Just 1% 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. Interest will accrue during this time.
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 are the lesser of $10 million and a calculated amount based on payroll and may be forgivable. Talk to your Lendio funding manager for more information on calculating your loan amount. 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 has already committed and reserved $350 billion in forgivable loans to small business owners across America. Starting on Monday, April 27th, it will begin funding an additional $300+ billion in loans to small business owners who weren’t able to receive a loan from the initial pool of $350 billion.
The CARES Act has expanded the eligibility criteria for borrowers to qualify for a Paycheck Protection Program loan. Small businesses with 500 or fewer employees whose principal place of residence is in the United States–including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors–are eligible. Businesses with more than 500 employees are eligible in certain industries.
The loan may only be used for:
The date you started your business
You need to have been in business on February 15, 2020
Documentation verifying your average monthly 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; an 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.
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
You may be eligible to have all or a portion of the loan principal and interest forgiven if you use the funds for certain qualifying costs incurred and payments made for payroll, mortgage interest, rent and utilities during the first eight weeks following the date the loan is made. You will have to provide documentation.
Because the SBA expects a high number of applicants for PPP loans, no more than 25% of the forgiven amount can be for non-payroll costs (i.e., mortgage interest, rent, and utilities). If your business has laid off employees, that will also affect how much your loan can be forgiven. The total effect on your PPP loan’s forgiveness-eligibility depends on a calculation that your funding manager can walk you through to give you the specific answer for your business.
Small businesses with 500 or fewer employees whose principal place of residence is in the United States–including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors–are eligible. Businesses with more than 500 employees are eligible in certain industries.
Apply now to access the $349 billion in federal funding to help small businesses
keep workers employed amid the pandemic and economic downturn.Get Started
50 Years Strong and Counting Jefferson Financial Federal Credit Union is a member-owned, not-for-profit financial institution serving more than 50,000 members with more than a dozen locations across south Louisiana. Originally chartered in 1966, the first JFFCU branch was located on the second floor of a floral shop and existed primarily to serve employees of the Jefferson Parish Public School System. Fifty years later, we are proud to continue our service not only to the school system, but also to dozens of Business and Community Partners throughout our service regions. We strive to be active members of our communities, giving back to our current and future members by working with the Chambers of Commerce, non-profits and local governments to ensure prosperity and financial success in our membership areas.