SBA Loans - Allied Funding Corp
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SBA loan programs to help your
company survive COVID-19

Need Immediate COVID-19 Relief? We Help Small Businesses Survive Difficult Times

The Federal Government is moving at a fairly fast pace to build and launch relief programs to help members of the small business community.  The suggestions of what to provide have been many, and the changes in proposals and existing programs have been rapid, making it hard for businesses owners to keep up with and understand the federal resources available to them at this time.

TERMSCARES 7(A) PAYCHECK PROTECTION PROGRAM
ELIGIBILITY– US based businesses
– Operating on February 15th, 2020
– 500 or less employees, or the employee limit governed by NAICS code
– Can certify economic impact due to Covid-19
CALCULATION ON FUNDING AMOUNT2.5 X your prior average monthly payrol
MAXIMUM AMOUNT$10,000,000
MAXIMUM TERMNo payment for the first 6 months
Term up to 2 years
MAXIMUM INTEREST0.5%
LOAN/PRINCIPAL FORGIVENESSYes
CAN BE COMBINED WITH– Standard 7(a) loan (if obtained before 2/15/2020)
– EIDL 7(b) loan
CANNOT BE COMBINED WITH– Standard 7(a) loan if obtained after 2/15/2020
– New Standard 7(a) loan application
APPLICATION SUPPORTING DOCUMENTS– Payroll documentation showing number of employees and amounts spent over last 12 months
– 3 months of business bank statements
– Transcripts from payroll taxes paid

What do I need to know about this program?

As part of the CARES Act, now signed into law, small businesses and some non-profits will have access to SBA loans with higher loan amounts, no restrictions on use (except if seeking 100% forgiveness), deferred payments for 6 months, all fees being waived and the potential for forgiveness of up to the full principal amount through the 7(a) CARES Paycheck Protection Program.

How is this different from a Standard 7(a) Loan?

  • Principal Forgiveness

    These loans provide an option for 100% principal forgiveness when specific requirements are met

  • Deferred Payments

    All payments will be deferred for up to 6 months.

  • Allowable Uses

    Loans can be used to cover payroll cost, rent payments or mortgage interest, and utility payments.

  • Higher Loan Amounts

    The SBA has increased maximum loan amounts from the standard $5 Million to $10 Million.

  • Loosened Requirements

    The new loan does not require a personal guarantee or collateral and has no minimum FICO requirements.

How do I Qualify for an SBA 7(a) CARES Paycheck Protection Program Loan?

  • Where is your business located?

    Your business must be based in the U.S.

  • How long have you been in business?

    Your business must have been in operation on February 15, 2020.

  • How many employees do you have?

    Your business must have the greater of 500 or less employees, or the applicable NAICS size limitations

  • Has COVID-19 impacted your business?

    You must be able to certify that your business suffered economic hardship due to COVID-19.

HOW CAN WE HELP?

Identify and Assemble Documents

Our team will help you organize everything needed to apply for an PPP.

Our network of
SBA lenders

We will submit your application to our network of SBA lenders.

Weighing
your options

Our company is built around helping small business owners get the best lending options for their situations.

Get you
capital

We walk you through every step of the process so your path to funding is quick and easy.

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