What is the right Relief option for my small Business?
In our recent COVID-19 Emergency Financial Relief and Paycheck Protection Program Approved articles we outlined the programs that PRC has enacted to assist small business. Did you know that as of Friday, April 3rd, the day the Paycheck Protection Program was scheduled to launched, approximately $20B in applications had already been filed? Reports as recent as April 7th, showed that of the 30 million small businesses in the US, fewer than 200,000 loans have been processed. If the filing rate continues, the $349B allotted for the program will be accounted for by April 20 (17 days). There has been some discussion in Congress allotting more $$$ to small business for this program. But to date nothing has been officially submitted or voted into law.
Many SBA lenders previously open to accepting PPP applications from all comers have limited service options to current customers. Furthermore, some have decided to only lend if your monthly payroll averages meet a certain threshold.
It’s clear that many small business owners will not have an opportunity to take advantage of the PPP program. So how do you ensure you don’t waste time attempting to file a PPP application only to learn you don’t meet the additional conditions set forth by the bank? Call PRC! We are an SBA correspondent lender that can get you the EIDL and or PPP financial relief you need. More importantly, we understand the constantly changing requirements and caveats, and keep you informed at every step. We are the lender that can ensure your application gets submitted quickly and proficiently in order to get your funds distributed in a timely manner.
“We have been working with Pioneer Realty Capital since 2007. We have been through multiple challenges, and they have always delivered what they promised.” — Mendi Salijeski, SS Partners Management
Download the EIDL Application, and email your application to firstname.lastname@example.org to start the process of protecting your small business in a fraction of the time. We can also help you get approved for the PPP Paycheck Protection Program while we’re at it.
The Economic Injury Disaster Relief Program
Unlike the Paycheck Protection Program, the Economic Injury Disaster (EIDL) Relief Program was not created specifically for COVID-19. The SBA has provided low-interest disaster loans to help business and homeowner recover from declared disasters for years. The current pandemic qualifies as a declared disaster.
This is an important distinction because, unlike the Paycheck Protection Program, the amount of funds available are not limited to the CARES Act signing. Rather, the funds come directly from the U.S. Treasury.
- Loans up to $2 million
- $10,000 advance available for COVID-19 related filings
- Interest rates or 3.75% for businesses and 2.75% for non-profits
- Up to 30-year terms
- Eligibility is based on the sized, type of business and financial resources
- Not based on payroll
Review our COVID-19 Emergency Financial Relief article for more details about EIDLs.
Why Pioneer Realty Capital?
Pioneer Realty Capital is a proven nationwide direct lender that provides commercial real estate owners and investors with access to the full range of commercial real estate ﬁnancing solutions with expert advisory. PRC provides products and services that enhance the lives of investors, business owners, and society as a whole.
During this time of unrest, Pioneer is further committed to offering services that help others and demonstrate our core values. We are here to help. Take advantage of our Financial Relief and Advisory Programs to navigate this current economic storm.
- For Existing Borrowers – 90-day Deferments on Some Loans
- For Eligible Businesses – Up to $2 Million in SBA Disaster Loan Help
- For New Loan Requests – Will Continue to Lend Selectively
- For New Bridge Loans – Will Continue to Lend Selectively
- For Expert Advisory – Call PRC Today 877-350-9416
- For Investment Options – The PRC Investor Network
- Companies with Less Than 500 Employees – Paycheck Protection Program