COVID-19 Loans | Business Funding And Cares Act Relief Assistance 4/3/20, 1:53 PM

COVID-19 Loans Cares Act Relief

COVID-19 Loans Cares Act Relief
At US Fund Source, our mission is to !nd solutions for small business owners,
fast. We are here to provide resources for small business owners as well as
direct solutions during this challenging time. With the passing of the CARES Act,
the SBA has established a new online process where you can quickly and
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the SBA has established a new online process where you can quickly and
e"ciently apply for COVID-19 (7b) Economic Injury Disaster Loans.

Our Team is here to provide you with short term solutions as well as long term
options to help you maintain cash #ow, weather the storm, and come out on
top of this pandemic. US Fund Source Business Consultants are working
remotely with a small sta$ taking shifts in the o"ce to provide its past, current,
and future clients with lending instruments as well as advice during these
di"cult times.

The SBA has changed its application process, and it’s now quicker and
easier to get the assistance your business needs. You can apply for up to
$5 million in !nancing with up to a 30-year term. The sooner an
application is submitted, the higher the chance of approval based on
allocated funds derived from the governments’ stimulus package.

COVID-19 has made a signi!cant impact on businesses nationwide. In response

to the pandemic, state and federal o"cials have created loans and grants to
residents and businesses to help assist. The SBA has two loan programs, the
7(a) Paycheck Protection Program and 7(b) Economic Injury Disaster Loan
(EIDL), available to eligible businesses a$ected by COVID-19.

As the pandemic continues, it’s hard to follow changing state and federal
regulations and keep your business a#oat. US Fund Source is continuing to
create new resources to help you stay up-to-date and keep your business
going.

With COVID -19 growing by the minute a$ecting millions of people and
companies throughout the country, US Fund Source has also developed and
been providing business owners with short term solutions as well. The purpose
is to provide business owners with access to capital that they need immediately
to keep their business running. For companies that do not qualify or do not
want to take out any additional loans, there are other !nancing relief options
available during these tough times. Invoice Factoring, Business Credit Lines,
Unsecured Term Loans, and Working Capital Products are still available.

With the economic impact the country is facing, some businesses and
organizations are pitching in to help small business owners through this
pandemic.

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US Fund Source’s COVID-19 Business Resource Application includes:

SBA Loan guidance and tips

Economic Injury Disaster Loan Information
Resources and guides to help navigate COVID-19
Updated news on federal regulations
Private funds and !nancing information available to small businesses
SBA Paycheck Protection Program Updates and Information

SBA (7b) Economic Injury Disaster

Loan (EIDL)

Loan Overview:

The 7(b) loans provide up to $2 million in assistance with an interest rate of

3.75% for-pro!t companies and an interest rate of 2.75% for non-pro!ts. The
loan terms range up to 30 years, and there are no upfront fees or early
payment penalties.

Loan information:

Payments start 12 months after the date of the contract

Funds can be used to business expenses such as pay sick leave for
employees who are unable to work due to a direct e$ect of COVID-19,
payroll, materials, rent or mortgage payments, repaying outstanding
obligations
Eligibility requirements:

Any business that is a$ected by COVID-19 that has less than 500 employees
and was in operation before February 1, 2020, is eligible to apply.

Those interested in applying must apply before December 31, 2020

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Those interested in applying must apply before December 31, 2020

Emergency Advance up to $10,000

Advance information:

There is no requirement to repay the advance even if your business happens

to get denied for the 7(b) loan
Funds can be used to pay business expenses such as pay sick leave for
employees who are unable to work due to a direct e$ect of COVID-19, payroll,
materials, rent or mortgage payments, repaying outstanding obligations
Eligibility requirements:

An eligible small business must apply for the 7(b) loan to request the
Emergency Advance of up to $10,000

Those interested in applying must apply before December 31, 2020

SBA (7a) Paycheck Protection

Program

This is your typical SBA loan, which assists small businesses in covering
operating expenses. A company can use 7(a) loan proceeds to pay-o$ a 7(b)
Disaster loan. Please note, a company can have both a 7(a) and 7(b) loan at the
same time.

Loan Overview:

The PPP provides small businesses with funds to pay up to 8 weeks of payroll
costs, including bene!ts. You can also utilize the funds to pay interest on
mortgages, rent, and utilities.
Payroll costs become capped at $100,000 on an annualized basis for each
employee
Small businesses with 500 or fewer employees—including non-pro!ts,
veterans organizations, tribal concerns, self-employed individuals, sole
proprietorships, and independent contractors—are eligible to apply.
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proprietorships, and independent contractors—are eligible to apply.

Businesses with more than 500 employees qualify in speci!c industries.
A business can apply for a loan of 2.5 average monthly payroll costs up to
$10million
Term up to 2 years
Interest Rate: 0.5%
Loan payments can be deferred for up to six months
No personal guarantee or collateral is required
Neither the government nor lenders will charge small businesses any fees
An eligible business must apply before June 30, 2020
A business is eligible to apply even if the small business is applying to other
relief programs
No prepayment penalties or fees
A7(a) loan forgiveness:

Funds are provided in the form of loans that will be fully forgiven when
used for purposes deemed appropriate by the SBA (Due to likely high
subscription, at least 75% of the forgiven amount must have been used for
payroll). Forgiveness is based on the employer maintaining or quickly re-
hiring employees and maintaining salary levels. Forgiveness will reduce if full-
time headcount declines, or if salaries and wages decrease
Loan forgiveness can reduce if:
Number of Sta$: Your loan forgiveness will reduce if you decrease your
full-time employee headcount
Level of Payroll: Your loan forgiveness will also reduce if you decrease
salaries and wages by more than 25% for any employee that made less
than $100,000 annualized in 2019
Re-Hiring: You have until June 30, 2020, to restore your full-time
employment and salary levels for any changes made between February 15,
2020, and April 26, 2020
To request loan forgiveness:
A small business can submit a forgiveness request to its lender that is
servicing the loan
The request should include documents that verify the number of full-

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time equivalent employees and pay rates, as well as the payments on an

eligible mortgage, lease, and utility obligations
Certi!cation that the documents are true and that the business used the
forgiveness amount to keep employees and make eligible mortgage
interest, rent, and utility payments
The lender must decide on forgiveness within 60 days
Application Process:

Starting April 3, 2020, small businesses and sole proprietorships can

start applying. Starting April 10, 2020, independent contractors and self-
employed individuals can apply. There is a funding cap, so it is in the small
businesses’ best interest to apply as quickly as possible.
A small business can apply through any existing SBA 7(a) lender or any
federally insured depository institution, federally insured credit union, and
Farm Credit System institution that is participating. Additional lenders
should be available shortly to assist in making the loans. A small business
should consult with its local lender to see whether or not that lender
enrolled in the program.
Aside from the application, a small business will need to provide its
lender with payroll documentation
US Fund Source understands that one of the biggest obstacles for a small
business is to access the capital necessary to grow or expand. Our unsecured
working capital programs provide funding for small businesses at terms that
make sense in correlation with the companies success. We o$er unsecured
business funding up to $5,000,000 with minimal documentation required.
Funds can be transferred via wire to your business account within 24 hours.
These products are unsecured, and we do not need any assets provided as
collateral.

Contact us or apply today for an unsecured working capital loan or unsecured

business lines of credit and watch your business grow! As soon as you !ll out
or, one of our loan consultants will take over and do the work for you so that
you are left to run your business. Terms are presented shortly after, and if
accepted, funded the same day via electronic documentation! It is that easy.

Business Needs Arising From

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Business Needs Arising From

COVID-19

Working capital to cover unexpected costs due to economic changes in the

company or loss of revenue
Payroll to be able to pay employees even if they had to pause work due to
the business closing from state regulations as well as employees working
remotely. We recommend reading about the new Coronavirus Emergency Aid
Package to see if your company meets the requirements
An increase in equipment is particularly true for many healthcare providers,
including hospitals and urgent care facilities.
Workforce capacity is another considerable need for a few companies. Some
industries are facing higher demands of products and services due to the
pandemic and therefore need more sta$ to be able to meet the high
requirements. Pharmacies, supermarkets, and health care providers are the
most impacted industries.
Inventory and supply chain has also impacted a lot of companies.
Supermarkets, hospitals, among many other businesses, are on a race to get
their hands on new inventory to meet client needs.

Common Uses Of Your Paycheck

Protection Program Loan –

Payroll costs and employee compensations

Insurance premiums and group healthcare bene!ts
Mortgage interest payments
Commercial Rent / Utility Expense / Building Operational Expense / CAM
Charges
Interest on any other debt obligations incurred before the covered period

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Need additional funding with your SBA Loan, 7(a) Paycheck Protection Program,
or 7(b) Economic Injury Disaster Loan (EIDL)? Contact US Fund Source and
learn more about getting your small business the capital it needs in your
account today. Applying is a hassle-free no-obligation process that will not
impact your credit. We use an Experian Vantage 8 Score, which is a Soft Pull
and is not re#ected and or seen as an inquiry.

Have Questions?

How quickly can I get my funds?

Is my business eligible?

Which documents are required to complete your loan application?

Will exploring my loan options impact my credit score?

How long is the !nancing period?

Can I pay o" my !nancing early?

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