PAYROLL PROTECTION PROGRAM

Supplement Payroll Up To 8 Weeks
SBA Fees Waived

Apply Here For The
Payroll Protection Program

Coastal Kapital has partnered with the largest non bank SBA direct lender so we may offer our clients the Payroll Protection Program directly through our office. This program will supplement the payroll, rent, mortgage interest etc for up to 8 weeks.

Call Us Today:

866-670-7483

Program Overview

The Paycheck Protection Program (PPP) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone.

    • The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and
    • Employee and compensation levels are maintained.

    Payroll costs are capped at $100,000 on an annualized basis for each employee. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs. Loan payments will be deferred for 6 months.

    When can I apply?

      • Starting April 3, 2020, small businesses and sole proprietorship's can apply for and receive loans to cover their payroll and other certain expenses through Coastal Kapital.
      • Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through Coastal Kapital.

      Loan Information

      • SBA fees waived
      • Up to $10 million-2.5x payroll expenses
      • 4% Interest Rate fixed for life of the loan
      • No Collateral Required
      • No Personal Guarantee
      • Maturity: regular “7a terms, conditions, and processes”
      • Covered Period: 2/15/2020 to 6/30/2020

      Who Can Apply?

      All businesses – including nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors – with 500 or fewer employees can apply. Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries. Click HERE for additional detail.

      Eligible loan proceeds

      What can I use these loans for?

      You should use the proceeds from these loans on your:

      • Payroll costs
      • Costs related to continuation of group health benefits
      • Employee salaries, commissions, or related compensations
      • Mortgage Interest
      • Rent
      • Utilities
      • Interest on any debt obligation incurred before the covered period
      Payroll Information

      What counts as payroll costs?

      Payroll costs include:

      • Salary, wages, commissions, or tips (capped at $100,000 on an annualized basis for each employee);
      • Employee benefits including costs for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payments required for the provisions of group health care benefits including insurance premiums; and payment of any retirement benefit;
      • State and local taxes assessed on compensation; and
      • For a sole proprietor or independent contractor: wages, commissions, income, or net earnings from self-employment, capped at $100,000 on an annualized basis for each employee.

      What it's for

      • Payments of compensation to employees
      • Payment of cash tip or equivalent
      • Payment for vacation, parental, family, medical, or sick leave
      • Allowance for dismissal or separation
      • Payment required for group health benefits
      • Payment of retirement OR payment of state or local tax assessed on the compensation of employees

      What it's Not for

      • Compensation of employee with annual salary >$100,000
      • Taxes imposed under Chapters 21, 22, or 24 of the IRS code
      • Compensation of employees who do not reside in the US
      • Qualified sick or family leave for which credit is allowed under Families First Coronavirus Response Act
      Loan Forgiveness

      How much of my loan will be forgiven? 

      Up to 100% of the loan amount can be forgiven, as long as you used your loan for:

      • Payroll cost
      • Interest payments on mortgage
      • Rent
      • Utilites

      Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.

      Apply Now

      Apply Here For The
      Payroll Protection Program