01/12/2021
Fund Simple is currently accepting applications for 1st and 2nd rounds of funds for PPP and EIDL.
Contact:
Douglas Rovello
[email protected]
844-337-FUND
direct-727-458-3623
see criteria below:
Quick overview of PPP borrower application forms
The PPP borrower application forms released Friday contain instructions on how to calculate payroll costs consistent with the guidance provided on Wednesday. In general, first- and second-time PPP borrowers may receive a loan amount of up to 2.5 times their average monthly payroll costs (with a cap per employee of $100,000 annualized) in 2019, 2020, or the year prior to the loan. PPP borrowers with North American Industry Classification System (NAICS) codes starting with 72 (such as hotels and restaurants) can receive up to 3.5 times their average monthly payroll costs on second-draw loans.
The forms also outline adjustments to the calculations for seasonal businesses, new businesses, farmers and ranchers, and partnerships.
The maximum loan amount is $10 million for first-time borrowers and $2 million for second-time PPP borrowers.
PPP borrowers can have their first- and second-draw loans forgiven if the funds are used on the following eligible costs: payroll, rent, covered mortgage interest, and utilities, covered worker protection and facility modification expenditures, covered property damage costs, covered payments to suppliers and payments for business software or cloud computing services that facilitate business operations, product or service delivery, and a number of back-office functions, including accounting.
To be eligible for full loan forgiveness, PPP borrowers must spend no less than 60% of the funds on payroll over a covered period of their choice between eight and 24 weeks.
