Paycheck Protection Program
First and Second Draw Loans – Eligible Businesses Can Qualify for Loan Forgiveness
Apply for the Paycheck Protection Program
Applying Online is Fast and Secure in Your Biz2Credit Account
If your business has been harmed by the global Coronavirus pandemic, you can get financial assistance. All In One Business Resources has partnered with Biz2Credit to offer support for businesses that need it. Apply now for a loan under the CARES Act Paycheck Protection Program.
PPP LOANS INFO
The United States Congress passed the 2020 CARES Act in March 2020 which made up to $659 billion in loans available to small businesses impacted by Coronavirus in the Paycheck Protection Program. In December 2020, the government passed a second round of the Paycheck Protection Program that includes another $284.5 billion for new loans, split between first time (first draw) and second time (second draw) loans.
Loan forgiveness for these loans is available for businesses that meet the requirements of the Paycheck Protection Program and maintain or restore their payroll volumes to pre-crisis levels.
These loans are meant for businesses trying to maintain payroll levels. Companies are able to receive up to 2.5x their average monthly payroll amount (3.5x for restaurants and hotels taking a second draw loan). Businesses without employees are eligible for up to 2.5x their monthly personal salary capped at $8,333 per month.
For those who qualify, first draw loans can range up to $10 million and second draw loans can range up to $2 million. Applications must be submitted by March 31st.
BE PREPARED TO APPLY
Loans under the Paycheck Protection Program have unique documentation requirements that business owners must meet. Please be prepared to provide the following before you apply.
Businesses with Employees
- IRS Form 940
- IRS Form 941 (payroll)
- Business Tax Returns
- Payroll Summary Report
- Entity Formation Documents
Contractors and other Businesses without Employees
- Tax Return
- Invoice, Bank Statement, or Other Records showing business was operating as of 2/15/2020
To Show Revenue Reduction for Second Draw Loans
- Annual Tax Return (for full-year declines)
- Bank Statements (for applicable quarters)
- Quarterly Financial Statements