Hope you are doing well in these difficult times. We’re reaching out to all of my borrower’s to see if Source Realty Capital can be of assistance in helping you apply for the SBA Paycheck Protection Program. You can can receive up to 2.5x your monthly payroll, and the loan is fully forgiven if you use the proceeds for payroll, mortgage interest, rent or utilities. Individuals who operate under a sole proprietorship or as an independent contractor or eligible self employed individual, are also eligible for this program.
Please see attached for the application. I’d be happy to submit this for you to one of my SBA Bankers. Please note that the borrower is NOT charged any Agent or Broker Fee- our services don’t cost you anything!
See below for a summary of the Paycheck Protection Program.
- Loan Amount: Average Monthly Payroll prior to February 15, 2020 multiplied by 2.5 (limited to $100,000 per employee). See below for an example.
- Interest Rate: 1%
- Loan Maturity: 2 Years
- No Payments for 6 Months
- Loan Forgiveness: Fully forgiven if 75% is used for payroll, and 25% used for other approved uses (mortgage interest, rent, utilities)
Don’t miss out on this opportunity! Banks have a limited amount of capital allocated to this program. Money is being dispersed extremely fast. You can have your funds in a few days.
Payroll Example – Some employees make more than $100,000, outstanding EIDL loan of $10,000
Annual payroll: $1,500,000
Subtract compensation amounts in excess of an annual salary of
Average monthly qualifying payroll: $100,000
Multiply by 2.5 = $250,000
Add EIDL loan of $10,000 = $260,000
Maximum loan amount is $260,000
Link to SBA Paycheck Protection Program Application- https://www.sba.gov/document/sba-form–paycheck-protection-program-borrower-application-form
Please call us if you have any questions at 347-263-3592
Source Realty Capital Team