Does your business need support amid the COVID-19 crisis?
CCDC is here to provide you all the resources you and your business need.
For SBA Paycheck Protection Program (PPP) loan forgiveness assistance:
The SBA will begin accepting applications for PPP loan forgiveness August 10th, subject to any new/revised legislation.
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 60% of the forgiven amount must have been used for payroll).
• PPP loans have an interest rate of 1%.
• Loans issued prior to June 5 have a maturity of 2 years. Loans issued after June 5 have a maturity of 5 years.
• Loan payments will 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. The loan forgiveness form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:
• Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
• Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the 24-week period after receiving their PPP loan
• Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
• Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30
• Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined
Please see below for applications and instructions:
For Existing CCDC Borrowers
Requesting Payment Deferment:
Borrowers are eligible for payment deferrals (either complete or partial payment amounts). As part of the deferment, CCDC will negotiate a payment catch up phase.
CCDC Borrowers will need to provide:
A written statement requesting the deferment (e-mail acceptable). Statement will need to include:
• reason deferment is necessary ( business closed by Governor due to Coronaviris or reduction in revenue due to Coronaviris )
• what type of deferment is requested (full or partial payment)
2019 year-end financial statement or tax return (balance sheet and income statement), showing that business was successful prior to crisis.
Small Business Financing Solutions
Since 1981, Community Capital Development Corporation has helped small businesses obtain financing for growth and expansion.
Certified by the Small Business Administration, CCDC links borrowers with the best lending resources. This helps small businesses obtain financing in today’s highly competitive marketplace.