SMALL BUSINESS PAYCHECK PROTECTION PROGRAM (P3)

 
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NEW SBA LOAN PROGRAM - CARES ACT

 The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.   Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible. Businesses with more than 500 employees are eligible in certain industries. 

FULLY FORGIVEN

Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees. 


Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. 

Young Businesswomen
 

Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply.  We encourage you to apply as quickly as you can because there is a funding cap.    


You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found at www.sba.gov. 


North Capital Private Securities is serving as  an Agent to facilitate Paycheck Protection Program (P3) loan applications on behalf of borrowers.  Upon acceptance of your application, we will offer your loan to multiple SBA-approved lenders for consideration. 

 

(415) 315-9916

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The relationship between North Capital Investment Technology, North Capital Inc., and North Capital Private Securities Corporation is described in our Disclosure Documents and Code of Ethics. Check the background of this firm on FINRA's BrokerCheck.  Completion of a loan application is not a guarantee of acceptance by North Capital or any lender.  North Capital is an Agent for loan processing,  is not an SBA-approved lender, and makes no representation or warranty regarding the likely acceptance and funding of any loan application.