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SBA Relief Options
In response to the Coronavirus (Covid-19) Pandemic, Pacific View Capital is working alongside the SBA to provide the following programs:
How do I calculate monthly payroll costs?
• Businesses operating before 2020.
The average monthly payroll costs over the one-year period before the loan is issued.
• Businesses that opened in 2020.
The average monthly payroll costs between January 1, 2020 and February 29, 2020.
• Seasonal businesses.
The average monthly payroll costs between either February 15 or March 1, 2019 and June 30, 2019. The start date is up to you, the business owner.
What’s an eligible payroll cost
The following costs count when you calculate your Paycheck Protection Loan amount:
For self-employed individuals, eligible payroll costs include compensation up to the equivalent to what they would receive over February 15 to June 30, with an annual salary of $100,000.
Ineligible payroll costs
These costs do not count toward payroll calculations for a Paycheck Protection Loan:
What Documents Will I Need to Apply?
Paycheck Protection Program
The Paycheck Protection Program is a government-backed loan for businesses that have been affected by the coronavirus outbreak. It allows Small businesses, nonprofit organizations, Veterans organizations, as well as self-employed individuals and independent contractors direct capital for keeping employees on payroll. If employees remain on payroll, the SBA will forgive the portion of the loan proceeds that are used to cover payroll, rent, mortgage interest, and utilities for the first 8 weeks. Loan amounts are for up to 10 million. This is determined by 8 weeks of your prior average payroll, plus an additional 25% of that amount. Loan payments will be deferred for six months and program will be available through June 30, 2020
Maximum Loan Amount
Up to 10Million for 7(a) loans, $1 million for Express loans—Based on Eligible expenses.
Eligible monthly payroll costs x 2.5 = Maximum Paycheck Protection Loan amount
Loan Term
2-10years, (with payments deferred for 6 months – 1yr after the loan is issued)
Speed
Faster than a 7(a) loan — lenders don’t have to wait for SBA approval
Interest Rates
0.5%-4%
Application
2018 Business Tax Returns
2019 Payroll Tax Report (form 940/941)
Salary, wages commission or compensation — up to $100,000 annually.
Cash tips paid to employees or the equivalent.
Vacation, medical, family or sick leave costs.
Costs associated with losing an employee, like severance.
Group health care benefits, including premiums.
Retirement benefits.
State and local taxes on employee compensation.
Employee compensation equivalent to an annual salary over $100,000.
Compensation for employees with a primary residence outside the US
Sick or family leave that qualifies for a tax credit under the Families First Coronavirus Response Act.
Federal payroll, income or railroad retirement taxes.
Who Qualifies?
• Sole proprietorships
• Independent contractors
• Nonprofits
• Veterans organizations
• Tribal organizations
• Service industry businesses with more than one location
• Franchises
All businesses must be established before February 15, 2020 and either had employees that they reported on payroll tax or contractors reported in an IRS Form 1099- MISC to qualify.
We'll keep you updated on the COVId 19 small business relief programs and alert you when these loans are available from the lenders in our network.
Economic Injury Disaster Loan
Do to the COVID-19 global pandemic the SBA is offering Economic Injury Disaster Loans to small businesses and non-profits. The funds are to be utilized for debt relief and to cover coronavirus-related losses. The SBA also offers the ability to apply for an advance of up to $10,000 in the form of a grant, thanks to the Coronavirus Aid Relief & Economic Security Act (CARES Act).
Maximum Loan Amount
Up to $2 million
Loan Term
Up to 30 years. You have the option to defer payments for first year
Grant
$10,000 Advance that you don’t have to repay
Interest Rates
3.75% for small businesses, 2.75% for nonprofits
Who Qualifies?
We'll keep you updated on the COVId 19 small business relief programs and alert you when these loans are available from the lenders in our network.
What Documents Will I Need to Apply?
Application
• Businesses that meet SBA size requirements
• Businesses with 500 employees or fewer
• Nonprofits
• Employee stock ownership plans (ESOPs) with 500 employees or fewer
• Agricultural cooperatives with 500 employees or fewer
• Tribal businesses with 500 employees or fewer
• Independent contractors and sole proprietorships
Covid-19 Relief
PacificView Capital is dedicated to helping small businesses secure financing throughout the current Coronavirus Pandemic. We sympathize with everyone as we continue to navigate through these difficult times. We are helping to facilitate some of the newly developed relief programs such as the Paycheck Protection Program and encourage ALL businesses to apply ASAP.