Everything you need to know about the SBA (7a) Paycheck Protection Program.

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

  • No fees

  • 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!

Who is eligible?

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.


© 2020 by MaxCap Solutions LLC.  All Rights Reserved.

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