COVID 19 Relief

$25,000 – $5,000,000

Maximum Loan Amount

650

Minimum FICO

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COVID 19 Relief

Apply for a PPP loan with 1 West Finance today!

$25,000 – $5,000,000

Maximum Loan Amount

650

Minimum FICO

APPLY NOW

How much you are looking for?

 

Many small businesses across the US need financial help right now during the current state of our economy. The federal government has stepped in to offer Paycheck Protection Program loans to those businesses in need. Because of the pared-down SBA requirements for PPP loans, more small businesses will qualify for the SBA coronavirus loans than previous SBA loan options.

1% fixed rate APR

For the lifetime of the loan

Loan forgiveness

For payroll, mortgage, interest, rent and utilities

Payment Deferral

Up to 6 months

  • Paycheck Protection Program Loan Requirements

The requirements for PPP loans are made simple and easy for your business..  To quality you must have 2 of the following:

  • Your business (or nonprofit) was in operation as of February 15, 2020
  • You’re an independent contractor or sole proprietor, or your business/organization has either employees or independent contractors for whom they have associated payroll costs
  • You certify that your business has sustained economic damage due to COVID-19

See, simple and easy for all your small business owners!

  • What Paycheck Protection Program Loans Are For?

PPP loans were created help small businesses,  maintain payrolls and continue necessary payroll-related payments like rent and utilities. You can use your PPP loan for the following:

  • Payroll costs including: salaries, wages, commissions and cash tip payments
  • Healthcare costs: Any costs related to the continuation of group healthcare benefits, this also includes insurance premiums
  • Mortgage interest payments (but not payments on the mortgage principal)
  • Rent/Utilities
  • Interest on any other debt that incurred before February 15, 2020
  • How Paycheck Protection Program Loans Are Calculated?

PPP loans are calculated based on 2.5 times your business’s monthly payroll costs. These costs include compensation, as outlined above, along with other payroll-related costs like retirement payments, state and local taxes on payroll, payment for vacation or paid leave, group healthcare costs, and allowances for separation or dismissal.  For more information on what you can use the loan for and what is excluded, you can visit our PPP calculator,  you can also get an estimate on your possible PPP loan amount here as well!

  • Are SBA PPP Loans the Same as Disaster Loans? Do You Have to Prove Economic Injury?

PPP loans are not the same as Economic Injury and Disaster Loans (EIDLs).  EIDLs are limited to designated disaster areas— for COVID-19, the SBA classifies that as all US states and territories, the loans also have higher restrictions/requirements. Unlike PPPs, EIDLs/disaster loans must be repaid in full. Due to a high demand, applications have closed for EIDLs. However, PPP loans are available to all US businesses based on the requirements that were listed above!

And yes,  you must have proof that your business has sustained economic injury due to COVID 19. Verification is required to ensure that funds are distributed to small businesses that have been hit the hardest by this current pandemic.

  • Paycheck Protection Program Forgiveness

Good news, PPP loans are eligible to be forgiven, up to 100% of the loan principal if the funds are used in the correct way. Learn more here: calculate your potential PPP loan forgiveness.

Costs and Payments Eligible for Forgiveness

Any payments made in the first 24 weeks of the loan and other costs incurred following the origination date, under these set categories are eligible for loan forgiveness:

  • Payroll costs (see full list of what this includes above)
  • Mortgage interest payments (but not payments on the principal)
  • Rent/Utilities

Calculating Your PPP Loan Forgiveness Amount

There cannot be more than 40% of the forgiven amount can be for non-payroll costs (see full list above)

If you have have laid off employees, that will  affect how much of your loan can be forgiven. Originally, employees needed to be rehired by June 30, 2020, in order for their salaries to be counted toward forgiveness, the deadline was extended until December 31, 2020. The PPPFA adds additional exceptions for small businesses and nonprofits that are unable to rehire workers by that date if:

  • Your business was unable to rehire an individual included as an employee as of February 15, 2020.
  • You were able to demonstrate that you were unable to hire similarly qualified employees on or before February 15, 2020.
  • You are able to demonstrate an inability to return to the same level of business activity at which your business was operating before February 15, 2020.
  • How Long Will It Take to Receive Funds?

Once you receive a Preferred Lender Program (PLP) number for your loan, the loan is approved by the SBA, and funds are reserved for the borrower.  The lender has 10 calendar days to disburse funds after the PLP number is given. The loan must be disbursed in full, and the 24-week loan forgiveness period begins the day funds are released to the borrower.

The lender has 20 days to disburse funds if a lender cannot disburse funds due to delays from a borrower, like missing paperwork, etc. If they haven’t received the necessary information from the borrower by the end of that 20-day period, the loan may be canceled due to high demand. If loan funds are designated for the refinancing of an Economic Injury and Disaster Loan (EIDL), the funds will be deducted from the disbursement amount and paid directly to the SBA by the lender

Payments are deferred for the first 6 months. Also remember, that interest will still accrue during the 6-month deferral period. So if you have the means, pay off what you can, when you can!

  • Can You Get a PPP Loan If You Have Other Loans?

Yes, you can qualify for more than one loan even if you have others existing, this also includes other SBA loans. But, you cannot use the funds from PPL loans for duplicate use at the same time. For example, you cannot use a PPL loan and a EIDL disaster loan to may your business’s rent, the would need to be used for separate needs.

Product Notes

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$25,000

Minimum Gross Sales (Monthly)

Monthly

Payment Options

What is needed to qualify (2 must apply to you)

  • Your business (or nonprofit) was in operation as of February 15, 2020
  • You’re an independent contractor or sole proprietor, or your business/organization has either employees or independent contractors for whom they have associated payroll costs
  • You certify that your business has sustained economic damage due to COVID-19
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How much you are looking for?

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