PAYROLL PROTECTION PROGRAM
Supplement Payroll Up To 8 Weeks
SBA Fees Waived
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.
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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.
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?
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.
What can I use these loans for?
You should use the proceeds from these loans on your:
What counts as payroll costs?
Payroll costs include:
What it's for
What it's Not for
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:
Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.