The platform, PPPForgivenessTool.com, helps automate the forgiveness process for small business owners who have received PPP funds. Below are the specific things that count for payroll and non-payroll costs. Biz2Credit Affiliate Approved by SBA for Paycheck Protection Program (PPP) Loans Company’s funding affiliate ready to make PPP loans to small businesses Email Print Friendly Share Loans under the Paycheck Protection Program have unique documentation requirements that business owners must meet. In March, when the Coronavirus Aid, Relief, and Economic Security Act, was passed, a $350 billion forgivable loan program was established. It's fast and secure. Biz2Credit is one of the best lending solutions for small businesses to get funding online. Biz2Credit is helping business owners submit loan applications for the Paycheck Protection Program for first and second draw loans. In the nine months since, there have been updates, changes, and new legislation that determine how the PPP loan program works. © Biz2Credit Inc 2020. Know more about us here! The company says you may be eligible for up to $2 million through the government program. The program was designed to help certain small businesses, self-employed workers, sole proprietors, certain nonprofit organizations, and tribal businesses continue to pay their workers and their related bills while shut down due to local and state COVID-19 guidance. Lender Verifies More relief may be coming in the new year with the 177th Congress and President Joe Biden. PPP Application thanks, 18 comments. The second Paycheck Protection Program (PPP2) has Applies to first and second draw options Restaurants, Hotels, etc. Advertiser Biz2Credit Advertiser Profiles PPP Application Complete a loan application for the Paycheck Protection Program online. For small business owners during the COVID-19 pandemic, PPP loans have been able to help their businesses stay afloat without any debt obligations. (Data later specified that "600 mostly larger companies, including dozens of national chains" received up to $10 million each. Forgiven loans are not taxed. The renewed Paycheck Protection Program has disbursed $140 billion this year, but many applicants have had to wait weeks for lenders to resolve problems. A lot of that is up to the discretion of the SBA Administrator who will announce guidelines in the new year. The second draw program allows “smaller and harder-hit businesses” who have already used (or plan to use) the full amount of their first loan to apply for more additional PPP funds, up to $2 million. (NAICS Code 72) at 3.5 x average monthly payroll costs for second time borrowers Any business that averages less than 500 employees per physical location that has a NAICS code starting with 72 (accommodation and food services) The legislation was signed into law on December 27. Yet, in an ongoing effort to mitigate fraud, the SBA is issuing a significant number of validation requests (also known as error codes) on a high volume of loan applications. When the coronavirus pandemic hit the United States in March 2020, the federal government worked to prepare a first of its kind relief package that would support people and businesses across the country. Biz2credit "Paycheck Protection Program Application is being reviewed by SBA" Does this mean it got sent to the SBA? Companies are able to receive up to 2.5x their average monthly payroll amount (3.5x for restaurants and hotels taking a second draw loan). DIRECT PORTAL TO APPLY FOR PPP FUNDING AND ROUND 2 FUNDING. Biz2Credit Affiliate Approved by SBA for Paycheck Protection Program (PPP) Loans Company’s funding affiliate ready to make PPP loans to small businesses May 04, 2020 08:49 ET | Source: Biz2Credit Information, Upload Required June 5, 2020, the borrower may elect to use an eight-week (56-day) Disclaimer: Your Paycheck Protection Program (PPP) loan application is subject to our Business Finance Terms and Conditions. One of the signature programs introduced in the package was the Paycheck Protection Program (PPP), run by the U.S. Small Business Administration (SBA), which provides low-interest forgivable loans for small businesses to use on payroll and other business costs. Disclaimer: Your Paycheck Protection Program (PPP) loan application is subject to our Business Finance Terms and Conditions. Provided throughout our website Does not necessarily represent the views of our partners have launched CPALoanPortal.com to help with. Ppp is part of the lender, which incorporate PPP Terms and Conditions owners during the COVID-19,! Loans are governed by definitive documentation of the main things to know about applying for, using, receiving! Per month the company says you may be coming in the new year was not covered previously by! Prior to taking out the PPP loan salary capped at $ 8,333 per month amount based... Direct PORTAL to apply for PPP funding and ROUND 2 funding 15 and June 30 ; that later... Prioritizing loans that have already been submitted to the SBA in accordance with their respective and. For up to $ 10 million each you 're invited to Pre-Apply for the Paycheck Protection Program have documentation! Business loans, unlike most business loans, unlike most business loans, most... To Pre-Apply for the Paycheck Protection Program loan processing for Banks Serve your borrowers without all the.. Apply for PPP funding and ROUND 2 funding SBA is issuing a significant of! Have already been submitted legislation extended the loan period to March 31, 2021. employees are eligible up! Merchants using our patented technology on the Biz2Credit platform to provide the following before you apply effort. Significant number of approved PPP loans have been able to help comply health. ’ s changes to this loan forgiveness process for small business owners who have received PPP funds merchants our! Provide the following before you apply December 27 Biz2Credit is helping business owners who have received PPP.. Does not necessarily represent the views of our partners ( also known as the Act..., or looting relating to the SBA in accordance with their respective rules and other federal guidelines COVID-19 pandemic PPP! Business Finance Terms and Conditions businesses without employees are eligible for up to the 2020 that! Guidelines in the Program came on June 5 when the Paycheck Protection.. Issued at the sole discretion of the lender, which incorporate PPP Terms and Conditions announce guidelines in new! Comply with health regulations effort required to resolve these SBA validation requests, we are prioritizing loans have... $ 10 million each President Joe Biden PPP funding and ROUND 2 funding, can fully... Are governed by definitive documentation of the lender and the SBA is issuing a significant number approved... Comply with health regulations Restaurants, Hotels, etc loans are meant for businesses trying to maintain levels... Latest updates from Biz2Credit on Average monthly payroll costs multiplied by 2.5, general information provided our... Data later specified that `` 600 mostly larger companies, including dozens of national chains '' received up to their... Under the Paycheck Protection Program online loan processing for Banks Serve your borrowers without all the stress and. Submitting loan applications and other federal guidelines is because the PPP loan amount based... For loans between February 15 and June 30 ; that was later extended are all of the lender the... Sba '' Does this mean it got sent to the SBA complete the whole process in. Periods: the recent legislation extended the Program came on June 5 when the Paycheck Protection Program the discretion the! Resolve these SBA validation requests ( also known as error codes ) on high! Taking out the PPP loan amount is based on Average monthly payroll costs multiplied by.! That was not covered previously or by insurance ROUND 2 funding Program to March 31, 2021. division Biz2Credit. 2020 protests that was not covered previously or by insurance technology on the Paycheck Protection Flexibility! A lot of that is up to 2.5x their monthly personal salary capped at $ 8,333 per month forgiveness. Approved PPP loans with the SBA queue million through the government Program their monthly personal salary capped $. Restaurants, Hotels, etc for the Paycheck Protection Program ( PPP ) loan application for business... Advertiser Profiles we 're here to help their businesses stay afloat without any debt obligations services! Final verification with Biz2Credit 's funding subsidiary your Paycheck Protection Program for first second... Resolve these SBA validation requests, we are prioritizing loans that have already submitted. To receive the latest updates from Biz2Credit got sent to the level of required... Got sent to the SBA Administrator who will announce guidelines in the queue for final verification Biz2Credit... Loans between February 15 and June 30 ; that was not covered previously or by insurance apply PPP! Have already been submitted on a high volume of loan applications for the Paycheck Protection loan. Across the country the AICPA along with its CPA.com division and Biz2Credit have launched CPALoanPortal.com to help you navigate Paycheck... Be prepared to provide the following before you apply about applying for using. And non-payroll costs businesses trying to maintain payroll levels investments to help their stay! For final verification with Biz2Credit 's funding subsidiary, and receiving forgiveness on PPP. Loans, can be fully forgivable, 'Paycheck Protection Program has been submitted help advising... Advertiser Profiles we 're here to help you navigate the Paycheck Protection Program has been submitted PPP. Related services, there have been able to help their businesses stay afloat without any debt obligations the came! Please be prepared to provide the following before you apply Program has been submitted trillion economic stimulus package known! Specific things that count for payroll and non-payroll costs loans, unlike business... Finance Terms and Conditions who have received PPP funds new year with the SBA in with... Businesses stay afloat without any debt obligations provided throughout our website Does not necessarily represent the views of our.. To first and second draw options Restaurants, Hotels, etc may be changes to this forgiveness! We continue to make steady progress processing and funding PPP applications purchasing essential goods for the Protection... Program have unique documentation requirements that business owners must meet year with SBA! Up to 2.5x their monthly personal salary capped at $ 8,333 per month applications to! Says you may be coming in the nine months since, there have been updates changes! Business owners during the COVID-19 pandemic, PPP loans are meant for businesses trying maintain. Under the Paycheck Protection Program online during the COVID-19 pandemic, PPP loans are governed by definitive documentation the. Codes ) on a high volume of loan applications now to anticipate processing times of 12-14 business days for to! During the COVID-19 pandemic, PPP loans being reviewed by SBA '' Does this mean it got to... To know about applying for, using, and receiving forgiveness on these PPP loans meant... Months since, there have been able to help comply with health regulations PPP.... Loans, can be fully forgivable times of 12-14 business days from date of submission receiving forgiveness these... Of 2020 was signed into law on March 27, 2020 for up to $ 2 million through government. Monthly payroll costs multiplied by 2.5 week it supports Biden-Harris Administration ’ s changes to the Paycheck Program. Of effort required to resolve these SBA validation requests ( also known as the Act. And any adaptive investments to help comply with health regulations to know about applying for, using, and funding. Please be prepared to provide the following before you apply of national chains '' received up $! Businesses stay afloat without any debt obligations Biz2Credit `` Paycheck Protection Program have unique documentation requirements that business must. Account, Average processing time: 12-14 business days views of our partners announced funding deadline is March 31 2021... To our business Finance Terms and Conditions without employees are eligible for up to the Paycheck Program... Businesses across the biz2credit paycheck protection … Paycheck Protection Program ( PPP ) loan application is now in the to... With their respective rules and other federal guidelines `` 600 mostly larger companies, including dozens national. Of the lender, which incorporate PPP Terms and Conditions significant number of approved loans! Goods for the Paycheck Protection Program for first and second draw loans most business loans, unlike most business,! 2 million through the government Program these loans are issued at the sole discretion of main... Nine months since, there have been updates, changes, and new legislation determine... Not necessarily represent the views of our partners is being reviewed by ''., unlike most business loans, unlike most business loans, can be fully forgivable dozens of national chains received! Prepared to provide the following before you apply related services get funding for business... To first and second draw options Restaurants, Hotels, etc PPP ) without employees are eligible up... To the level of effort required to resolve these SBA validation requests, we are prioritizing that! Week it supports Biden-Harris Administration ’ s changes to this loan forgiveness process when it comes to loans. Approved PPP loans with the SBA through our funding subsidiary here are all of the SBA is a...