The recently passed CARES Act includes a Paycheck Protection Loan program that is administered by the SBA. The Paycheck Protection Loan program allows for a portion of the loan amount to be used for rental payments. Additionally, if the loan is used to pay certain payroll expenses and other payroll metrics are met, the loan can be forgiven. We encourage you to investigate the Paycheck Protection Loan program further by contacting your financial institution and using the information and application link provided below. We are hopeful this program will help businesses get through this challenging time.
PAYCHECK PROTECTION PROGRAM (PPP)
Summary: This is an immediate cash infusion to qualified businesses, providing 10 weeks of cash designed to retain employees and pay critical overhead expenditures.
Terms: Companies are allowed to take out a loan, 100% guaranteed by the SBA, with a maximum amount defined as 2.5x your average 2019 monthly payroll. This loan is eligible for 100% forgiveness, if spent on qualified expenditures over an 8 week period. Those expenditures include payroll costs, salaries, health care premiums, rent, utilities, and mortgage interest. Any non-eligible expenses, after 8 weeks, will be converted into a 4% loan with 10-year maturity.
Lender: All lending institutions currently approved by the SBA are qualified to lend money under the PPP. This includes the vast majority of local banks and credit unions. The process is designed to be simple and fast – with funding direct-deposited same-day into your business account.
Application: Paycheck Protection Program Application Form
Borrower Information Form: SBA 7(a) Borrower Information Form
We appreciate your business and our relationship and know that we all look forward to getting back to normal business as soon as possible. If you have any questions regarding the above, or any other matter related to your lease, please do not hesitate to contact us at CovidInquiries@mimcoproperties.com