LeaseQ can help you apply for the second round of PPP funding, available whether you received a first round loan or not. Get up to 2.5x your monthly payroll (up to $10M) as a loan that may be eligible for full forgiveness.
The Paycheck Protection Program is back. PPP’s federally guaranteed loans are intended to keep America’s businesses going during the ongoing impact of COVID-19. The second round of PPP loans have new eligibility guidelines and many businesses and independent contractors may qualify, even if they received a PPP loan previously.
First-time borrowers, in general, can have no more than 500 employees and their business must have been in operation as of February 15, 2020. The first loan can be up to 2.5 times the business’ average monthly payroll costs, up to a $10 million loan maximum.
Second-time borrowers can apply for a second PPP loan if they’ve spent or expect to spend the full amount of their first PPP loan before they receive funding for the second loan. In general, second-time borrowers can have no more than 300 employees. The second loan can be up to 2.5 times the business’ average monthly payroll costs, up to a $2 million loan maximum.
Restaurants and Hospitality companies with NAICS code 72 can borrow up to 3.5 times the business’ average monthly payroll costs, up to a $2 million loan maximum.
These highlights will apply to many borrowers, but there are some exceptions. For full program details, visit SBA.gov and Treasury.gov.
Will you let us help you apply for a PPP loan?
Submit Your PPP Application
Applications for funding are being processed on a first-come, first-served basis so please complete your PPP application today.
Paycheck Protection Program Highlights
- Get 2.5x monthly payroll (10wks) up to $10M
- No personal guarantee or collateral needed
- Use it for payroll & other bills like rent & utilities
- The PPP loan can be 100% forgivable
- Businesses of 500 or fewer staff are eligible
- Restaurants and Hospitality get 3.5x monthly payroll up to $2M
What is the Paycheck Protection Program?
The Paycheck Protection Program is a specific type of federally guaranteed loan intended to keep America’s businesses going during the temporary turmoil of the global pandemic. The SBA will empower businesses to borrow money based on the average cost of their monthly payroll. The money can be used for payroll costs, employee benefits, insurance premiums, mortgage interest, rent, utilities, and more.