COVID-19 Bridge Financing
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Federal Assistance Loan Programs
- Takes 60-90 days
- Must have personal financial statement
- Must have 3 years personal and business TR
- If 2019 TR not available, you need 2019 year end financials and 2020 full year projections
- Low rates
- Emergency Loans for areas that are in a Nationally declared disaster zone (all USA is currently in that zone)
- All loans require a personal guarantee and collateral (lien against home or business asset)
- Must be able to demonstrate “substantial economic injury” and prove that you are unable to get a loan elsewhere. Need to show credit declines for other lenders.
- Loans up to $2mm and determined by the amount of injury you can prove – Loans up to the lesser of 12 months expenses or $2 million. 3.75% interest rate, no fees, up to 30 year terms
- Any business that has been negatively impacted can apply
- Expected processing time: 3-4 weeks
- You can request an immediate $10,000 advance once you apply, payable within 3 days
- Loans up to $10,000,000
- 1 to 500 Employees
- No Collateral Required
- No Personal Guarantee
- 100% SBA Guarantee
- Most Businesses Eligible
- 0.5% Maximum Rate
- Loan Maturity of 2 Years
- For-Profits & Non-Profits
- No Fees Paid by Borrower
- 6 Month Payment Deferral
- Businesses Must be Open as of 2/15/20
The Coronavirus Aid, Relief, and Economic Security Act in the Senate (the “CARES Act”) Paychex Protection Program (PPP) increases the maximum SBA’s 7(a) loan amount to $10 million and expands allowable uses of 7(a) loans to include payroll support (including paid sick or medical leave), employee salaries, mortgage payments, insurance premiums and any other debt obligations.
Please note that all SBA relief funding programs are not the same, nor may they be used for the same purpose. Borrowers should evaluate all programs and choose accordingly. Learn more about SBA disaster relief funding.
How has your business been affected by COVID-19?
For immediate financing needs, we have lenders who are offering: