Updates on Government Relief
Paycheck Protection Program (PPP) has received new funding from congress apply below using our tool now. We are recommending our clients read more below and consider some of our products to keep their businesses running as well. You can read more about this news here.
Lendr understands the impact that COVID-19 is having on our clients. We have compiled several government programs along with some of our own products that can help to keep your business afloat during these unprecedented times.
Factoring
What you need to know
When you need working capital fast or you’re in a rush to pay for new equipment, consider your company’s past due invoices as an untapped source of cash flow. Lendr is here to help you and other business owners with exceptional invoice factoring services.
Factoring is a financial transaction and type of asset-based funding opportunity that allows you to sell your accounts receivable (i.e., invoices) to a factoring company or “factor” at a discount. It is also commonly referred to as accounts receivable factoring, invoice factoring, or accounts receivable financing. Factoring is great because you can quickly access funds that normally would take your business a long time to collect.
What you'll need...
- Signed applicaton & drivers license
- 2 years of corporate & personal tax returns
- Articles of Incorporation
- Workers Compensation Certificate
- Year-to-Date P&L + AR Aging
- Personal Financial Statements
- Notice of Assignment (NOA)
- Invoice Verification
- Invoice Verification
Paycheck Protection Program
What you need to know
Starting Friday, April 2nd, 2020 and representing $350 billion of the $2 trillion CARES Act, the PPP applies to businesses with less than 500 employee’s and includes 1099 contractors. You can apply for up to $10 million, effectively this loan will be a zero equity transaction (meaning you maintain ownership). You will qualify for forgiveness if you meet the following criteria.
The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
This loan has a maturity of 2 years and an interest rate of 1% if forgiveness requirements are not met.
Apply now...
To help you along with this process we built a tool that will take your information we already have on file and pre populate your application, additionally it will help you e-sign so you don’t have to print and scan.
Prepare now...
In order to be prepared we encourage you to have the following information available:
- Payroll records (including all wages, severance payments, paid medical or sick leave, employer portion of health care benefits/premiums, employer portion of retirement benefits, and employer portion of any state/local taxes assessed on employee compensation) from February 1, 2019 through current;
- Evidence of payment of all payroll taxes for 2019 and 2020;
- 2017 and 2018 Tax Returns;
- 2019 Year End Financial Statement or, if available, 2019 Tax Return;
- A year-to-date profits and losses statement or balance sheet;
- If a corporation, limited liability company, partnership, or non-profit corporation:
- executed organizational documents;
- good standing certificate from state of formation;
- for each owner owning 20 percent or more of the entity, personal identifiers such as social security number, physical address, date of birth, and government issued identification;
Estimate your loan
Economic Injury Disaster Loan Program and Advance (EIDL)
Here's the deal
This loan advance will supply up to $10,000 to businesses that are currently experiencing temporary difficulties. In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will supply economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be available following a successful application. This advance will not require repayment.
Eligibility Requirements
1. No principal of the Applicant with a 50 percent or greater ownership interest is more than sixty (60) days delinquent on child support obligations.
2. Applicant is not an agricultural enterprise (e.g., farm), other than an aquaculture enterprise, agricultural cooperative, or nursery.
3. Applicant does not present live performances of a prurient sexual nature or derive directly or indirectly more than de minimis gross revenue through the sale of products or services, or the presentation of any depictions or displays, of a prurient sexual nature.
4. Applicant does not derive more than one-third of gross annual revenue from legal gambling activities.
5. Applicant is not in the business of lobbying.
6. Applicant cannot be a state, local, or municipal government entity and cannot be a member of Congress.
Fast Facts
+ Up to $10,000
+ No need for advance to be repaid.
+ Apply directly online
Apply now...
To help you along with this process we built a tool that will take your information we already have on file and pre populate your application, additionally it will help you e-sign so you don’t have to print and scan.
