COVID-19 Paycheck Protection Program
Offering 1st and 2nd ROUND PAYCHECK PROTECTION PROGRAM (PPP)
2nd Round PPP:
- Paycheck Protection Program is offering a 2nd round loan to businesses under 300 employees, with loan calculated at 2.5 times payroll
- Loan can be used for payroll and overhead
- Business must demonstrate at least a 25 percent reduction in gross receipts in the first, second, or third quarter of 2020, relative to the same 2019 quarter
1st Round PPP:
- Paycheck Protection Program is offering small businesses under 500 employees loan amount calculated at 2.5 times payroll
- Loan can be used for payroll and overhead.
- If compliant, funds can be forgiven by the US government for maintaining a level of business activity & remaining compliant- above applies to Profit and Not for Profit
- Above is subject to change based on SBA guidelines
All Newtek PPP Loan Prospects
Please see link for press release demonstrating that we are processing PPP loans. However, given the backlog, we cannot guarantee that a submission will be handled in any reasonable time. We encourage you to put in an application and won’t discourage you to apply elsewhere, but please note that you cannot and should not process 2 applications. All PPP loan applications are subject to Newtek and SBA approval, and available funding under the CARES Act.
Our current wait time at best is 1-2 weeks from filling out this application and receiving next steps via email. This timetable is always subject to revision and change. Due to the crisis, we apologize that our typical standard service isn’t possible. We will communicate with you via email regarding next steps.
Please submit your application and be safe.