Don’t let COVID-19 keep your business closed. Lendio can connect you to Paycheck Protection Program loans offered through the SBA.
Just 1.0% APR for the entire life of your Paycheck Protection Program loan.
For qualified loan uses like payroll, mortgage interest, rent, and utilities.
Payments deferred for the first 6 months, and up to 12 months for some qualifying borrowers.
Spread out payments over a two-year term to make your loan even more affordable.
Recently added as an SBA loan program, the Paycheck Protection Program provides federally-guaranteed loans to eligible small businesses. Loans can be up to $10 million and may be partially forgivable. These loans are intended to help small businesses retain employees throughout and after the Coronavirus (COVID-19) crisis.
As dictated by the CARES Act, the SBA will commit to helping small business owners across America borrow $349 billion. The Paycheck Protection Program covers operational expenses beginning February 15, 2020 and ending on June 30, 2020.
The CARES Act has expanded the eligibility criteria for borrowers to qualify for a Paycheck Protection Program loan. Any qualified small business, nonprofit organization, veterans organization, or tribal business is eligible to review a loan if the business employs 500 or fewer people.
The loan may only be used for: