Round 2 of the PPP is here! Apply here to get relief funds.
Apply for a PPP loan through GConnectPro to match with a PPP lender quickly. GConnectPro is not a lender, but we will make consistent efforts on behalf of your business to help you get approved for a PPP loan. At GConnectPro, we will assist you with the application process throughout the program, till the funds allocated for the program have been exhausted.
1% fixed APR for the loan’s life
Payments deferred for 10 months
On all qualified business expenses
This time the SBA has reduced the eligibility requirements for PPP loans. As a result, some business types that were excluded from previous rounds of PPP funding are now eligible to receive funding. These include:
Also, there’s a provision that might provide some more relief for struggling restaurants. According to the provision, if you’re an accommodation or food service business that falls under a NAICS starting with “72” and you have 500 or fewer employees per physical location, then each location can individually apply for a PPP loan.
If the funds from the initial PPP loan weren’t enough to help you overcome the hardship caused by the COVID-19 pandemic, you may be able to get a Second Draw.
The following is the criteria you need to meet to qualify for a Second Draw:
Owners of a restaurant, hotel, or live venue, that falls under a NAICS code starting with “72,” can apply for up to 3.5 times their monthly payroll costs for the Second Draw.
You can receive a maximum amount of $2 million for a Second Draw. Moreover, the aggregate total amount any borrower can receive from the First Draw and Second Draw PPP loan combined is $10 million. The aggregate total amount that businesses within a corporate group can receive is $20 million.
To qualify for a PPP loan round 2, your business needs to meet the following criteria:
And, you must also certify that:
We can help you secure the funding that your business needs!
A Paycheck Protection Program (PPP) loan is a potentially-forgivable government-backed loan designed to help small businesses and nonprofits that have experienced business disruptions due to the COVID-19 pandemic. Borrowers who are eligible can qualify for up to 2.5 times their monthly payroll costs. Such PPP loans can be used to pay for payroll and other related expenses. Eligible expenses incurred/paid for during the 24-week period following receipt of loan funds may be eligible for loan forgiveness.
Your business needs to meet the following criteria to qualify for a PPP loan:
PPP loans are intended to help small businesses maintain payrolls and continue necessary payroll-related payments like rent and utilities. The full allowable uses of the loan are:
Yes, PPP funds are still available. Through the PPP Flexibility Act, the program was reopened in January 2021. Applications are open till March 31, 2021, or till the funds are exhausted, whichever comes first.
You may be able to get a Second Draw if the funds from your initial PPP loan were not enough to help you overcome the challenges brought on by the Coronavirus pandemic.
To qualify for a Second Draw, you need to meet the following criteria:
You can apply for 3.5 times your monthly payroll costs for your Second Draw if you own a restaurant, hotel, or live venue that falls under a NAICS code starting with “72,”.
You can receive a maximum amount of $2 million for a Second Draw. The aggregate total amount that any borrower can receive from a First Draw and Second Draw PPP loan is $10 million. Businesses within a corporate group can receive an aggregate total amount of $20 million.
Applications will remain open until March 31, 2021, or until funds are exhausted. Through an extension of the PPP Flexibility Act, the program was reopened in January 2021.
Signed into law on June 5, 2020, the PPP Flexibility Act has provided previous expansions to the program aimed at increasing flexibility for borrowers.
After a borrower receives a Preferred Lender Program (PLP) number for their loan, the loan is approved by the SBA, and funds are reserved for the borrower. From the date on which a borrower receives a PLP number, the lender has 10 calendar days to disburse funds. The loan must be disbursed in its entirety and the 24-week loan forgiveness period begins on the day on which the loan is disbursed.
If a lender cannot disburse funds due to delays from a borrower (like missing paperwork) the lender has 20 days to disburse funds. The loan will be canceled if they do not receive the necessary information from the borrower by the end of that 20-day period. If funds from the loan are designated for the refinancing of an Economic Injury and Disaster Loan (EIDL), the funds will be deducted from the disbursement amount and paid directly to the SBA by the lender.
For portions of the loan that are not forgiven, payments are deferred for the first 10 months. But keep in mind that interest will accrue during the 10-month deferral period.