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Paycheck Protection Program Loan Amount

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Paycheck Protection Program Loan Amount

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Paycheck Protection Program Loans for your business

Many business owners don’t know this, but monetary relief is available right now for U.S. businesses suffering substantial economic injury as a result of the Coronavirus.

Be the first to benefit.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was recently passed to provide emergency relief for small to medium sized businesses disrupted by COVID-19. My Local Capital is facilitating this relief and accepting applications to the program.

Don’t miss out on this opportunity to help your business not only survive, but to thrive.

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The Paycheck Protection Program (PPP) is a US Small Business Administration (SBA) loan designed to help businesses maintain their workforce during the Coronavirus (COVID-19) crisis. PPP was created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. PPP loans will be fully forgiven if certain conditions are met.

The PPP is available retroactive from February 15, 2020 (so employers can rehire their recently laid-off employees) through June 30, 2020, or until the funds made available for the Program are exhausted. Applications from small businesses and sole proprietorships will begin processing on April 3, 2020, while applications from independent contractors and self-employed individuals will begin processing on April 10, 2020.

PPP loans are generally available to all businesses and nonprofits with fewer than 500 employees. The SBA’s size standards allow for businesses in certain industries to be eligible while employing more than 500 employees. Businesses in the hospitality and food industries may be eligible at the store level.

PPP loans are unsecured. No collateral or personal guarantees are required.

PPP loans may be fully forgiven if at least 75% of funds are used for payroll costs and the remaining funds are used for designated business operating expenses, including interest on mortgages, rent, and utilities, within eight weeks following the date of loan origination. The level of forgiveness will be reduced if full-time headcount or salaries and wages decrease.

Eligible organizations may qualify for a loan amount equivalent to eight weeks of prior average payroll plus an additional 25%, up to a maximum of $10 million. Payroll costs will be capped at $100,000 annualized for each employee. Use the My Local Capital Calculator to calculate your average payroll as defined under the PPP.

PPP loans have a 1.0% annual percentage rate and maturity of two years. There are no fees associated with PPP. The first payment is deferred for six months.

Yes. If you received an EIDL from January 31, 2020 through April 3, 2020 not used for payroll costs, the EIDL does not affect your PPP eligibility. If you received an EIDL from January 31, 2020 through April 3, 2020 used for payroll costs, the PPP loan will be used to refinance the EIDL. If you took an advance up to $10,000 on the EIDL, that amount will be deducted from the forgiveness amount of the PPP loan. While EIDL is only available directly through the SBA, a My Local Capital representative can help you determine which resources are available to meet your needs.

You can complete your application at www.mylocalcapital.com. Our representatives are ready to walk you through the process.

Easily Calculate Your
Paycheck Protection Program
Loan Amount

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Who We Loan To

We specialize in working with the businesses hit the hardest by the COVID-19 pandemic, local businesses of all sizes.

Our team has over 50 years combined experience working in retail, restaurants, hotels, and local services helping them solve financial problems.

How it Works

We have a simple 2 step process.

Step 1: Fill out our application right here. It takes less than 2 minutes and we will be able to pre-approve and connect you with our bank lenders.

Step 2: Join our COVID-19 Response training to get educated on your funding option as well as solutions to help you not only survive, but thrive in this new environment.

How to Qualify

If you are a U.S. business with proven revenue we can work with you to quickly get the funding that you need. PPP loans are generally available to all businesses and nonprofits with fewer than 500 employees. The SBA’s size standards allow for businesses in certain industries to be eligible while employing more than 500 employees.

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