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.
- Existing PPP borrowers may apply for a 2nd PPP loan and should be directed to their loan portals to self-apply. You do not need to enter referrals for them.
- 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 note: Newtek’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. https://www.newtekreferrals.com/login
Regards,
Tom |
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