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Are you in need of SBA Assistance?

In the first round of PPP we along with our parent company helped approximately 2,200 businesses get over $361 million in relief affecting over 35,000 jobs.  We're currently in the process of submitting applications to the SBA, including those from first time applicants.

 

Helpful Resources.

We are preparing our loan portal for you to submit the documents you need for the second round of PPP loans.  Not sure what you need?  No problem!  We have compiled a list of documents for you to aid you in the process of applying for the next round of the Paycheck Protection Program.

Necessary Documents

In consultation with the Department of the Treasury, the Small Business Administration has provided updated guidance to assist businesses in calculating their payroll costs for purposes of determining the maximum amount of a First Draw Paycheck Protection Program (PPP) loan.

PPP Loan Calculations

The recently signed Consolidated Appropriations Act, 2021, includes $900 billion in stimulus relief for COVID-19 and the next round of Paycheck Protection Program funds for eligible borrowers.  We have the interim final rule of the stimulus bill below.

Stimulus Final Ruling

We are pleased participate in the Second Draw of SBA Paycheck Protection Program funds.  We are still awaiting details from the SBA and will release information as further guidance is provided.  We are happy to continue helping our businesses transition into 2021.

PPP Second Round Details

Key Features

  • Lower Down Payments
  • Extended Terms
  • Quick Decisions
  • Local Processing
  • Available for start-up businesses or for the purchase or refinance of an existing business
  • Competitively low rates for a wide range of business needs*
  • Government-backed financing
  • Alternative option for companies that might otherwise struggle to secure funds
  • Special financing for qualifying businesses
  • A wide range of lending options available
  • Generally lower down payments and extended terms
  • Additional considerations taken when deciding maturity**
  • Quick, local decision-making and processing
  • Dedicated, friendly service from start to finish

*Subject to credit approval.

**Loan maturities are based on the ability to repay, the purpose of the loan proceeds, and the useful life of the assets financed.

Based in Greensboro

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