Status Paycheck Protection Program Economic Disaster Loan
Eligibility Businesses that were operational as of February 15, 2020 and have fewer than 500 employees or businesses with multiple locations but fewer than 500 employees at a single location. Businesses located in a declared disaster or contiguous county.
Loan limit Loans can be up to 2.5 times average monthly payroll costs, not to exceed $10 million. Up to $2 million
Service provided by
Refund conditions
Your banking service provider.
No payment for the first 6 months and a total duration of 2 years.
Only through the Small Business Administration
Up to 30 years old
Rates Fixed rate of 0.5% APR 3.75% APR
Loan forgiveness Up to 100%, if approved1 Not applicable
Section 1101 of the CARES Act creates a new loan malaysia business email list program under Section 7(a) of the Small Business Act. Eligible borrowers can receive a PPP loan of up to $10 million to fund payroll costs, mortgage payments, rent, and utility payments. Banks will have an important role to play in properly administering the CARES Act Paycheck Protection Loan program.
Digitize your processes
The U.S. Small Business Administration will cover loans and grants to businesses that have been impacted by the coronavirus shutdown, but local banks will be the first point of contact in the process. Banks will be responsible for submitting applications to the SBA on behalf of their customers using electronic loan processing (e-Tran).
So the question is, are banks ready for the next wave of applicants and can the SBA system handle it? Regardless, if banks don’t embrace technology to efficiently process these applications and streamline disclosures and documents for these types of loans, banks will quickly become overwhelmed. This is where a business process management platform can help facilitate the upcoming wave of applicants by digitizing and automating approvals and having the SBA system on the same platform.
