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Congress just approved a Coronavirus Relief package, which includes $284B in additional funding for another round of the Paycheck Protection Program (PPP).
Know where to go for the 

Paycheck Protection Program
(PPP) application process.

The Paycheck Protection Program is offering low-interest loans that may be fully forgiven if allocated properly. The requirements are straightforward. See below for more details.

Who Can Apply

First Time Borrowers

The following entities affected by Coronavirus (COVID-19) may be eligible:
A) Sole proprietors, independent contractors, and self-employed persons
B) Any small business concern that meets SBA’s size standards (either the industry size standard or the alternative size standard)
C) Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
- 500 employees, or
- That meets the SBA industry size standard if more than 500
D) Any business with a NAICS code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location

Second Time Borrowers

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
A) Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses
B) Has no more than 300 employees; and
C) Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

Loan Details

First Time Borrowers

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. First Draw PPP Loans can be used to help fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.

A) PPP loans have an interest rate of 1%.
B) Loans issued prior to June 5 have a maturity of two years. Loans issued after June 5 have a maturity of five years.
C) Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower's loan forgiveness amount to the lender. If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (either 8 weeks or 24 weeks).
D) No collateral or personal guarantees are required.
E) Neither the government nor lenders will charge small businesses any fees.

Second Time Borrowers

The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan.

Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

Maximum loan amount and increased assistance for accommodation and food services businesses
For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million.

For borrowers in the Accommodation and Food Services sector (use NAICS 72 to confirm), the maximum loan amount for a Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million.

Top Line Overview of First & Second Draw of PPP 

*Details subject to change as the SBA continues to provide guidance 

First Time Draw Overview

Download SBA Overview PDF

Second Time Draw Overview

Download SBA Overview PDF

Reapplying and loan increases

*Details below are subject to change.
FIRST ROUND BORROWERS:
Existing PPP borrowers that did not receive loan forgiveness by December 27, 2020 may:
A) Reapply for a First Draw PPP Loan if they previously returned some or all of their First Draw PPP Loan funds, or
B) Under certain circumstances, request to modify their First Draw PPP Loan amount if they previously did not accept the full amount for which they are eligible
Visit SBA.GOV for in-depth information on all aspects of the PPP program.

Loan Forgiveness

*Details below are subject to change.
FIRST ROUND BORROWERS:
Existing PPP borrowers that did not receive loan forgiveness by December 27, 2020 may:
A) Reapply for a First Draw PPP Loan if they previously returned some or all of their First Draw PPP Loan funds, or
B) Under certain circumstances, request to modify their First Draw PPP Loan amount if they previously did not accept the full amount for which they are eligible
Visit SBA.GOV for in-depth information on all aspects of the PPP program.

For questions or concerns about your PPP application

Adesso Capital is offering support for business owners that are having trouble navigating the PPP application process. We understand the complexity of the application process. A Lending Specialist will response back as soon as possible. 

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Get Started with PPP
By signing an application, the Owner acknowledges and agrees that: 1) you are authorized on behalf of the business listed in the application (the “applicant”) to submit this application, to submit accompanying documents, and to provide the consents and authorizations set forth herein; 2) all information provided to Adesso and/or its trusted partners is accurate and complete and that you will immediately notify Adesso of any change in such information; 3) Adesso may share all information and documents, excluding consumer credit reports, with its trusted partners to fulfill Applicant’s requests and at any time for administrative, marketing, and servicing purposes as permitted by law and that your personal information may be shared with the Applicant as part of any underwriting process; 4) Adesso and Assignees are authorized to request and receive investigative reports, consumer credit reports, statements from financial institutions, or any other information that is necessary to complete an application for business financing, and such authorization shall be considered “written instructions” in accordance with the Fair Credit Reporting Act; and 5) Adesso and Assignees have my/our express written permission to contact me/us at the number and email provided in this application via email, telephone, and text message, which consent is not a condition of receiving services from Adesso. We do not sell your personal information to third parties. For more information on our Privacy Policy, see www.adessocapital.com/privacy-policy.