CARES ACT INFORMATION
Direct Benefit for Existing SBA Borrowers:
6 months of payment relief direct from the US Treasury
- 7a Loans: Full payment
- 504 Loans: Payment of the Second Mortgage (SBA Debenture)
No action needed by Borrower; If Borrower is currently on a deferment, the 6 month of payment relief will commence after the deferment period ends.
Disaster Loan Advance
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. This Advance may be available even if your EIDL application was declined or is still pending, and will be forgiven.
The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
Payment Protection Program
6 month loan that will be forgiven if used for these specific purposes:
Average monthly in 2019 multiplied by 2.5
Rent, Utilities, Property Taxes, Insurance pro-rated for the period starting February 15, 2020 and ending June 30,2020
Example: 2019 Payroll 180,000 (4 employees including owner)
180,000/12 = 15,000 * 2.5 = 37,500
Rent: 5000 per month; 166.67 per day x 106=17,668
Utilities, Taxes etc: 1000 per month; 33.33 x 106 = 3533 Forgivable Loan Amount: $60,000
In order to get the loan forgiven, you must request it from the Lender after June 30, 2020 and provide proof loan proceeds were used for eligible purposes (cancelled checks, payroll report etc.)Anticipated Documents Needed to Apply:
2017, 2018, 2019 Federal Tax returns for business and all owners (if 2019 Returns are not yet filed substitute 2016 and provide a profit and loss and balance sheet for the year ending 12/31/2019;
- Personal Financial Statement (Jointly if you are married)
- Payroll Report for Year ending 2019
- Copy of Utility Bills, Property Tax Bills, Insurance Costs etc.
You can upload this information to us securely by clicking the Upload Link to securely send to Anchor Banc below, enter your information and then drag and drop the documents into the upload box; We will confirm receipt when they are loaded into our server.