PPP Loan Forgiveness

PPP Forgiveness Guide

PDF-Doc-iconWe've created an easy to read guide on what you need to know, have, and do to maximize how much of your PPP loan will be forgiven.
If you need more help, we can connect youth our network of virtual accountants.

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PPP Forgiveness Guide

Your PPP loan is 100% forgivable if you follow SBA forgiveness guidelines. We've created a PPP Loan Forgiveness calculator, so businesses who received a PPP loan can easily track their expenditures of those funds, and ensure maximum forgiveness.

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Banks and Credit Unions implement a full
PPP Forgiveness Solution in minutes

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SBA PPP Program Loans

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated over half a trillion dollars to help small businesses keep workers employed amid the COVID-19 pandemic and economic downturn. There are predominantly two programs as part of the CARES ACT that are being offered by the U.S Small Business Administration (SBA) in partnership with banks, credit unions and through platforms like FINSYNC.

The Paycheck Protection Program (PPP) is a federal loan program, now offering an additional $320 billion of funding, with up to 100% loan forgiveness for borrowers who maintain their payrolls during the crisis or restore their payrolls afterward.

The SBA is also offering, directly through the SBA, an Economic Injury Disaster Loan (EIDL) to small businesses who are prepared to go through a more extensic=ve underwriting process and repay the loan in full with interest.

Loan Program Options


Payment Protection Program (PPP)

Economic Injury Disaster Loan (EIDL)


ELIGIBILITY


  • US Based Businesses
  • Operating on February 15, 2020
  • Less than 500 employees
  • US Based Businesses
  • Economic hardship due to COVID-19 can be proven via decline in revenue

USE OF FUNDING


  • Payroll
  • Employee salaries
  • Mortgage interest
  • Rent and utilities
  • Interest on debt incurred before 2/15/20
  • Payroll
  • Fixed debts
  • Accounts payable
  • Other expenses that can't be
    paid because of disaster's impact

FUNDING AMOUNT


  • 2.5 times your business' average monthly
    payroll, up to $10 million in total funding
  • Up to $2 million

RATE


  • 1.0% fixed annual percentage rate
  • 3.75% annual percentage rate

TERMS


  • No payments for the first 6 months,
    and a total of 2-year term
  • Up to 30 years

LOAN FORGIVENESS


  • Up to 100% of this loan can be forgiven
    with the proper supporting documentation of
    how funds were used post funding
  • 0% of this loan can be forgiven

APPLICATION PROCESS


  • We help streamline your application
    process, receive funds more quickly and
    qualify for loan forgiveness
  • We connect you directly to the SBA
    to apply for this program as it's a manually
    underwritten loan

APPLY TODAY
APPLY THROUGH SBA

How we Help with the PPP Loan Program

Apply-Online

Apply Online

 

We built a custom application for the PPP Loan to help you apply with your current FI online. If your FI isn’t participating in the PPP Loan, or cannot meet your timely needs, we’ll route you to another FI that can help.

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Pre-Approval

 

Our system helps you confirm eligibility based on your business and payroll information and supporting documents. We provide access to advisors in case you need help ensuring you are submitting the right supporting documentation.

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E-Signed Documents &
Digital Uploads

It’s very important that you get the right information to your FI in a timely manner in order to receive funds quickly. We provide a secure portal that expedites the process and helps you sign documents electronically.

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Final Approval & Funding


After submission, your FI will receive an alert with access to a secure portal and tools to quickly review and process your completed application and all supporting documentation for faster approval and funding to you.

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Automated Forgiveness
Check & More

We built a custom application for the PPP Loan to help you apply with your current FI online. If your FI isn’t participating in the PPP Loan, or cannot meet your timely needs, we’ll route you to another FI that can help.

SBA PPP VIDEO EXPLAINER

Kevin Sandlin, FINSYNC's Chief Marketing Officer, breaks down the SBA PPP loan options for small businesses, including who's eligible, how much you can borrow, how much can be forgiven, and our free PPP Loan Calculator.

 

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DOWNLOAD THE GUIDE

unknown-1592271226382The guide will give you an overview of the PPP program, frequently asked questions and a list of all documents that will need to be attached to support your loan application and approval.

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FINSYNC LOAN CALCULATOR

This Loan Calculation Worksheet is based on interpretations under
the CARES Act and guidance from the U.S. Treasury during the
week of March 30, 2020.

Toggle and see the difference between maximum loan amount using
2019 or the last twelve months (April 2019 through March 2020).

 

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Resources From Our Blog

SBA-Disaster-Loans-Blog-Post-Pay-All-Business-Expenses 2

PAYMENTS

Pay all of your business expenses using your credit card, even vendors who
don’t take credit cards.

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SBA-Disaster-Loans-Business-Hurt-by-Coronavirus 2

#Coronavirus

Resources For Your Business During Coronavirus

 

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BUSINESS GROWTH

Business Hurt by Coronavirus?SBA Programs and More Small Business Loan Options to Help You Recover

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