The Paycheck protection program is live and we wanted our clients to have all the important information to help your business during these hard times. We have created a list of helpful links that will help you take advantage of these programs below and more links can be found on our website at www.hpslawgroup.com.
The Paycheck Protection Program offers businesses with a headcount of 500 or less, sole proprietors, independent contractors and 501(c)(3) non-profits the ability to apply for a loan through your SBA lender bank or credit union that is totally forgivable with certain constraints. Any portion of the loan that is not forgiven will have an interest rate capped at .5%. No collateral or personal guarantees are required, and borrowers will not get hit with government or lender fees, and the loan payments will be deferred for six months.
The goal is to issue the funds quickly so it is expected that the funds will be issued within 48 hours of your application being completed.
This is a first-come, first-served process, so you will need to be ready when they do start taking applications. Bank of America is the first big bank accepting applications, so if you bank here get your applications in. We will try to keep our website up-to-date as more major banks open the program.
For up-to-date information go to HPS Law Group’s website here.
- You can find details of the program here.
- Borrower application form can be found here.
- You can find a SBA Bank here.
- Additional resource can be found here.
- COVID-19 Economic Injury Disaster Loan Application can be found here.
Please feel free to reach out to us with any questions at 1-833-4YOURBZ.
We are here for you and hope you all stay safe during these crazy times. Stay connected and follow us for the most up-to-date information.