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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!

    Frequently Asked Questions

    What is a Paycheck Protection Program (PPP) Loan?

    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.

    What are the Paycheck Protection Program Loan requirements?

    Your business needs to meet the following criteria to qualify for a PPP loan:

    • The business was in operation as of February 15, 2020.
    • Number of employees: 500 or less
    • You’re a sole proprietor, self-employed individual, independent contractor, or business partner. But, only one PPP application can be submitted per partnership.
    • You have employees and you paid salaries and payroll taxes for them that are reported on Form 1099-MISC. (Although you cannot include 1099 payments in payroll calculations.) This also applies to paid independent contractors.
    • You are a small business concern according to the SBA’s definition.
    • And certify that:
    • Economic uncertainty makes your loan request necessary.
    • You’ll use the funds to maintain payroll, retain workers, and/or make payments on leases, mortgages, and utilities.
    • You don’t have a current PPP loan or EIDL application for the same purpose (over the same period).
    • From February 15, 2020 to December 31, 2020, you did not receive a PPP loan or EIDL for the same purpose (over the same period).
    What can you use Paycheck Protection Program Loans for?

    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:

    • Payroll costs:
      • Compensation in the form of wages, salaries, commissions, or similar compensation up to $100,000
      • Payment of cash tips or equivalent
      • Payment for parental, family, vacation, medical, or sick leave
      • Allowance for separation or dismissal
      • Payment of retirement benefits
      • Group vision, dental, disability, or life insurance
      • Payment of local or state taxes assessed on the compensation of employees
    • Healthcare costs during periods of sick, medical, or family leave, related to the continuation of group healthcare benefits as well as insurance premiums.
    • Mortgage interest payments. But excluding prepayment or payment of the mortgage principal)
    • Rent
    • Utilities
    • Interest on any other debt obligations incurred before February 15, 2020
    • Refinancing an SBA EIDL received between January 31, 2020, and April 3, 2020
    • Covered expenditures such as business software or cloud computing services that facilitate:
      • business operations
      • product or service delivery
      • the processing, payment, or tracking of payroll expenses, human resources, sales, and billing functions
      • accounting or tracking of inventory, supplies, records, or expenses
    • Covered property damage costs
    • Covered supplier costs
    • Covered worker protection expenditures`
    Are PPP Loans still available?

    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.

    What are the Second Draw PPP Loans?

    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:

    • Your business has fewer than 300 employees
    • You can show a 25% revenue reduction during any quarter of 2020 relative to the same quarter in 2019, or if you were in business for only the third or fourth quarter of 2019, you can show a reduction in revenue when compared against any quarter in 2020

    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.

    What is the deadline to apply for a PPP loan?

    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.

    How long will it take to receive PPP funds?

    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.

    When do PPP Loan payments start?

    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.

    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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