Paycheck Protection Program 2.0
Times are tough right now. Commercial Mortgage Connection is partnering with the best-in-class PPP loan originators and servicers to provide you with the resources needed to keep your employees and businesses moving forward.
As soon as a new round of PPP is announced, Commercial Mortgage Connection can provide you with funds to continue your business operations. They are experts in securing your PPP loan funding fast, while making the forgiveness process seamless. Get started today and keep your finger on the pulse when it comes to PPP and your business.
If you have questions regarding Commercial Mortgage Connection's participation in PPP 2.0, click the link below to setup a virtual meeting.
PPP 2.0 Program Highlights
• Borrowers must employ 300 or fewer employees
• Borrowers must demonstrate at least a 25% reduction in gross receipts in any quarter of 2020 compared to the same quarter in 2019: For example, Q3 2020 revenue less than Q3 2019 revenue by 25% or more. Borrower may choose the quarters for comparison but must be same quarter of 2020 and 2019. Certain exceptions may be allowed for newer businesses not in operation for all of 2019. Be prepared to support with financial statements, tax return information, other financial records, or borrower attestation
• Business has used or will use the full amount of first PPP loan
• Maximum loan amount will be $2.0 million
• Two methods to determining loan amount:
1. 2.5x average monthly payroll cost during the 12-month period prior to the loan application date
2. 2.5x average monthly payroll cost for 2019
• Businesses with NAICS code beginning with 72 (generally hospitality businesses) may receive up to 3.5x average monthly payroll cost using same two methods above.
• Second draw loans will have the same terms as Round 1 and will be eligible for 100% loan forgiveness if funds are used for allowable expenses.
To schedule Virtual Meeting
Call Now 336-530-1423
Apply for a PPP 2.0 Loan
Economic Injury Disaster Loan
Can I apply for EIDL even though I received PPP financing?
What is the difference between EIDL & PPP Financing?
What are the terms of EIDL, if approved?
If I submit for EIDL, do I have to take the funds, or can I just see what I qualify for?
In today's business lending environment there are a lot of unanswered questions that business owners are concerned about. If you are in need of guidance to make sure you have taken all the necessary steps to secure your funding or are not sure what to do once you receive funds, contact us today. Our missions and purpose is to be there and help our business communities, big or small!