As you may be aware, our national government just passed the COVID-19 Aid, Relief, and Economic Security Act (CARES Act). MaxCap Solutions is proud to announce that we will be assisting small businesses across the country with the Paycheck Protection Program in order to support the well-being and continuity of our communities.
Key benefits of the CARES Paycheck Protection Program:
No personal guarantee
Fast turnaround time
No collateral required
Loan amounts are the lesser of average monthy payroll during the last 12 months x 2.5 (or $10MM max amount)
All borrowers are eligible for deferments
All businesses and nonprofits in operation on or before February 12, 2020 with fewer than 500 employees are eligible
Loan proceeds may be used to maintain rent, payroll, business mortgages, business debts and utilities
The portion of the loan that is used for eligible purposes during the first eight (8) weeks after funding is eligible for foregiveness!
Any business, including sole proprietorships, independent contractors and self-employed persons, private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19 who:
Has less than 500 employees at each location
Was in operation on February 15, 2020
Had employees whom salaries and payroll taxes (or paid independent contractors)
What else should I know?
For detailed information on the PPP loan forgiveness please Click Here.