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.
Important Points About the PPP Loan:
- Companies with fewer than 500 employees are eligible for these loans
- 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
Information We’ll Need if You’re Interested in Participating
Businesses must submit documentation to establish eligibility such as payroll processor records, payroll tax filings (941 Withholding Reports), Form 1099-MISC, or income and expenses from a sole proprietorship. For borrowers that do not have any such documentation, borrowers, such as independent contractors, must provide 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, 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.