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Apply Now for the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) – SBA Loan

Apply Now for the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) – SBA Loan

The Payment Protection Program, according to the CARES Act, will be overseen by the US Small Business Administration (SBA). The SBA, through its lending partners, will deploy about $350 Billion to small and medium sized businesses, affected by the Coronavirus, to help them fulfill their financial obligations. The details of the program as follows:

Paycheck Protection Program

  • Period Covered from Feb 15 2020 to June 30 2020 (“Covered Period”)
  • Available to companies with less than 500 Employees per Physical Location or if the SBA sets a different criterion for that specific Industry
  • Maximum Loan amount will be the lesser of:
    • 250% of the Average Monthly payroll costs for the preceding fiscal year
    • $10,000,000
  • Loan can be used to pay for:
    • Payroll Costs
    • Employee healthcare benefits
    • Employee Salaries & Commissions
    • Interest payments for any mortgage obligation (Payment of Principle Balance NOT allowed)
    • Rent
    • Utilities Cost
    • Any other Interest incurred on any other Debt Instrument preceding the time from when this Loan is provided
  • If you’ve taken out an SBA 7(a) loan after Jan 31 2020, this new loan can be used to refinance that
  • The Loan will require no Personal Guaranty or Collateral
  • Maximum Interest Rate of 4%
  • Complete Payment Deferment (Principle, Interest & Fees) for between 6 months and a year
  • The payments obligations incurred during the covered period can be deducted from the Loan Principle balance ( Forgiveness) IF you have retained your employees and haven’t reduced their salaries
  • The Loan forgiveness amount will be reduced if you have fired any employees or cut their wages

The maximum loan amount for SBA Express loans will increase from $350,000 to $1 Million

Boeyfly is a subsidiary of ConnectOne Bank our lead bank.

BoeFly was founded in 2010 to make getting a small business loan easier through technology. Since launching, we’ve supported $7+ billion of activity for independent businesses and 800+ franchise systems. In partnership with our lending partners, we are accepting applications for this SBA program now at no cost.

After filling out the application, please send us an email at letting us know you’ve completed the application and we will begin to track your application status along with you.

Another option is to apply for the SBA's Economic Injury Disaster Loan(EIDL). For more information please click the button below: