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STILL VALLEY CAPITAL PARTNERS is happy to partner with FUNDERA to offer Paycheck Protection Program funding.

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Let us know if you are having difficulty finding a lender for Payroll Protection Program.

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Allow us to guide your EIDL application for a low-interest long-term loan, from start to finish.

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Lenders can increase their customer base by offering the Payment Protection Program.

Small businesses are vital economic engines in every community and state, and they have helped make our economy the strongest in the world.

SBA Coronavirus Loan Assistance

Now, in the face of one of the greatest public health challenges our world has ever seen, also comes expectations of severe economic challenges for so many of our nation’s 30 million small businesses. The economic damage from COVID-19 is far-reaching.

To address this unprecedented challenge, the government has set aside funds to help small business owners weather these difficult times. Monetary assistance comes in the form of targeted, low-interest disaster recovery loans to small businesses that have been severely impacted by the situation. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

If you are a business experiencing economic challenges related to coronavirus (Covid-19), you are able to apply for loans provided by the Small Business Administration to help. Up to $2 million per business are available. This economic relief is available now. This money can be used for payroll expenses to pay employees, pay accounts payable due to suppliers and vendors, pay debts and also other bills that can’t be paid because of the disaster’s impact. For-profit and non-profits both qualify for this relief.

E-mail us at Info@stillvalleycapitalpartners.com or call us at 1-866-722-4243 for more information. We are here and available to help you.

PPP Loan Calculator

EIDL Loan Calculator

Frequently Asked Questions

Paycheck Protection Program (PPP) FAQs

As of now, the first round of PPP stimulus money ($350B) has been fully distributed—and it now looks likely Congress will approve and additional $310B in funds to be distributed.

This article is only for educational purposes and does not constitute legal, financial or tax advice. Make sure you consult a professional regarding your unique business needs.

The Paycheck Protection Program (PPP), a part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, provides loans to small businesses to help cover the costs of retaining employees during COVID-19. The money can be used for payroll, rent, mortgage interest, or utilities and will be forgiven if all employees are kept on payroll at their full rate for eight weeks.

Your business may be eligible for a loan through the PPP and the specific information needed for your application will be determined by your lender. The FAQs below includes an overview of the program and how to gather the information you may need to apply for these loans.

Paycheck Protection Program Overview

Is there a fee for me to have you help get me placed with a lender for the PPP?
No. There is no cost to you.

Can I fill out more than one application?
Yes. This means that if you have already filled out an application with a lender, you can also fill one out with us to help get you placed with another lender. Or if you’ve filled one out for us to help get you placed, you can fill others out elsewhere.

Who can apply?

Businesses with less than 500 employees. This includes sole proprietors, nonprofits, veterans organizations, tribal business concerns, independent contractors, and self-employed individuals.
Businesses in certain industries with more than 500 employees may also qualify if they meet applicable SBA employee-based size standards.
Businesses who were in operation on or before Feb 15, 2020
Full time, part time, or seasonal businesses.
There are few categories that may make you ineligible for the PPP loans and these should be discussed with your lender.

When can I apply?
While June 30th, 2020 is the official deadline for applications, early application is encouraged as there is a funding cap for this program. The last tranche of funding ran out in roughly two weeks and a backlog of applicants exists. So we’re recommending applicants fill out applications as soon as possible.

How much can I receive?

The loan amount is based on up to 2.5 times your average monthly payroll costs.
Loans are capped at $10 million per business.

What counts as payroll costs?

Salary, wages, commission, or tips
Note: Compensation for employees earning over $100,000, wages for employees who reside outside the US, and income for independent contractors should not be included.
Payment for vacation, parental, family, medical or sick leave
Allowance for dismissal or separation
Payment required for group health care benefits, including insurance premiums
Payment of retirement benefits
Payment of state or local tax assessed on the compensation of the employee
For a full list of costs that are included and excluded, visit the SBA.gov website.

What do I need to apply?

You can preview the SBA PPP application form to see what information you’ll need to start preparing your application.
Your lender will determine the specific requirements. We expect you will at least need to provide your lender with payroll documentation.

Reports for the PPP Application
In addition to the PPP loan application, your lender may request additional payroll documentation. This may include payroll records, payroll register, payroll summaries, and other types of reports with different names.

Look back period and date ranges
Your lender will provide you with the correct date range for your PPP application. Most lenders are requesting reports for one of the following look back periods:

If your business was in operation during 2019: Calendar year 2019 (January 1 – December 31, 2019) or the previous 12 months (such as: April 1, 2019 – March 31, 2020)
If your business is seasonal: Period between February 15, 2019, or March 1, 2019, and June 30, 2019
If your business is new: January 1 – February 29, 2020

Average monthly payroll calculation
You can calculate your average monthly payroll costs by following these steps:

Step 1: Generate and download a total company payroll report. The date range should reflect the information requested by your lender and be based on your business classification as a regular, seasonal, or new business.
Step 2: Add (+) together:
Start with total “Earnings”
If any of your employees earn over $100,000, subtract (-) cash compensation over $100,000 per employee
If you’ve paid contractors, subtract (-) “Contractor hours” and/or “Contractor amount”
Add (+) total Employer Taxes
Subtract (-) Fed. Unemployment
Subtract (-) Soc. Security
Subtract (-) Medicare
Add (+) total Benefits Contributions
Step 3: Divide (/) this number by number of months in the look back period to determine the average monthly payroll cost (e.g. if your look back period is 2019, divide your sum by 12). This should give you the average monthly payroll cost.
Step 4: Multiply (x) this number by 2.5 to determine the maximum PPP loan eligibility amount.
If applicable, add the outstanding amount of an Economic Injury Disaster Loan (EIDL) made between Jan. 31, 2020 and April 3, 2020 less the amount of any “advance” under an EIDL COVID-19 loan (because it does not have to be repaid). This will help calculate the maximum amount you may be able to borrow.

For example, let’s say you’ve paid $200,000 in total compensation to employees in 2019, none of whom have an annual salary over $100,000. Additionally, you paid $15,000 in health insurance and $7,000 in state and local taxes. You have not taken our a EIDL loan. Your calculation would like like this:

Step 1: Generate a company totals report
Step 2: $200,000 + $15,000 + $7,000 = $222,000
Step 3: $222,000 / 12 = $18,500
Step 4: $18,500 x 2.5 = $46,250 max PPP loan eligibility amount

Number of employees
Note: Form 941 reports the number of employees who received wages, tips, or other compensation during that quarter. The number reported on Form 941 excludes off-cycle payments and therefore may not be applicable when calculating the number of employees reported on the PPP application.

Tax Filings for the PPP Application
Your payroll provider should be able to provide the annual and quarterly tax forms which were used as the basis for your tax filing (which they may have filed for you.)
This includes tax filings such as Forms 941, 940, W-2, W-3, 1099-MISC and the applicable state tax forms.

Economic Injury Disaster Loan (EIDL) FAQ

What is an Emergency EIDL Loan?
An emergency grant from the Small Business Administration (SBA) that provides for immediate grants of up to $10,000, and up to $2M in total loan amount.

Are collateral or personal guarantees required to receive an Emergency EIDL Loan?
Collateral is not required for loans below $25,000 and personal guarantees are not required for loans below $200,000. Above those thresholds, collateral and guarantees are required.

What can the funds from an Emergency EIDL Loan be used for?
Providing paid sick leave for employees, payroll, meeting increased costs, making rent or mortgage payments, and repaying obligations that cannot be met due to revenue losses resulting from the emergency.

Will the applicant have to repay the funds acquired through an Emergency EIDL Loan?
Yes, except for any amount that is Advanced (up to $10k in total, or $1k per employee whichever is lower) if the Loan is not approved.

How long are Emergency EIDL Loan available?
Until December 31, 2020

What types of businesses are eligible to apply?
Small businesses with fewer than 500 employees, agricultural cooperatives, aquaculture businesses, private non-profit organizations, tribal businesses, cooperative, and individuals operating as sole proprietors or independent contractors.

What are the loan interest rates?

3.75% for small for-profit businesses
2.75% for non-profits

When is the deadline to submit my loan documents?
December 31, 2020. The SBA is, however, urging all business owners to apply as soon as possible.

What documents are required to prove that the Coronavirus pandemic has caused economic injury to a business?
Substantial economic injury is when a business is unable to meet its obligations and/or to pay its ordinary and necessary operating expenses. Economic injury is established by comparing financial information from the period of the prior year to the injury period of the current year. The loans are intended to pay fixed debts, payroll, accounts payable, and other expenses that could have been paid had the disaster not occurred – not to replace lost sales or profits.

How can a business owner document physical presence in the declared disaster area?
An applicant must show that they have tangible presence, such as a lease, property address, or property tax receipt. A P.O. box in the disaster area would NOT qualify as a physical presence.

What are the repayment terms of the loan?
Up to a maximum of 30 years. Terms are determined on a case-by-case basis.

Will someone notify an applicant if information is missing from an application?
An SBA loan officer works with applicants to provide all the necessary information needed to reach a loan determination. The SBA intends to arrive at a decision on applications in a matter of 3-4 weeks, however as of mid-April we are seeing these times run longer.

What if circumstances change and a business needs more money than originally applied for?
An SBA loan may be adjusted after closing due to changing circumstances, such as increasing the loan for unexpected costs or reducing the loan due to additional insurance proceeds.

What if a business has an existing SBA Disaster Loan?
They can still qualify for an Economic Injury Disaster Loan for this disaster, but the loans cannot be consolidated.

What happens if a loan request is denied?
The applicant will be given up to six months to provide new information and submit a written request for reconsideration.

Can a business that’s been operating for less than a year still apply for an EIDL?
Yes.

What are the underwriting criteria for EIDL loans?
The SBA can approve and offer EIDL loans based solely on an applicant’s credit score or use an appropriate alternative method for determining applicant’s ability to repay.

What can the advance payment be used for?
Advance payment may be used for paid sick leave to employees, maintaining payroll, meeting increased costs to obtain materials, paying rent or mortgage payments, or repaying obligations that cannot be met due to revenue losses resulting from the emergency.

Will the up to $10k advance payment be deducted from PPP loan forgiveness?
Yes.
The advance payment will be deducted from PPP loan forgiveness if the applicant transfers into a loan made under SBA’s Paycheck Protection Program. When determining loan forgiveness, the advance payment will be considered.

When does the EIDL grant program end?
December 31, 2020