We know it’s been a challenging year, but business owners can access the new stimulus package with confidence and a sigh of relief in this uncertain time.
With the launch of the new Paycheck Protection Program, we’re providing first-class service and immediate access to the PPP program in partnership with Lendio.
LiftFund and Lendio are trusted resources in micro and small business financing and bring community lending and online lending together for you to be successful in accessing PPP.
The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.
At least 60% of the proceeds are spent on payroll costs.
Two types of PPP products:
First Draw Loan Required Document List:
Here’s what we know about this next round of PPP: