At the end of March, the CARES Act was signed into law in order to provide relief to businesses across the United States. With over $300 billion added to the SBA Lending Authority for Paycheck Protection Program (PPP) Loans, businesses will be able to access up to $10 million each to thrive during the COVID-19 pandemic. BizCap Commercial Finance is working with our top lending network to offer PPP relief and recovery loans to businesses nationwide.
Who Can Access PPP Relief and Recovery Loans?
The Paycheck Protection Program offers loans to a wide range of businesses spanning all industries, including:
- Small businesses
- Veterans’ organizations
- Food and hospitality
- Independent contractors and self-employed individuals
- Businesses that are eligible for SBA loans
Relief and Recovery Loans from BizCap Commercial Finance
SBA PPP relief and recovery loans from BizCap Commercial Finance feature:
- Financing up to $10 million
- No collateral required
- 2-year payouts
- No personal guarantees
- SBA 7a loan payments deferred for a minimum of 6 months
- No prepayment penalties
These specially-designated SBA relief and recovery loans are to be used for:
- Payroll support for employees
- Medical benefits and sick leave
- Interest payments on commercial mortgages
- Rent and utility bills
PPP relief and recovery loans cannot be used for business acquisitions, commercial real estate transactions, or other purposes typically associated with other SBA 7a loans.
Requirements for SBA Emergency Loans
When applying for SBA PPP relief and recovery loans from BizCap Commercial Finance, business owners must provide proof of operation as of 2/15/2020, either with paid employees or contractors. Approved borrowers cannot apply to other SBA loan programs for the same purpose, and must certify that the funds are necessary to mitigate the impact of the COVID-19 pandemic. Loan relief is also available to borrowers, and will be scaled down by the number of employees laid off, excluding those employees with salaries greater than $100,000.
Get the Financing Your Business Needs
BizCap Commercial Finance offers SBA PPP Relief and recovery loans to businesses of all types. If you need financial assistance to keep things running during the coronavirus pandemic, just fill out our simple and fast application. Once we receive the application, our team will contact you to take you through the next steps so you can get access to the funds you need.