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CPort Blog Post Image 2 SBA (2)

cPort Small Businesses: SBA CARES Act Guidance

Ever since the Small Business Administration (SBA) announced economic relief programs we’ve been busy working with businesses to help them apply for and obtain financial assistance. With information seeming to change daily, it can be difficult to navigate the options. Our dedicated team of loan specialists is fully conversant in the application process and is able to provide you with the best guidance for obtaining relief under these programs.

The Paycheck Protection Program (PPP) is designed for small businesses struggling to make payroll and retain employees during the pandemic. These loans can be 100% forgiven when the funds are used for items approved by the program.

Apply for the PPP loan here:

Important Points About the PPP Loan:

  • For first draw loans, companies with fewer than 500 employees are eligible for these loans
  • For 2nd draw loans, companies with fewer than 300 employees are eligible
    • For a 2nd draw loan, company must have a had a 25% loss in a single quarter of 2020 over 2019
  • Qualifying loans will be 100% guaranteed by the SBA
  • Self-employed and independent contractors can participate

The PPP Loan Can be Used to Pay For:

  • Salary, wages, commissions, tips, vacation, family leave, medical leave, sick leave, etc.
  • Health care benefits
  • Interest on commercial mortgages
  • Commercial rent, including rent under a lease agreement
  • Utilities

 

Information We’ll Need if You’re Interested in Participating

Businesses must submit documentation to establish eligibility such as payroll tax filings (941 Withholding Reports), Schedule C, Schedule F, or form K-1. For borrowers that do not have any such documentation, we can accept other supporting documentation, such as bank records, sufficient to demonstrate the qualifying loan amount.

cPort is Here to Help You Apply for an SBA Loan

We’re currently taking applications both from members and non-members. Many of you have already reached out and expressed interest in learning more details. Our specialists are working through these requests on an individual basis to make the process as easy as possible.

To learn more about the program or apply, send us an email at [email protected] or reach out to a cPort Member Care Representative at 1-800-464-0253. While you’re waiting to hear from us, we ask that you spend some time gathering your financial information and make sure that it’s up to date. Your prior expenses may help to determine your eligibility for loan amounts.

Other Resources:

Overview of the Paycheck Protection Program

SBA Website

Translations of Key Aspects of the Paycheck Protection Program:

Spanish

Portuguese

French

Arabic