LendingUSA, on behalf of its partner, Cross River Bank, is now accepting applications for the US Small Business Administration (SBA) Paycheck Protection Program (PPP).
As the consequences of the pandemic continue, many small business owners continue to face tough financial times. LendingUSA, in partnership with Cross River Bank, is bringing relief to small business owners by assisting them with the provision of additional funds, not just to survive but to thrive in 2021.
As the second round of the PPP launches, small business owners can apply for a loan of up to $2 million dollars for eligible expenses, subject to varying exceptions and eligibility criteria that may apply. The PPP is open for both first-time and second-time borrowers and requires no collateral or personal guarantees.
PPP loans also provide qualifying eligible borrowers with loan forgiveness of up to100% if loan proceeds are used for designated expenses while maintaining salaries and headcount for the covered period in accordance with the rules.
Business owners applying for a second draw loan may have no more than 300 employees and must show at least a 25% reduction in revenue in accordance with the requirements.
“LendingUSA is proud to be able to play a role and help its small business merchants by offering them the opportunity to apply for the Paycheck Protection Program in partnership with Cross River Bank,” says Camilo Concha, founder and CEO of LendingUSA.
With the PPP, even seasonal employers are eligible for loans. Seasonal employers are defined as businesses that do not operate for more than seven months in a calendar year or earned no more than one-third of their receipts in any six months in the prior calendar year.
LendingUSA and Cross River Bank are long-standing partners. Their partnership was formed with the intention of supporting small businesses, and they hope this latest round of PPP loans by the SBA will provide a sense of relief and financial reprieve to those small business owners who need it most and allow them to continue to provide quality services and products.
Apply for your PPP loan here, or call us at (855) 416-8240 before the application deadline on March 31, 2021.
All loan terms and program requirement are subject to change pending additional guidance, rules, and updates issued by the SBA.