The House approved a bipartisan bill that would loosen requirements on hundreds of billions of dollars in small-business loans, responding to concerns from employers struggling to stay open during the coronavirus pandemic. The House bill reduces the level of Paycheck Protection Program funds that must be used for payroll to 60% from 75%. The bill […]
We have surveyed a number of lenders to find out which are still lending.. Below are some updated guidelines for most lenders. Max LTV for purchase & refinance bridge loans: 65% Max LTP (loan-to-purchase) for fix & flip: 80% Must have 20-40% down payment Max LTC (loan-to-cost) for rehab projects: still 100% for most lenders Max LTARV (loan-to-after-repair […]
The second round of the Paycheck Protection Program launched last Monday and has so far provided over 2 million loans worth over $175 billion out of the total $310 billion Congress authorized in the latest relief package. However, bank industry groups say the majority of the $310 billion is likely already used up given the high volume […]
Information regarding the second relief package: $484 billion: Size of the total relief package $310 billion: New amount allocated for Paycheck Protection Program $250 billion would be open to all lenders $60 billion would be reserved specifically for smaller lenders $10 billion would be reserved for emergency grants $75 billion would go to help hospitals […]
The Federal Government has announced an unprecedented $2.2 Trillion in relief money in the wake of the COVID-19 pandemic. ApplyForRelief.com is part of a large national lending brokerage who is working directly with one of the only 14 nonbank lenders licensed to make SBA 7(a) loans in order to help deploy this relief capital as quickly as […]
Make sure to include your RFA or Relief Funding Agent’s information in the sign in.This will expedite your process.If you need help with that email us at firstname.lastname@example.org or call 704.765.9560. To apply forthe SBA PPP Payment Protection Program, please go here.
The American Bankers Association reported on April 12 that $205 billion of the $350 billion appropriated for Paycheck Protection Program (PPP) loans has been claimed. This number presumably represents applications that banks have processed and that have been approved through the Small Business Association (SBA). Keep in mind, approval by the SBA occurs before the loans are actually documented […]
Starting Friday, self-employed and independent contractors are eligible to take advantage of Small Business Administration (SBA) loans, adding to the number of business owners receiving assistance from the federal government to stay afloat during the COVID-19 pandemic. Lenders say overall, the Paycheck Protection Program offering that assistance has been a success, but with any new program being […]