SBA Offering 6 Months Of No Payments AND No Guarantee Fees

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We have great news! The next round of the SBA Paycheck Protection Program (PPP) funding is here.

The PPP program allows eligible borrowers to obtain loans at favorable terms, with the possibility of forgiveness. A PPP Loan can help your business rebuild and stay afloat during these difficult times.

If you are applyling for the first time or considering your second PP Loan, we can help.

Our PPP Partner is the #1 online platform helping banks in it's network fund nearly $4 Billion in SBA, PPP and bank term loans.

An Paycheck Protection Payment Loan can be used for the following:

  • Employee Payroll
  • Employee Salaries and/or Commission
  • Group Health Insurance Expenses
  • Worker Protection Equipment & PPE
  • Rent and/or Mortgage Payments
  • Utilities
  • Software or Cloud Computing Expenses
  • Costs related to property damage and vandalism or looting due to public disturbances not covered by insurance or other compensation

  • Costs of the supply of goods that are essential to business operations
  • Covered worker protection expenditures that help adapt business activities to COVID safety requirements

Dont' Wait! It is important to apply as soon as you can. The approved PPP Funds are set to end on March 31st, 2021. During the first round, the funds ran out prior to the end date.

Apply For PPP#2

100% confidential

PPP Loan #2 Program Highlights

  • 1% Interest Rate
  • No Minimum Credit Score
  • Loan Amounts Up To $2 Million
  • No Collateral or Personal Guarantees Required
  • Possible Forgiveness Available
  • 2 Year Term
  • No Payments For 10 Months

PPP Frequently Asked Questions:

Who Is It Best For?

  • Businesses with less than 500 employees that are negatively impacted by the pandemic and are applying for their first PPP loan. Previous PPP loan recipients with business less than 300 employees can also qualify if they have more than a 25% drop in revenue quarter over quarter from the previous year. If you are applying for your second PPP loan, you will need to have used the full amount of funds from your first PPP loan before your second is disbursed.

Who Is Eligible?

    • Your business was in operation as of February 15, 2020.
    • You have 500 or fewer employees.
    • You are an independent contractor, sole proprietor, self-employed individual, or business partner (though only one PPP application can be submitted per partnership).s
    • You have employees for whom you paid salaries and payroll taxes are reported on Form 1099-MISC. This also applies for paid independent contractors.
  • You Must Certify That:
    • Economic uncertainty makes your loan request necessary.
    • You will use the funds to retain workers, maintain payroll, and/or make payments on mortgages, leases, and utilities.
    • You do not have a current PPP loan or EIDL application for the same purpose (over the same period).
    • From February 15, 2020–December 31, 2020, you did not receive a PPP loan or EIDL for the same purpose (over the same period).

How Much Can I Borrow?

    • PPP loans are calculated based on 2.5 times your business monthly payroll costs. If you own a restaurant, hotel, or live venue that falls under a NAICS code starting with 72, you can apply for 3.5 times your monthly payroll costs for your Second Draw.
    • Payroll costs include compensation, as outlined above, along with other payroll-related costs like retirement payments, state and local taxes on payroll, payment for vacation or paid leave, group healthcare costs, and allowances for separation or dismissal.
    • For a comprehensive outline of what is used and excluded, you can visit our PPP loan estimator, where you can also get an estimate on your potential PPP loan size.

Online Application With Immediate Pre-Qual!

At 1st Commercial Lending, we pride ourselves on guiding each client through the often challenging and confusing process of business Financing. Our business Loan Specialists have over 35 years of combined lending experience and will work with you to evaluate the financial feasibility of the opportunity you are considering.

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Questions?

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To speak with a Practice Loan Advisor Call Us: (877) 625-8531 or