Article provided by: Quick Lending Solutions

Cares Act Loan

Cares Act Loan

Apply for a CARES Act Loan online at Quick Lending Solutions and you could get the funding you need to keep your business open during the COVID-19 pandemic. It’s easier than you think to apply for a small business loan using our online platform- and our agents are available to assist you if you need help throughout the process. The CARES Act, also known as the Paycheck Protection Program, grants small business owners with less than 500 employees relief loans that are forgivable under certain circumstances. You’ll find all the information you need on our website to make a sound decision regarding your loan.

What is the CARES Act?

To prevent small businesses from having to suspend work for employees, the CARES Act was established by the Trump Administration to provide an initial $350 billion in relief funds to small business owners, and a second installment of funds to cap off the program. The funds can be used by business owners in a number of ways:

  • To keep employees on the payroll while you’re waiting to reopen your business
  • To pay insurance premiums
  • For mortgage interest
  • Paying rent on a building
  • Keeping utilities turned on
  • Paying interest on existing loans

Paycheck Protection Plan loans are entirely forgivable if you follow the guidelines. If you have questions about how to spend your CARES Act loan, make a phone call to one of our experts to find out more. You can also click on the ‘PPP FAQ’ link on our website’s homepage to find a wealth of information regarding the PPP. Eligibility determination is the first step in applying for the loan.

Will I Need Collateral to Qualify For the PPP?

The Trump administration wanted to ensure as many businesses as possible were eligible for the loan, therefore, they’ve made the CARES Act Loan available to small business owners without the added requirement of a personal guarantee or collateral. You’ll be given stewardship of the funds based solely on whether your business meets the criteria- and you won’t have to pay back the money if you adhere to the guidelines.

How Can I Be Sure the Loan Will Be Forgiven?

The forgivable portion of the loan will have been used for any payroll costs, rent, mortgage interest, and utility expenses incurred or paid for by the business owners during the 8-week period immediately following the loan date, provided that the number of employees and amount of wages are not reduced during the 8-week timeframe. Our loan specialists can assist you in calculating the loan amount you’ll need to apply for to cover these costs.

Why Choose Quick Lending Solutions?

The same high-quality service our clients have come to expect from us is the same service we currently offer for small business owners looking into the many benefits of the CARES Act. Rest assured, we are here to help if you decide to apply for a Paycheck Protection Plan Loan to keep your small business in operation.

Cares Act Loan
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