Apply for Paycheck Protection Program loans
The Paycheck Protection Program is extended and will help most small businesses in America receive immediate funds to keep workers employed. Cerebro has partnered with ACAP + Loan Source to provide Borrowers with access to PPP loans. Learn how to apply now through Cerebro’s lending partner.
Paycheck Protection Program LOANS
On Sunday December 27, 2020 the President signed into law The Consolidated Appropriations Act, 2021 which included additional Coronavirus Response and Relief programs. Provisions under the legislation allocated $284 billion to provide a second round of Payroll Protection Program funding to help small businesses keep workers employed amid the pandemic and economic downturn. Most viable for the majority of small businesses is the Paycheck Protection Program. The PPP provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency.
The PPP has been extended with additional funds through 2021. Through our partnership with ACAP + Loansource, Cerebro can help you get the money you need to keep your employees paid during this uncertain time.
Who can we help?
If your company is seeking economic relief through the Paycheck Protection Program, we can help you apply for PPP funds through a dedicated partnership with ACAP + Loan Source. Through their online portal, you can submit your loan application, receive updates on your loan status and get support for all of your PPP questions.
During the first round of PPP funding, many interested borrowers experienced problems accessing the program through existing banking relationships. Through our partnership, you will be able to access funds through an approved lending institution that will not require an existing relationship nor require you to establish a new relationship. Further, all loans will be fast-tracked for forgiveness once eligibility is established.
Your PPP loan origination and subsequent forgiveness applications will be reviewed by highly trained experts that have already managed $4 billion in PPP loan and forgiveness requests.
How do I apply for PPP loans?
Additional Paycheck Protection Program funds are expected to become available in January 2021. Learn more about the Paycheck Protection Program extension and get started with your 2021 application with our partner ACAP + LoanSource.
Current Paycheck Protection Program FAQs
- Loans will be made available to both first-time qualified borrowers as well as to those borrowers who previously received a PPP loan earlier in 2020
- A small business with fewer than 300 employees
- Have used or will use all of the proceeds from their first PPP loan
- Had a 25% or greater reduction of “gross receipts” when comparing any quarter in 2020 to the same quarter in 2019
- A small business in industry that has an employee-based size standard through SBA that is higher than 500 employees CHECK HERE.
- A 501(c)(3) with fewer than 300 employees
- An individual who operates as a sole proprietor, an independent contractor, or who is self-employed who regularly carries on any trade or business
- A Tribal business concern that meets the SBA size standard
- A 501(c)(19) Veterans Organization that meets the SBA size standard
- NOTE: The 300-employee threshold includes all employees: full-time, part-time, and any other status.
- Loans can be up to 2.5 x the borrower’s average monthly payroll costs in 1-year prior to loan or calendar year 2019, not to exceed $2 million.
- For Borrowers with NAICS codes starting with 72 (i.e., hotels and restaurants), the loan is based on 3.5 x average monthly payroll costs
- Similar to the first round of PPP loans, eligible spending must be comprised of at least 60% on payroll costs (compensation, health, retirement and state and local payroll taxes) over a Covered Period of either 8 or 24 weeks. See below for additional eligible costs.
- New PPP loans will be available through March 31, 2021.
- With the new round of PPP fundinding, eligible costs for loan forgiveness is being expanded
- Costs eligible for forgiveness under the original PPP loan as well as PPP-2 loans include: payroll, health insurance, retirement contributions, mortgage interest, rent and utilities. The Relief Act added the following costs as eligible for forgiveness:
- Covered worker protection expenditure, operating or capital expenditures to facilitate the adaption of business activities of an entity to comply with COVID-19 federal, state or local government health and safety guidelines.
- Covered supplier costs: An expenditure to a supplier that is essential to the operations at the time at which the expenditure is made and is made pursuant to a contract, order, or purchase order.
- Covered operations expenditure, payment for any business software or cloud computing services that facilitates business operations, product or service delivery, payroll processing, human resources, sales and billing functions or accounting for supplies, inventory, records and expenses.
- Covered Property Damage Costs: Cost related to a property damage and vandalism or looting due to public disturbances that occurred during 2020 that was not covered by insurance or other compensation.
- Payroll Costs: Costs eligible for forgiveness were amended to include insurance payments for group life and disability. The Relief Act also inserted vision and dental insurance into the law, though prior SBA guidance permitted those costs under the category of health insurance.
The Loan Source and ACAP have partnered together to be your guide in navigating the complexities of the next stages of your PPP loan. The Loan Source is a long-standing and respected SBA small business lending company with over 26 years of experience, and ACAP is a team of seasoned lenders with significant PPP experience. Together, the Loan Source and ACAP will be taking over the origination, forgiveness and on-going servicing process of your PPP loan.
NOTE: None of the information contained herein is intended to be legal, tax, or investment advice, nor should it be relied on as such. You should consult your own legal, tax investment or other advisors, at both the onset of any transaction and on an ongoing basis to determine the laws and analyses applicable to your specific circumstance. Cerebro Capital, Inc. hereby disclaims all warranties associated with this information. The information contained in this communication may be obtained from a variety of sources and may be subject to change and Cerebro does not accept responsibility for, or guarantee it to be, accurate, timely, secure, error-free, malware-free or virus-free. Cerebro disclaims any and all liability for the information and disclaims all express or implied warranties, including without limitation, any warranties for information or errors contained in, or omissions from, the information, and the implied warranties of merchantability and fitness for a particular purpose. Cerebro and its employees and officers shall not be liable for any loss or liability suffered by you resulting from the provision to you of such information or your use or reliance in any way on such information. Such information is being provided on an “AS-IS, WHERE-IS” basis and “WITH ALL FAULTS.”