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SBA Paycheck Protection Program (PPP) Loans

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.

Low Interest Rate

1% fixed APR for the loan’s life

Deferred Payments

Payments deferred for 10 months

Loan Forgiveness

On all qualified business expenses

SBA PPP Loan Details

  • The interest rate on PPP loans is 1%.
  • There is a maturity of 2 years on loans issued before June 5. Whereas, loans issued after June 5 have a maturity of 5 years.
  • For borrowers who apply for forgiveness of the loan before SBA remits the borrower’s loan forgiveness amount to the lender, the loan payments will be deferred. If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (either 8 weeks or 24 weeks).
  • No collateral or personal guarantees are required.
  • No fee is charged by the government or the lenders from the businesses.

More Small Businesses are now eligible for PPP!

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:

  • News organizations
  • Some hospitals owned by government entities
  • Businesses that receive legal gaming revenue
  • Electric, telephone, and housing cooperatives
  • 501(c)(6) organizations and 501(c)(19) tax-exempt veterans organizations
  • Tribal businesses
  • Destination marketing organizations (if they meet applicable requirements)
  • Certain faith-based organizations

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.

Second Draw PPP Loans are now available!

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:

  • Your business has less than 300 employees
  • You can show a 25% revenue reduction during the first, second, or third quarter of 2020 relative to the same quarter in 2019

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.

PPP Loan Limits

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.

Paycheck Protection Program Loan Requirements

To qualify for a PPP loan round 2, your business needs to meet the following criteria:

  • As of February 15, 2020, your business was in operation.
  • You have 500 or fewer employees.
  • You are an independent contractor, sole proprietor, self-employed individual, or business partner. Please note that only one PPP application can be submitted per partnership.
  • You have employees for whom you paid salaries and payroll taxes are reported on Form 1099-MISC. This also applies to paid independent contractors.

And, you must also 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 don’t have a current PPP loan or EIDL application over the same period, for the same purpose.
  • You did not receive a PPP loan or EIDL from February 15, 2020–December 31, 2020, for the same purpose, over the same period.

We can help you secure the funding that your business needs!

At GConnectPro, we can help with the entire process of getting approved for the SBA Paycheck Protection Program for your business. We can help you make it through these difficult times!

Get your small business loan today.

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There's no fee and it won't impact your credit.
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