Paycheck Protection Program Loan
CARES expands the SBA 7(a) program with PPP Loan – specifically designed to enable businesses to retain their employees during this time of crisis and uncertainty. With initial PPP funds exhausted in two weeks, the SBA is currently on their second round of funding.
How to Apply: You can apply with any 7a lender. TMC is only able to provide loans to our current clients via email invitation. If you have not received an email or are not a TMC client, we apologize, but we must ask that you find another lender as we are unable to help. Please reach out to your bank of account and if they are unable to help, try: Fountainhead Commercial, Liberty SBF, Square, PayPal, and Intuit Quickbooks.
Eligible Businesses – those with fewer than 500 employees, including 501(c)(3)s, that were operational on, or before Feb. 15, 2020
Loan amount – 2.5 times your average monthly payroll over the past 12 months, up to maximum of $10 million.
Other terms – rate 1% fixed, 2 year term, no fees, no prepayment penalty, no personal guaranty, no collateral
Use of loan proceeds – payroll, health benefits, rent, mortgage payments (limited to interest no principal) and utilities. This loan is designed to help you retain your employees and keep a roof over your head.
Payment deferment – all loans will have payments deferred for at least the first 6 months
Loan forgiveness – the amount used for eligible uses listed above in an 8-week period during the “covered period” ( February 15 – June 30,2020) will be forgiven. The government will write a check to the lender for that amount.
In the event not all of the original loan was used for the purposes above, the remainder will be turned into a 2-year term loan with the same 1% interest rate.
Download PPP Loan Forgiveness Application.