SBA COVID-19 Paycheck Protection Program Loans
When the CARES Act was signed into law, funding was allocated to help businesses during the COVID-19 pandemic. Evolt Capital offers SBA Paycheck Protection Program (PPP) loans to organizations that include:
- Small businesses with less than 500 employees
- Nonprofits
- Sole proprietors
- Veterans’ organizations
- Independent contractors
- SBA-eligible entities
PPP Loans
Paycheck Protection Program loans from Evolt Capital feature:
- Loan amounts up to $10 million
- No collateral required for borrowers
- No personal guarantees
- No penalties for prepayment
- PPP loan payments are deferred for at least 6 months
PPP loans are designed so businesses can thrive amid current challenges by providing funds for the following purposes:
- Maintain payroll and staff
- Covering the cost of benefits and paid sick leave
- Utilities
- Covering rent on commercial space and interest on commercial mortgages
PPP Loan Requirements
In order to apply for a Paycheck Protection Program loan, applicants will need to supply the following:
- Valid drivers’ license or state-issued ID
- Payroll reports
- IRS forms 940 and 941
- Annual payroll report for 2019
- Expense reports including mortgage, lease, and utility payments
- Copies of any EIDL loans taken out on or after January 31, 2020
Contact Us
Evolt Capital can approve and process PPP loans quickly and efficiently. If your business has been impacted by the coronavirus and you need relief and recovery financing, contact Evolt Capital today.
