Certified Platinum Financial Services
Your Money Is Our Business

Get PPP Today

Get Maximum Funding!

Apply Now

After the White House announced changes to the Paycheck Protection Program (PPP) to help provide relief to the smallest businesses last week, the Small Business Administration (SBA) issued a new Interim Final Rule on Wednesday. It potentially opens the door for larger PPP loan amounts by allowing individuals with income from self-employment who file using an IRS Form 1040, Schedule C, such as sole proprietors, independent contractors, and self-employed clients, to calculate maximum loan amounts using gross income instead of net profit.

Paycheck Protection Program

  • The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
  • For most borrowers, the maximum PPP loan amount is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million. 
  • For borrowers in the Accommodation and Food Services sector, the maximum PPP loan amount is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million. 
  • SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.
  • PPP loans have an interest rate of 1%.
  • Loans issued prior to June 5 have a maturity of 2 years. Loans issued after June 5 have a maturity of 5 years.
  • Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower's loan forgiveness amount to the lender. 
  • If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (either 8 weeks or 24 weeks).

*  Demonstrate at least a 25% reduction in gross receipts 
*  Annual tax returns for 2019 and 2020 to substantiate the 25% revenue reduction
*  Employ fewer than 300 employees
*  No collateral or personal guarantees required 

Have your application submitted correctly by our experienced Underwriter's in order to receive Maximum funding!