STAMFORD, Conn., Jan. 25, 2021 /PRNewswire/ -- As the second week of the Paycheck Protection Program ("PPP") gets underway, SBA Funding, a division of Business Funding Group, LLC, is actively facilitating applications for PPP loans being funded by a variety of U.S. Small Business Administration authorized lenders. Interested business owners can start their applications by visiting: https://go.sbafunding.com/PPP3.
"In the first two weeks of the program, SBA Funding has helped over 5,000 business owners with their PPP applications, of which nearly 70% of those loans were under $50,000," said Steve Rabinovici, SBA Funding's Chairman. "Helping entrepreneurs is the core of our business and we're hearing from business owners every day about the positive impact PPP has on them and the communities they serve."
The U.S. Small Business Administration announced that in the first seven days of the Program, it approved approximately $5 billion in PPP loan applications. The Program, replenished with an additional $284 billion will remain open for applications until March 31, 2021 or until funds are exhausted.
PPP was rolled out to first time borrowers applying with community lenders, but as of January 19, the Program is open to lenders of all sizes serving all eligible businesses. There is no minimum loan amount required and borrowers may receive up to $2 million. PPP borrowers can use loan proceeds to cover payroll costs, rent and lease expenses, mortgage interest payments and utilities services. In addition, eligible use of loan proceeds has now been expanded to include software costs for business operations, supply costs that are essential to operation, and worker protection expenses to meet safety requirements.
SBA Funding, through its servicing partner provides access to an online, self-directed process to both apply and simplify loan forgiveness. SBA Funding's servicing partner will access a variety of lenders authorized to underwrite PPP loans. Neither SBA Funding nor it's servicing partner charge a fee to clients in the course of securing their PPP loan.
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]