maximize their loan amounts and close quickly.
Contact: Rebecca Harris, Business Funding Group
Phone: (203) 339-2643
Email: [email protected]
SOURCE SBA Funding