On March 27th President Trump signed in to law the CARES Act also known as the Paycheck Protection Program. This bill includes $367B that will be added to the SBA lending authority in the wake of the COVID-19 pandemic to support small businesses who have been affected by the virus. Web Finance Direct is processing the SBA 7(a) relief loans now.
Who Is Eligible and Amount Available
- Small businesses, 501(c)(3) nonprofit, a 501(c)(19) veteran’s organization, or Tribal business concern described in section 31(b)(2)(C) of the Small Business Act with not more than 500 employees, or the applicable size standard for the industry as provided by SBA, if higher.
- Sole-proprietors, independent contractors, and other self-employed individuals as eligible for loans.
- Businesses with more than one physical location qualify so long as total combined employees are below 500 employees (unless the businesses operated under NAICS code beginning with 72) or otherwise meet the SBA’s size standard based on NAICS code.
- Waives affiliation rules for businesses in the hospitality and restaurant industries, franchises that are approved on the SBA’s Franchise Directory, and small businesses that receive financing through the Small Business Investment Company (SBIC) program.
- Applies current SBA affiliation rules to eligible nonprofits.
- Average eligible monthly payroll costs, excluding compensation above $100,000 in wages (based on prior 12 months) multiplied by 2.5 (represents months) – plus – the balance of any SBA Loan closed between 1/31/2020 and when this loan will be made, if applicable – OR – $10 million whichever is less.
There are several ways that you can use your loan:
- For refinancing
- To build
- To finance many types of business equipment
- For purchases
- To renovate your business
To learn more about what this type of loan can do for your business, call us today.
What are some of the benefits that you can enjoy with an SBA loan from Web Finance Direct? Here are some examples:
- Competitive interest rates
- No penalties when you prepay
- Amounts up to $5 million
- Terms that are flexible
- Full amortization
- Flexible loan terms
- Financing amounts up to 90 percent
- 25-year terms
If you are applying for a 7a or 504 loan, you may receive a variable or a fixed rate. Give us a call to learn more about your specific qualifications.
Existing Business Acquisition Loans
Acquiring an existing business? Our main criteria for approving your acquisition loan are acceptable cash flow and good business management. Here are some of the benefits you can realize from these loans:
- Ballooning-free amortization
- Prequalification in as little as 48 hours
- No penalty from prepayment
- 15-year terms
- Financing amounts up to 80 percent
Get in Touch With Web Finance Direct
Our specialists have experience working with businesses like yours to find loan solutions to meet your needs. Contact us today to learn more about your options or to receive an application.