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Newtek is happy to be participating in Round 2 of the Paycheck Protection Program (PPP) and looks forward to helping your eligible clients to secure the important financing they need.

The SBA released final guidance for Round 2 on Friday. Below is some useful information we want to share with you.
  • Your business owner clients can apply for PPP financing for the first time – simply enter the PPP referrals in NewTracker as you normally would.
    • Loans can be used for payroll and overhead.
    • Funds are available to businesses with under 300 employees, with loans calculated at 2.5 times average monthly payroll, 3.5 for select industries – maximum loan amount is $2 million.
    • Businesses must demonstrate at least a 25 percent reduction in gross receipts in any quarter of 2020, including the fourth, relative to the same 2019 quarter.
I am at your disposal if you have any questions regarding the PPP loan process. Please do not hesitate to reach out.

Important noteNewtek’s regular lending platforms are up and running for clients seeking capital to grow and expand their business as well as for the acquisition or refinance of owner-occupied commercial properties. Construction-to-permanent financing is available.

Any referrals can be submitted directly by logging in to NewTracker.

Nolan Walsh
Regional Vice President
(212) 273-8220