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February 14, 2025

How to apply for SBA PPP Loan Round 2 or PPP2?

SBA PPP Loan, PPP2, Business Financing
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(Money Man 4 Business Do Not Charge Any Fee For The Application.)

Sorry. PPP 2 Application form is no longer available as the Paycheck Protection Program (PPP) ended on May 31, 2021. Existing borrowers may be eligible for PPP loan forgiveness.

President Biden has made changes to the PPP loan program.

Notes:

A common challenge many self-employed individuals face is that they may not have yet to file their 2020 taxes. You can provide your lender a draft of your 2020 Schedule C that you will file with the IRS.

New Paycheck Protection Program (PPP) rules that allow eligible self-employed individuals who file Form 1040, Schedule C, to calculate their maximum loan amount using gross income instead of net profit. This may increase the amount of funding most eligible self-employed individuals can qualify for.

Only Five Steps if you want to use 2020 information for your PPP loan application prior to filing your 2020 taxes. March 31, 2021 PPP2 ends for new applications.

  • Now New Changes. More funding for PPP2, You may qualify for PPP2 for more funding.
  • No longer using Line 31, Use Line 7, Gross Income, Schedule C
  • Use Gross Income, divide in to 12 months, multiply by 2.5 = Your Benefit.
  • Self-Employed, Independent Contractors, and Gig Economy Workers can Apply for PPP Loan Prior to filing 2020 Taxes.

There was a problem with your submission. Please review the fields below.

    Submit

    The Paycheck Protection Program remains open for First and Second Draw PPP loans until March 31, 2021, as set forth in the Economic Aid Act, or until Congressionally appropriated funding is exhausted. The maximum amount of a Second Draw PPP loan is $2 million.

    Eligible Entities Have a Second Chance to Receive a PPP Loan

    There are many businesses who were not able to receive the first round of PPP loan and many businesses also requested for a 2nd round of PPP loan. So, the new proposed bill allows new and old business to receive 2nd round of PPP loan only if they meet the required eligibility.

    Eligible Entity: Schedule C or F, income and expenses from a sole proprietorship, or bank records (not a schedule F farmer or Schedule E landlord), An LLC or other entity treated as a partnership or an S Corporation that meets following requirements:

    • Businesses at least have a 25% reduction in gross receipts in a quarter in 2020 compared to same quarter 2019. The gross receipt will include all revenues of the business including expenses from the business normal operation for the purpose of this 25% rule.
    • Business must have less than 300 employees or meet an alternative size standard.

    Were you not in Business in 1st, 2nd or 3rd quarter of 2019?

    If a business was not in operation during the 1st, 2nd or 3rd quarter of 2019 which is from 1st January 2019 – 30th September 2019 but were in operation during 4th quarter of 2019 which is between 1st Oct 2019 – 31st Dec 2019, they can compare the 1st, 2nd or 3rd quarter gross receipt of 2020 which is between 1st Jan 2020 – 30th Sep 2020 with the 4th quarter of 2019 gross receipt to calculate the 25% reduction in gross receipt.

    Not in Business in 2019 but were in Business by February 15th, 2020?

    If a business was not in operation during whole 2019 but was in operation by February 15th, 2020, then such businesses can compare their gross receipt of 1st quarter of 2020 (January 1st, 2020 – March 30th, 2020) with 2nd or 3rd quarter of 2020 (April 1st, 2020 – June 30th, 2020) to see the gross receipt reduction.

    Are you a seasonal business? or a New Entity? Or a business with multiple physical location?

    Seasonal Business:

    If you are a seasonal business, then the maximum amount of PPP round 2 loan is explained below:

    The Loan amount will be calculated based on the average monthly payroll cost for a 12 week period selected by the loan applicant. The date must begin from February 15th, 2019 or March 1st, 2019 and ends on June 30th, 2019. If the above dates do not fit for you then alternatively the business may elect any consecutive 12 weeks (any 96 consecutive days) period starting from February 15th, 2020 and ending before January 1st, 2021 multiplied by 2.5. But the loan amount cannot exceed more than $2 million.

    New Businesses:

    For new businesses, the loan amount can be calculated based upon average monthly payroll costs up through the date the business applies multiplied by 2.5. Again, loan amount cannot exceed $2 million.

    Multiple Physical Location Businesses:

    For businesses with multiple physical locations, the maximum loan amount for 2nd round of PPP loans is stated as follows:

    Maximum $2 million can be the total amount of all covered loans and the Administrator shall not substitute ‘not more than 300 employees per physical location’ for the term ‘not more than 500 employees per physical location’ in paragraph (36)(D)(iii).

    Businesses owned 20% or more by Chinese entities are not eligible to receive the 2nd round of PPP loan.

    Publicly traded businesses and entities affiliated with the People’s Republic of China are on the list of entities that cannot qualify for a new PPP loan.

    PPP Loans Which are Forgiven Will Be Deductible

    The IRS has issued a series of Revenue Procedures and Notices that alarmed many PPP borrowers by stating that expenses paid for with forgiven loans will not be able to be deducted. This was against Congress’s intent, and the proposed bill clarifies their position.

    PPP Forgiveness Eligibility: Apply here

    • 60% of the PPP loan amount must be used for Payroll costs.
    • Existing Business mortgage Interest amount can be eligible for forgiveness.
    • Business Rents and Utility bill payments also eligible.
    • Operations expenditures including office support functions, software and computing costs and processing fees of payrolls.
    • Supplier cost which are especially required for business operations.
    • Covid-19 safety precaution equipment’s for employees.
    • Property damages, vandalism or looting due to public disturbances which are especially not covered under any insurance or compensation.

    What is SBA PPP2 (Paycheck Protection Program) loan or PPP round 2 loan?

    On December 21st, 2020, Congress passes a long waited Covid-19 relief bill and government funding bill which includes $284 billion for a second round of Pay-check Protection Program (PPP) loan.

    Key points:

    • Interest rates of 1%
    • Maximum Loan Amount $2 Million
    • Eligible for Forgiveness or Free money -> Apply here
    • No Collateral or Personal guarantees required.
    • Business Expenses paid with PPP loans are tax deductible according to CARES Act.
    • Business have taken the first round of PPP loan can also apply for second round if eligible.
    • 8 weeks to 24 weeks loan forgiveness covered period. 10 months after you can file for forgiveness.

    Businesses Eligibility for PPP round 2:

    Entity Type: All businesses including nonprofit, veterans’ organizations, tribal concern, self-employed individuals, sole proprietorships, and independent contractors are eligible for forgiveness under below conditions:

    • Business must be in operation on February 15th, 2020.
    • Small size businesses with 300 or fewer employees.
    • First Draw PPP loans- for those borrowers who have not received a PPP loan before August 8, 2020. Are not required to demonstrate a 25% reduction in gross receipts.

    OR

    • Second Draw PPP loans- for eligible small businesses with 300 employees or less and that previously received a First Draw PPP loan. These borrowers will have to use or had used the full amount of their First Draw loan only for authorized uses and demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

    Documents Required:

    CARES Act Report

    This report is generated straight from your payroll provider like Gusto, Sure payroll, Paychecx, ADP etc. By using this report, the loan processing can be quicker. So, contact your payroll provider and ask for a Cares Act PPP2 Report.

    Tax Documents for 2019

    Voided Check

    You will need to submit a photocopy of voided check front and back from your business bank checking account.

    Driver’s License or Passport

    You will need to submit a photocopy or scanned copy of your Driver’s license or Passport front and back.

    How to apply for SBA PPP Loan?

    To Apply for PPP loans, you must follow the process with complex rules and calculations. Any small size Error on PPP application or with documents will leave your application on the table.

    If you or your Business has received first round of SBA PPP loans and wants to apply for the second round. We are here to help with all the paperwork for the PPP to get an error free Application. So, what are you waiting for? Use our 29+ years of expertise to do the PPP loan application for you while you run your business smoothly without any worry.

    Just call us at: 888.882.2741

    Or

    Make an Inquiry right now.

    Frequently Asked Questions:

    Will I eligible for 2nd round of PPP loan if I have already taken in 1st round?

    The Answer is YES; you may qualify for 2nd round of PPP loan even after taken the first round of PPP loan and used it completely. Although there are few new eligibility criteria your business needs to meet for the second round of PPP loan. Check eligibility in above article.

    Is there any guarantee that I will receive 2nd round of PPP loan after applying?

    There is no guarantee of approval of PPP loan as it is completely depending upon SBA eligibility criteria. But you will surely receive a brief explanation of hold or rejection of application within certain time.

    I have applied for 1st round of PPP using my bank or using any other lender so can I still apply for the 2nd round of PPP loan with the help of Money Man 4 Business?

    Yes, it does not matter if you have applied with another lender, we can still help you with the round 2 PPP application.

    Why PPP loans are also called as a Grant? Because this loan amount can be a Free money for you if you follow the Forgiveness Eligibility criteria mentioned above on this article. Yes, that means you do not need to pay the money back just like any grant.

    How would I apply for PPP Forgiveness?

    Just like PPP application, Money Man 4 Business can also help you with the paperwork for PPP Loan Forgiveness application with a one-time upfront charge of $499. You can inquire for PPP Forgiveness program by visiting PPP Loan Forgiveness and fill the inquiry form.We will call you back and explain the rest of the procedure.

    Related Programs

    Just call us at: 888.882.2741 Ext 0

    Or

    Make an Inquiry right now.

    February 14, 2025

    SBA Economic Injury Disaster Loan, SBA EIDL Loan, SBA EIDL Application

    sba eidl loan
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    Recent updates from SBA: As per the announcement made by the Small Business Administration, because of the COVID-19 recently passed relief bills, there has been an extension to apply for the SBA Economic Injury Disaster Loan. The date has been postponed to December 31st, 2021. Read more about

    In case both the Small Business Owners and non-profit owners are affected by COVID-19 in all of the states of US, they are eligible to apply for the Economic Injury Disaster Loan (EIDL) up to $2,000,000 through SBA. After they have applied, for the next 3 days, they are also qualified for certain more to advance their emergency policies up to an amount of $10,000.

    One doesn’t have to repay the advance no matter what the circumstance, and so the business owners can avail SBA EILD Loan and:

    • Retain their staff members lover payroll,
    • Payment for sick leave,
    • Rent & mortgages payouts, including depts,
    • Pay business obligations,
    • Meet increased production cost because of disruptions of supply chain, and
    • Many more.

    EIDL Loan Terms

    The money left in addition for EIDL will be calculated as per how your business has been affected by the pandemic situation.

    So, here are certain EIDL Loan Terms along with the rates specifically made to meet under EIDL program.

    • Maximum amount of $2,000,000
    • The amount that has been proceeded can be applied to work with capital needed like those payroll and fixed debits.
    • Loan amounts: Up to $500,000 for loans issued starting the week of April 6, 2021. In case you have received less amount, you can request additional funding up to that amount.
    • Deferment: Payments are automatically deferred after 1 to 2 years, as to when you received the loan. However, you can avail to make transactions (with interest added. The amount is automatically deferment for 1 year on repayment in order to subdue the first payment for a full year
    • Repayment terms: Loan term is taken up to 30 years, as per the needs of the borrower
    • Interest rate: The interest rate is 3.75% for businesses, and 2.75% for non-profits.
    • Uses: It includes the operating expenses like real-estate payments, inventory, equipment purchases, working capital, and more. This is not intended to replace lost profits/sales or for any business growth.
    • Collateral: Required for loan amounts over $25,000
    • Personal guarantee: Required for loan amounts over $200,000
    • Forgivable: The EIDL SBA Advances are forgivable, however, you must repay Economic Injury Disaster Loans.

    Eligibility for SBA EIDL Loan

    In order to be qualify for the standard SBA loan needs, one has to meet certain criteria and min credit standards. Unlike to SBA loan, it is quite different when it comes to COVID_19 Economic Disaster Loan as there will be no “credit elsewhere” test for small businesses. As such, one doesn’t have to provide evidence as to receive funding through sources that needs approval.

    For those businesses that cannot opt for the loan includes the one engaging in lending, investments, gambling, and as so forth.

    The applicants should be adversely affected by the ongoing covid situations.

    Targeted EIDL Advances have different qualifications:

    • Firstly, your income needs to be constituted in lower income community, demonstrating a 30% deduction in revenue, consisting 300 or lesser number of staffs. In case of Supplemental Targeted Advances, businesses need to have economic loss of 50% with 10 or less staff members working at hand.
    • These organizations or 501©(19) that meet this employee number are eligible.
    • Private non-profit organizations, self-employed/solopreneur persons, independent contractors, sole proprietorships, affected by the pandemic are eligible.
    • There might be various industries having more than 500 employees. But, if they meet the SBA’s size standards they are under eligibility criteria.
    • The EIDL advance funds will operate for successful application. The loan advance will not have to be repaid (up to $10,000).

    How to Apply for an Economic Injury Disaster Loan(EIDL)

    SBA EIDL Application

    The SBA’s website is your first option to look forward for applying the COVID-19 EIDL program loan. As per the Small Business Administration estimation, the time to apply will be from over 2 hours with required field to finish the entire application sheet.

    So, once you have submitted the SBA Economic Injury Disaster Loan Application form, you will:

    • Receive a loan quote:SBA will tell you your qualifying standards. But it doesn’t say whether your loan has been approved. For that, you have to fill the amount that meets the maximization limits.
    • Go through a final review: A final review is necessary where the officer will ask you to fill some extra info regarding your business prior to deciding whether to approve your application for EIDL.

    In case you want to know more clear information regarding SBA EIDL Loan Application, and apply the other way, you can download the paper application, and mail it to the SBA. Further, you can contact the SBA service providers to receive the complete things related to disaster loan and EIDL application.

    SBA have been spreading out looking for qualifying business owners. So, in case you wish for SBA EIDL Application for the Supplemental Targeted Advance or EIDL Advance, you can contact them. This will also let you be qualified for a greater amount as loan advancement in future.

    The Bottom Line

    There has been continuous time where federal government stretches the EIDL program in effect to COVID situation to an unprecedent heights. If you are not sure regarding which relief to opt and now currently prevailing, you can visit the SBA website anytime and take your loan process to the next level.

    Need more information?

    For more information about the EIDL and Targeted EIDL Advance programs, click here

    Need help?

    For application status inquiries and/or questions about the loan program:

    Please contact the SBA at 1-800-659-2955 (TTY: 1-800-877-8339) or disastercustomerservice@sba.gov.

    February 14, 2025

    SBA Small Business Grant, Business Grants for Women Texas, Houston

    sba grants
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    If you are start up small business owner, women entrepreneur and looking for business grants, Money Man 4 Business in Houston can help you getting your loan grant for you.

    Are you thinking to run or start a business? If yes, then nothing sounds better than “free money”. Unlike business loans, here you don’t have to repay small business grants, as such, there’s nothing to worry over refinancing, interest rates or over term length. Rather you only have to apply, quality and boom.

    Now, to help you with caveats, you can find here some pre-compiled list of verified startup grants and small business grants for you to check out. This is in a categorized form so that you can figure out which grant is best for you to begin. Get to know more about application process, timelines, eligibility criteria and more for each grant.

    How to get Grant for a Small Business loan

    A quick Google search will pull up millions of result for business grants. You can find a lot many possibilities that will seem impossible to narrow down the prospects. You can find certain resources that will not only help you find the right grants, rather also assist in application procedures. These will in-turn help you determine grant opportunities that cannot be missed.

    Grants.gov

    Everybody would want free money from the government. Now, Grant.gov is the federal govt. landing page for the entire federal govt. grants across agencies. This is a great resource to find grant opportunities, however you will find small businesses that are disappointed to find many grants closed to them. This website includes grants for nonprofits, individuals, local governments, school’s system, and so you’ll have to sift through to fine one that is best fit for you.

    Nonprofit, private, and Government agencies can also choose to set aside grants for small business grants covid-19 or for any other reason they chose. These agencies set up grants to encourage the development of upcoming minority entrepreneurship in the country or the community. They will also fund the research to develop a specific industry, and others might go after innovation. Whatever might be the reason a business or agency will set up grants by setting upside funds, qualifications, and the required process.

    You can receive a business grant particularly a govt. funded one. This is tricky and so get to know some of the needs and general guidelines that the federal govt. uses to identify business grant eligibility.

    • Grants are not given to start a business
    • Grant money is not for business to pay-off debt or cover operational expenses
    • Local and state grants maybe awarded to organization that assists with economic development

    Once you are eligible for small business grants Houston tx, the agencies will notify you about the funding along with all the processes regarding the accountability and reporting. Once all the terms are agreed upon by the small business, you will receive the requisite funding.

    Small Business Development Centers

    After you have done lot many trials for federal govt. business grants, the forward thing to consider here is state and local business grants. Here, you can hit and find some on your own, but you can also be funded by government grants that will help you out.

    One crucial aspect where this grants can help is by navigating the grant process. You can get an appointment to make while searching for small business grants.

    SCORE.org

    This is a nonprofit organization backed by small business administration that promotes mentoring and free tools for small business owners. They serve as free resource for entrepreneurs seeking for expertise having many local experts that you can connect with.

    Your Local Librarian

    With so many things alongside, local libraries do render for free at lower cost to business owners in finding grants. The librarians are trained researchers and have access to hundreds of databases. As such they can help you in narrowing down the search. As they work in conjunction with local chambers, they know the local pay of the land and will help you find business grants that are particular to your community.

    How to Apply for a Small Business Grant

    One best way to go through this is by working smart and hard. So, instead of filling out an individual grant application, you can create a resume for your business that outlines your answers to common queries business grant givers. Here, certain applications will vary based on what is needed. For instance, a local govt. grant will need an explanation of how the business growth and development will gain local commerce directly.

    If you wish to apply for small business grants first, you need to become familiar with the required process. It is generally time-consuming as it has a detailed process, and there is no guarantee that your business will be selected for the grant. So, understanding the process and what is involved in it will help you decide whether it is worth taking the fund from the said agency.

    Enquire and inspect about the number of grants that are available for the small businesses in your area. You will be required to fill up an application with the purpose and the type of industry to which your business belongs. If you are a woman, veteran, or a minority, it will help your chances in securing the fund.

    Some common assets you might need to provide while applying for a business grant are:

    • Time in business, number of employees, monthly revenue, how the funds will be used, your business elevator pitch, your employer identification number, your social media handles, a photo, a business plan,

    Federal small-business grants for women

    There are certain federal govt. grants for small business owners who are designated for particular purpose like the research and development projects for rural and business regions. These grants are used for day to day expenses and other startup costs.

    1. Grants.gov

    This is a database of federally sponsored grants that includes grants for small businesses. In order to apply for it, you must have a unique identification number and register to do business with the govt. in website. It will be only then where you can create an account at grants.gov.

    1. Transfer programs for Small Business Innovation Research and Small Business Technology

    The small business administration facilitates two competitive programs, that render grants to small businesses to contribute into federal research and development. The federal agencies including the health and human services, defense, department of agriculture, post grant opportunities on their websites. You can search for current grant opportunities on their site. Here, to qualify for it, you should operate a for-profit business with no more than 500 employees and meet other eligibility criteria’s.

    1. The Girlboss Foundation Grant

    Here, each grant recipient receives funding that are exclusive to female business owners working in arts, music, fashion and design. The selections are judged by innovation and creativity, demonstration, business acumen and planning of a financial need.

    State and local small-business grants

    Since federal small business grants are limited in number and even very competitive, you can seek for grants at the municipal and state levels. All you have to do is research and pin point particular grant programs in your regions.

    1. Women’s Business Centers

    The small business administration sponsors women nationwide designed to help female entrepreneurs with business development and access to capital. Some lend money directly while other help find small business grants and loans that you may qualify for.

    1. Economic development administration

    Many cities and states have economic development resources focused to promote strong local economics. For instance, you can find cities and states having several economic development districts that render financing to local entrepreneurs.

    1. Small Business Development Centers

    There are numerous small business administration sponsored centres around the country usually housed at colleges and universities. You can find one on one business consulting that including helping with developing finding financing, researching markets and developing business plans.

    Private small-business grants for women

    There are certain businesses and private organizations that offer national grant programs for women small business owners.

    Best Alternatives to Small Business Grants

    Small business grants have one main benefit over business loan as you don’t have to pay back a grant. Here, a loan has to be paid with interest and can be tough on new businesses with flow struggles. Here, qualifying for grant is hard and in case thing doesn’t plan out for you; you can find traditional financing option as the best option.

    Grants are one of the unique ways to fund a startup business grants, but that is not the only way; there are other options available to secure funds for the operating capital, which includes business loans, angel investors, selling assets, partners, etc. Another source of funding is crowdfunding which has become popular among the startup business.

     

    Given here are some loan options you can seek in case you don’t qualify for grant

    Micro loans

    Micro loans usually have reasonable interest rates and easy eligibility criteria. Many organizations that render grants like govt. organizations and nonprofits, also provide micro loans. So, if you don’t qualify for a grant, you can ask the organization if they give loan.

    Crowd funding

    There are a range of crowd funding websites where your business can access funding. Here, you have to create an account, pitch your product/service and wait for people to donate to your organization. In exchange for money, you can render prizes like a free product or coupon. So, if you’re opting for crowd funding, you must ensure to read all the rules as this platform takes a small cut of your capital.

    SBA Loans

    SBA loans are another alternative in case you don’t qualify for grant, mostly a federal govt. grant. This guarantee small business administration loans and works with banks to get them in hands of small business owners. You can find any local bank and check whether they give sba loans.

    Business Credit Cards

    Even if you don’t think of business credit cards as a financing option, these are very convenient way to finance start-up costs and other business expenses. Business credit cards usually have high credit limits and other perks and so you must make sure to use them wisely without trying to carry a big balance months after months.

    February 14, 2025

    WANT TO START YOUR SMALL BUSINESS – GRAB SBA 7(A) LOAN INSURED BY THE SBA

    SBA 7(a) loans, small business loans, low-interest rates, government-backed loans
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    Little to know about the SBA 7(a) before you start

    Small Business Administration (SBA) is a government agency in the U.S. that assists the small business owners and their small businesses by providing small business loan. SBA aims at strengthening the US’s economy by helping a small business to grow. Small business loan refers to an amount given to an aspirant who wishes to start a small business. Business owner can use the small business loan for an existing small business, to start a new small business or to finance an existing small business and for the activities that may require cash in the future. In other word we can say that entrepreneurs need capital for conducting day to day business.

    SBA 7(A) loan –Make your dream come true

    There are different SBA loan programs out of which SBA 7(A) is the prime one that offers small business loan to the existing small business or to start a fresh small business. SBA 7(A) loans can be used for variety of purposes and the SBA is responsible for setting the upper limit of the interest rates that can be charged on the SBA 7(A) loan by the banks. Maximum interest rate on the SBA 7(A), in turn, depends upon the market rates. It changes as the market rate changes. Upper interest rate on SBA 7(A) loan is majorly dependent on 3 factors-the base rate or prime rate or SBA peg rate, duration of the term of the loan, which may be lesser or greater than 7 years and the size of the loan.

    Who can approach SBA for SBA 7(A) loan?

    To gain the benefit of acquiring SBA 7(A) loan, a business must be small as according to the definition given by the SBA, should do business in the U.S., should have reasonable equity investment, must have used the other financial resources plus the personal assets before obtaining financial help and should be able to present the need for the SBA 7(A) loan. Also, person seeking the loan must not be default for any existing debt obligation to the U.S. government. The loan applied must be used for the right business purpose.

    Are You All Set: Quick check on the documents

    A loan applicant is probably asked to furnish his/her personal details as about his/her background, his/her address, names that he/she uses his/her educational background and criminal record, if any. Prior criminal history is not necessary disqualification. Special committee make the final decision. He/She also has to produce his/her business experience to assess his/her efficiency in the business he/she has suggested and acquiring loan for. He/She should be able to submit prior years business financial statements. projecting the financial statements, profit and loss, cash flows and balance sheet. Most of the time, applicant is required to produce his/her personal and business income tax returns from last 3 years. Other documents may include business credit report, financial and bank statements and some other legal documents like business licenses and registrations required for to conduct business, Articles of Incorporation, copies of contracts with any third parties, commercial leases and franchise agreements.

    What is the typical cost for SBA 7(a) Loan

    • $70,000 to $350,000 are the typical SBA 7(a) Loan size.
    • Loan amount for typical of $350,000.
    • For 10 years for Interest & Principal repayment term,
    • Monthly payment $3,929.80, Interest rate 6.25% APR including fees 7.73%.
    • The most typical rates are 6.25% to 7.25% interest rate is variable and based on Prime Rate plus 2.75% to 3.75%.

    Your SBA resource Specialist can advise and suggest the various other options and exceptions are available.

    So Are you ready to choose between 44 business loan programs ?

    APR starting from 5.49%

    Pre-approve your loan now

    Inquiry Now
    February 14, 2025

    SBA EIDL Reconsideration Business Loan Program

    SBA EIDL reconsideration, business loans, fast funding, additional funding
    0

    SBA EIDL Reconsideration Program

    Apply Now

    If your SBA EIDL loan application was denied or you need additional funds from EIDL. You still have an opportunity to submit an explanation, provide updated information utilizing SBA & IRS forms. Request your application to be reviewed again. Money Man 4 Business offer Loan Packaging services have been very successful with the EIDL reconsideration.

    SBA EIDL did not offer, approved or funded your business with enough capital less than the current $150,000 CAP for SBA EIDL loans.You may qualify for additional capital especially if you can prove intend of use of the funds for Hiring more US-based employees & investing into USA made inventory.

    Resolution: Speak directly with Money Man 4 Business, Chief Financial Officer John (JJ) Guillory at 281.763.2294 ext. 0. John Guillory has over 32+ years’ experience working with Government insured &/or funded Loans.

    When an applicant applies for SBA Economic Injury Disaster Loan, the economic injury is not substantiated based on the initial application. On the basis of information provided by you on your loan application, it has been determined that your economic injury cannot be substantiated.

    Many applicants did not seek professional or experienced help completing the application & incorrect figures were used on the initial application.

    Resolution: Money Man 4 Business can request your application to be reconsider for up to $2 million which is the current CAP amount for SBA EIDL loans. If your figures were reported incorrect. Money Man 4 Business will revise any portion of the application that may had been incorrectly report at the initial application.

    If you had late payments in the past and might be caused by you are struggling with low cash flow, reduced business revenue because of the disaster or you made all payments on time but you are over leveraged because you have depend on your personal credit to support your business cash flow requirements.

    Resolution: You can submit your current Experian Credit report to Money Man 4 Business. We will review the entire Credit report with you and develop narrative report to explain how problems & economically issues in the past has hurt your credit while you were building your business. In the past 10 years in the US Business Owners has been depending on personal credit & financing that has taken away from the business profit margins.We recommend you obtain a FREE current “Experian” consumer credit report from here. After you submit the Current Experian credit report. We will review in detail with you and help compose narrative report that we will submit on your business behalf for your application to be reconsidered for SBA EIDL loan. Link to IQ: https://www.identityiq.com/sc-securepreferred.aspx?offercode=4311491X

    When the SBA did certain types of verification of various data of information regarding the Legal Entity. Certain Information could not be verified such as Business Banking Information, Your Federal EIN, Legal Entity Status, Taxes or other financial Information could not be verified.

    Resolution: We have list of various items to use to verify Business Financial & Entity information. That information is submitted using IRS & SBA required Government forms. The process is manged by our SBA Specialist Team to ensure compliance and accuracy. The most consumed time currently is ordering the Business prior years Federal Tax return information. Files are getting funded. Patience and Accuracy is important, Money Man 4 Business has the knowledge.

    Related Programs

    888.88.CASH.1 ext: 0 (888.882.2741)

    Cash@moneyman4business.com

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    November 18, 2024

    SBA 504 Loan Program

    SBA 504 Loan, Real Estate Financing, Equipment Loans
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    SBA 504 Loan Program
    From Money Man 4 Business

    Check your eligibility in less
    than 3 minutes with our Eligibility survey.

    3 MINUTES ELIGIBILITY SURVEY

    OR

    Best for small to medium size business owners

    SBA 504 loan program can be very beneficial for small to medium size businesses due to their longer repayment period and fixed interest rate. We at Money Man 4 Business make sure you get the best program at best rate for your business growth and success. And we have made this easier for your business to check their eligibility for our business loan programs with our 3 minutes eligibility Survey. Just visit our website moneyman4business.com and click on 3 minutes eligibility Survey.

    Why SBA 504 loan program

    Money man 4 Business has a customized solution & can offers of the SBA 504 & other Microloan for independent companies.  Additionally, SBA 504 Loan for business loans is a very good resource for businesses & allow the business to grow through the acquisition of commercial land, refinance existing Commercial Business Mortgage, Restaurants, Bars, Retailer Build-out floor plans, all the business fixtures, equipment, furniture and many more fixed assets, start-up inventory,  Heavy Commercial equipment, various manufacturing machinery equipment & limited to 20% of Commercial appraisal amount can be cash out for business cash flow at the time of loan closing and many more use of proceeds for  you and your project to be successful.

    The U.S. Small Business Administration 504 Certified Development Company Loan program conserves your working capital by requiring only a 10 percent borrower contribution. If you do not qualify for conventional financing, the SBA-backed 504 loan may be right for you. Certified Development Companies (CDCs) are nonprofit corporations that promote economic development within their communities through 504 loans. The SBA authorizes CDCs to provide financing to small businesses with the help of third-party lenders (typically banks). SBA loan amount: Loans are generally from $1.5 million and $10 million.

    Features:

    • Amounts up to $10 million
    • Tenure up to 25 years for real estate
    • Tenure up to 10 years for Machinery and Equipment
    • Commercial real estate 90% LTV
    • No Minimum credit score required
    • Multiple loans can be consolidated and/or refinanced
    • Interest rate Current Prime + 3% variable rate
    • Backed by US Govt.

    SBA 504 Loan Structure:

    • 50% Bank – First position. Approved SBA Lender
    • 40% CDC – Second position. Approved CDC in your State.
    • 10% equity from borrower
      • Borrowers can refi up to 90% of the current appraised property value. The refinancing may also include eligible business expenses
      • Other Assets can be used as collateral to get to 90% LTV
        • If the real estate is for special use, it will require an extra 5% borrower injection

    Use of Proceeds:

    • Long-term, fixed assets for expansion or modernization (usually real estate or large heavy equipment with life expectancy of more than 10 years).
    • Refinancing of large equipment and/or owner-occupied commercial real estate may also be possible.
    • Commercial real estate 90% LTV for Refinance, Purchase & Construction loans

    Speak with our CFOMr. John Guillory.

    It’s very simple to make an Inquiry online or take a 3 minutes eligibility survey at our website or just call us at 888.882.2741 Ext.0 (888.88.CASH.1 ext-0) and ask for Mr John Guillory.

    Recent Fundings 

    Recent Funding 1: Amount $1,100,000, monthly payment of $10,782  for 25 years Loan.

    Recent Funding 2: Amount $1,600,000, monthly payment of $15,682  for 25 years Loan.

    Recent Funding 3: Amount $3,200,000, monthly payment of $27,875.44 for 25 years Loan.

    Eligibility

    • Business at least 24 months old
    • Debt being refinanced must be a commercial loan.
      • Refinance the loan is at least 24 months old at the time of 504 Refinance application.
      • 85% or more of the existing loan was used to obtain a 504 eligible fixed asset
      • Secured by a 504 Fixed Asset
      • Borrower has been current on loan payments for the last 12 months
    • 51% or more owner-occupied

    Ineligible Businesses

    • Nonprofit (beneficent, strict, government substances)
    • Real Estate venture firms
    • Firms engaged with theoretical exercises
    • Dealers of uncommon coins and stamps
    • Firms engaged with loaning exercises
    • Businesses engaged with pyramid deals plan
    • Passive organizations
    • Private clubs and organizations that limit participation
    • Businesses essentially occupied with advancing religion
    • Businesses essentially occupied with political exercises

    Ineligible Use of Funds

    • Requirement of Liquid fund or Working Capital (minimum amount can be approved)
    • To manage the Inventory
    • The assets which have the Goodwill
    • Several fees i.e., partnership fees
    • Tenant growth
    • Mostly for consolidating existing business debts

    Required Documents:

    • Six months of bank statement & current month to the date Bank statement
    • Three years of Business & Personal tax returns.
    • Current Year to Date P&L / Balance Sheet date.
    • Schedule of Liabilities (download)
    • Money Man 4 Business application (LINK)
    • Schedule of Real estate assets. (Link)
    • Information on the collateral will be used to secure this 504 Loan. (if you selected the property).
    • Experian Credit report  https://www.experian.com/

    Call us today we will assist with any questions or application requirements. Loans are Pre-Approved within 2 business days and complete funding within 5 to 15 business days.

    Get Started Here!

    It is quite easy for you to apply with us. Just visit our website moneyman4business.com. Look for SBA 504 Loan Program or any other programs you like to apply. At the top of the page you will find Apply online button, Just hit it and fill the application and you are good to go or else just call us at 888.882.2741 Ext-0. We are always here to help, If for whatever reason it goes to voicemail, We will call you back as soon as possible.

    We are here for you

    APPLY NOW

    Need Help?

    888.882.2741 Ext. 0

    Cash@Moneyman4business.Com

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