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Paycheck Protection Plan (PPP) Overview

The Paycheck Protection Plan (PPP) is SBA’s forgiveness plan that was created to help small business owners navigate the Corona virus/ COVID-19.  This page includes the important details you’ll need to get approved.

Questions?  Call 469-513-4116 or email ppp@BIG6ALLIANCE.com

Who Can Apply?

Any business in operation and paying employees before February 15, 2020 that has 500 employees or less can qualify, including sole proprietorships, independent contractors, self-employed individuals, and nonprofits.

 

How Much Money Can I Get?

You can be approved for 2.5 times your average payroll for the last 12 months minus any employee or contractor making over $100,000.  To calculate how much you may get, add your total payroll (subtracting anyone making over $100,000) over the last 12 months, divide that number by 12, then multiply that times 2.5. There is a maximum loan about of $10,000,000

 
 

Forgiveness

The loan/grant will be 100% forgiven if within the 8 weeks after loan is issued, 75%+ of funds are used for payroll and no more than 25% of funds are used for interest on mortgage, rent, and utilities.

Loan Terms

Payments are deferred for 6 months after loan is issued!  Any amount of loan not forgiven will be paid back over 5 years at a 1% interest rate.

Documentation Needed

This document outlines what’s needed to get approved for the SBA Paycheck
Protection Plan (PPP):

Loan Documents Needed:

  • Paycheck Protection Plan Application, Click Here to download
  • Form 940 and 941’s Annual Payroll Statement, Click Here to download Form 940 and Click Here to download Form 941
  • 2019 Payroll Report and Monthly Payroll Report (Shows # of employees
    and their wages)
  • If you are self employed, provide us a copy of your 1040 Schedule C
  • Driver’s License
  • Voided check of account you want funds deposited in or a bank statement

Questions to Answer:
1. # of Employees as of February 15, 2020
2. 2019 Total Employer Payroll Costs?
3. Have you already filed for the SBA Economic Injury Disaster Loan (EIDL)?

Loan Features

 

This loan requires no collateral or personal guarantee and is non-recourse.  It is 100% guaranteed by SBA.  If you secured an SBA Economic Injury Disaster Loan (EIDL), that loan amount will be rolled into this new PPP loan.

How To Apply

 

Applications are now being accepted!  You can apply through most Federally insured banks and credit unions, Click Here for a list of SBA’s top 100 lenders.  As you’ve seen on the news and probably already know, many banks are having issues processing applications, hit their limit, or aren’t accepting applications at all.

 

So, we’re making available our SBA broker who charges $2,000 app fee for SBA loan handling (price is negotiable & contingent upon the work needed to process). Our broker works with PPP, EIDL (including the $10,000 Forgivable loan/Grant), 7(a), and 504 Loans. They also deal with over 10 SBA funding sources including community banks, and they DON'T require extensive documentation.

 

To get approved, complete the short questionnaire and our team will contact you:

 
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Please note: By providing your email address, you are consenting to receive electronic communications from Big 6 Alliance and allows us to send your information to our PPP Loan providers.