Mortgage Loan

5 Minute PPP Loan Application for $22,997 at 1% with Kabbage — SBA Paycheck Protection Program!





See how to make a 5 Minute PPP Loan Application for $22,997 at 1% with Kabbage via the SBA Paycheck Protection Program!

Loans are available for up to 2.5 times of your average monthly payroll during the year preceding the application. Note, Kabbage can only process loans of up to $2 million. If all employees are kept on payroll, SBA will forgive the portion of the loans used for payroll, rent, mortgage interest or utilities – for up to 8 weeks after the loan is issued and up to 100% of the loan. Any amount that is not forgiven will be treated as a two-year loan with a 1% fixed interest rate. All payments (principal, interest and fees) are deferred for 6 months; however, interest will continue to accrue over this period.

What is the Paycheck Protection Program?

From cash flow losses to temporary layoffs, small businesses are having to quickly adapt due to the COVID-19 outbreak. Thankfully, the government recently passed the Coronavirus Aid, Relief and Economic Security (CARES) Act to provide assistance to keep your business afloat with efforts like the Paycheck Protection Program.

The Paycheck Protection Program (PPP) is a key section within the recently passed Coronavirus Aid, Relief and Economic Security Act (CARES) Act that allocates $349 billion for small business loans to support payroll and certain other expenses. Loans are available for up to 2.5 times of your average monthly payroll during the year preceding the application, with a maximum loan of $10 million. If employers maintain their payroll and use loan funds for allowed expenses like payroll, rent and utilities for the first 8 weeks after the loan is issued, the loan amount is forgiven. The PPP is retroactive to February 15, 2020.

Is my business eligible?
The following small businesses that were operational as of February 15, 2020 are eligible for PPP loans: a small business with fewer than 500 employees, regardless of revenue sole proprietors, independent contractors, and self-employed individuals who regularly carry on any trade or business, including those in the gig economy …

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Jerry Banfield in Saint Petersburg, Florida

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3 comments

  1. i thought we couldnt apply till april 10 for sol prop

    Reply
  2. Jerry, you did mention that you are an existing customer of Kabbage through a line of credit. Does a business owner have to be an existing customer/borrower in order to apply through them? For how long? Thanks for your work. Very informative.

    Reply
  3. Does this apply for startups?

    Reply

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