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The main driver of small business stimulus in the CARES Act is contained in the Paycheck Protection Program (PPP).

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PAYCHECK PROTECTION PROGRAM
Making it simple for everyone to obtain financing
  • Overview
  • PPP Eligibility
  • Loan Forgiveness
  • FAQS
  • How To Apply
OVERVIEW
The main driver of small business stimulus in the CARES Act is contained in the Paycheck Protection Program (PPP). The $349 billion funded under the Small Business Administration (SBA)—Business Loans Program Account is intended to provide loans to businesses to guarantee eight weeks of payroll and other costs to help those businesses remain viable and allow their workers to pay their bills.
KEY TAKEAWAYS
  • The PPP loan program restarted, following the appropriation of new funding on Friday, April 24, 2020.
  • PPP loans are available for the lesser of $10 million or 2.5 times your average monthly payroll.
  • 100% of your loan could be forgiven if you follow guidelines.
  • Passage of the PPP Flexibility Act of 2020 relaxes many PPP loan guidelines.
  • You can apply for both a PPP and EIDL loan.
  • Check eligibility before you apply.
  • You can apply through any SBA approved 7(a) lender.
  • Source: H.R. 748
Here at First Loan Choice, we have many loan options to help with any credit situation from excellent to poor. Our loans offer fair monthly payments and NO prepayment penalties.
PPP Eligibility

PPP Eligibility

In addition to meeting the size requirement (500 or fewer employees for most companies), you must show that your business has been negatively impacted by the coronavirus. You will do this, in part, by certifying on your PPP application that current economic uncertainty makes the loan request necessary.


Eligibility is further broken down to include:

Any business categorized under "Accommodation or Food Services," such as restaurants and hotels that have 500 or fewer employees per location

Tribal businesses

Independently owned franchises

Self-employed workers, independent contractors, gig workers, and sole proprietors.1 The PPP loan application for those people went live April 10, 2020, according to the SBA.

Waring: The deadline to apply for a Paycheck Protection Program Loan is June 15, 2020. Beware of scammers offering a way to get a PPP loan; the Federal Trade Commission filed a case against one such company on April 17, 2020.

Where to Apply for PPP

As noted above, PPP loans are being administered by approved SBA lenders and are actually a new form of the existing SBA 7(a) loan program. You can apply for your PPP loan through any of the 1,800 participating SBA approved 7(a) lenders or through any participating federally insured depository institution, federally insured credit union, and Farm Credit System institution.

Other lenders will be available to make PPP loans once they are approved and enrolled in the program. Start by consulting with your local lender as to whether it is participating. If you have trouble locating a lender, try using the SBA Paycheck Protection Program lender search tool.

Do not use any other road to apply for a PPP loan; scammers are already going after small business owners, reports the Federal Trade Commission, which filed a case against one such company on April 17. 4 Only apply by first going to the SBA website. And know that the SBA will never ask for Social Security numbers, or bank account or credit card numbers up front, the FTC cautioned.

Loan Forgiveness

How PPP Loan Forgiveness Works

Important changes to PPP loan forgiveness became law with signing of the PPP Flexibility Act on June 5, 2020. All or part of the loan you receive under PPP could be forgiven provided you keep all full-time equivalent employees (FTEEs) on payroll—or rehire them within 24 weeks of receiving your loan (or by December 31, 2020, whichever comes first). Payroll costs must be 60% or more of the amount forgiven. Only 40% of the amount forgiven can be used on non-payroll expenses. The forgiveness won't happen until the end of the 24-week period of employment following receipt of your loan.8 1

Employee payroll costs: Salary, wages, commissions, tips (capped at $100K per employee); Benefits including vacation, parental, family medical or sick leave; State and local taxes assessed on compensation.

Sole proprietors: Wages, commissions, income, or net earnings from self-employment (capped at $100K)

Seasonal businesses: Average monthly payroll between Feb. 15 and June 30 (capped at $100K per).

New businesses: Average monthly payroll from Jan. 1 to Feb. 29 (capped at $100K per employee).

Other eligible forgivable costs: Interest on mortgages; Rent under lease agreements; Utilities.

You must request forgiveness of your loan from your lender in writing. Your request should document the number of FTEEs, pay rates, your payments on an eligible mortgage or lease, and utility payments. Your lender has 60 days to reply.6.

But what happens to the loan if laid-off employees receiving that extra $600/week on unemployment insurance refuse to return to work when they are offered their jobs back under the PPP? SBA and Treasury issued a new rule excluding laid-off employees whom the borrower offered to rehire (for the same salary/wages and same number of hours) from the loan forgiveness reduction calculation spelled out in the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136." 9

Further, the PPP Flexibility Act of 2020 added two new exceptions that let borrowers achieve full forgiveness even if they don't fully restore their workforce: Borrowers can reduce workforce requirements based on the inability to find qualified employees or if they were unable to restore operations to Feb. 15, 2020, levels due to COVID-19 restrictions.

FREQUENTLY ASKED QUESTIONS
Do you have a fee for your service?
No. Our service is 100% free!
Will this affect my credit?
Yes. The lenders do verify credit scores. That's why we're here. We'll provide the best loan option to fit your current situation without wasting your time with lenders we know will not approve.
If I choose to consolidate/settle my debt, do I have to close my credit card accounts?
Once you send back your application, we will let you know if any of these accounts need to close. But based on our experience, we request you close any credit account you choose to no longer use.
Where is your office located?
Coral Springs, FL
Why would I work with First Loan Choice vs. any other business lender offering me similar terms?
We have many differences that many other lenders cannot offer. Most lenders don't utilize experience and education when assisting with financing, they'd hire anyone who can read and write. First Loan Choice uses the strictest hiring process in order to bring the best agents to help the best people!

If you are looking for financing now, you may have come across agencies who "match" clients with loan options. The problem there is that you will NEVER speak with that agency again and therefore are back on your own looking for loans. We walk you right into funding! And yet other agencies are clever credit repair companies disguised as someone who can give you money. First Loan Choice is in the business of lending and LENDING ONLY! We'll tell you like it is and guide you in the right direction always!
How does First Loan Choice make money?
First Loan Choice, through years of experience and education in the loan industry, has its own premium network of lenders. These lenders all pay First Loan Choice a separate fee if you are approved and funded.
What are your interest rates?
Personal loans start at 5.9% APR. Business loans start at 1.12% factoring rates.
What is the maximum PERSONAL loan amount I can get now?
What was last year's income after taxes? (Usually you can get 50-60% of your income as long as you are NOT revolving any other loans)
What is the maximum BUSINESS loan amount I can get now?
What are your average monthly sales deposits? (On business loans, they can max at 125% of the client's monthly deposits as long as the business has no other revolving loans)

Our User Experience Speaks for Itslef - Rated Excellent on

January 8, 2016
Great Experience!! First Loan choice is the greatest!!
Andres was GREAT to work with, I was approved same day and working on fixing credit now too!!
-Mariah
December 4, 2015
First Loan Choice Is Great!
I enjoyed my experience with First Loan Choice, I was desperately in need of a loan and they provided me with everything I needed! Great company!
-Elvis
December 4, 2015
AWESOME EXPERIENCE
I was helped with all my needs and the customer service was great!
-Vicky
November 16, 2015
Very responsive and quick to action!
Communication was fast and courteous. They followed up to make sure everything worked out. I would recommend this is where you start.
-Dave
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6574 N State Rd 7 #424 Coconut Creek, FL 33073 USA
Disclaimer: Debt Management services are solely provided by a tax identifiable nonprofit organization in which First Loan Choice is not or does NOT claim to be. First Loan Choice will assist clients with connecting to a nonprofit debt management firm. First Loan Choice works with attorneys for credit & debt settlement services. First Loan Choice is NOT or does NOT claim to be licensed attorneys or paralegals in any way. First Loan Choice is not a lending institution or does NOT claim to be. Not ALL loan options are solely provided by First Loan Choice and some lenders will refer client to additional financial assistance options. The Annual Percentage Rate or APR is predicated by a client's credit history as well as Debt to Income Ratio (DTI). First Loan Choice has no authority to "guarantee" loans in any way and are dictated by underwriters and direct lending institutions. Debt Services and Some Loan Services are not available in all 50 states. Contact a representative for exact information.