The SBA 7(a) Paycheck Protection Program was created to assist small businesses in covering operating expenses by providing up to 8 weeks of payroll costs including benefits. Sky Bridge is able to provide a 100% online application for the program powered by Cross River Bank. When you apply using our application, it will be sent directly to the SBA.
Here are some things you should know about the PPP program:
There is no personal guarantee or collateral required
There are no fees from the government or lender to you, the small business
No prepayment penalties or fees
More about SBA 7(a) Paycheck Protection Program loan forgiveness:
Funds are provided as business loans and will be fully forgiven if used for payroll costs, interest on mortgages, rent, and utilities (at least 75% of the forgiven amount must have been used for payroll) Forgiveness is based on the small business employer maintaining or quickly rehiring employees and maintaining salary levels. Loan forgiveness will be reduced if your business’ full-time headcount declines, or if there is a decrease in salaries and wages.
Loan forgiveness may be reduced if:
In order to request loan forgiveness:
After receiving the loan, a small business can submit a forgiveness request to the lender. The request needs to include documents that verify the number of full-time equivalent employees and their pay rates, as well as payments on eligible mortgage, lease, and utility obligations. Certification that the documents are true and that the business used the forgiveness amount to keep employees and make eligible mortgage interest, rent, and utility payments. The lender will need to make a decision on the forgiveness within 60 days.