Paycheck Protection Program (PPP) Loans
Emergency Government Stimulus
As of August 8th, the SBA has closed the PPP Program.
No New Applications Will be Accepted.
OUR FINTECH TEAM WILL HELP YOU
Understand how large of a loan you may be eligible to receive
Process your application with an SBA-approved lender
Follow up with the lender throughout the process so that you get your funds
Blue Fish’s Financial Technology team is not a lending institution, but we help small businesses grow and thrive through difficult times. Our FinTech practice has worked with financial institutions to implement technology for a variety of financial products.
As part of the CARES act, the federal government authorized the small business administration (SBA) to fund nearly $350 Billion in low-interest loans. These funds were depleted in two weeks. The next round of funding, expected to be around $320 BIllion, will be released soon.
Depending on how your company uses the funds, the loans may be forgiven.
PAYCHECK PROTECTION PROGRAM (PPP) LOAN FREQUENTLY ASKED QUESTIONS
Who is eligible for the Priority Protection Program (PPP) Loans?
Most businesses with fewer than 500 employees are eligible. Some businesses with more than 500 employees are eligible in certain circumstances.
How much can I borrow?
Up to two months of your average monthly payroll for the past 12 months, plus 25% to cover overhead, up to $10 Million.
What is the interest rate?
How long until my first payment is due?
Payments are deferred for 6 months. Interest will accrue during this period.
How long do I have to pay off my loan?
Two years. You can pay it off early without penalty. If you meet certain criteria, all or part of your loan may be forgiven.
Will I be charged for this Service?
BlueFish will NOT charge for this service. In fact, the terms of the PPP prohibit agents from charging fees to borrowers. You should not pay ANYONE to process your PPP application. The SBA pays lenders a fee which in turn pay any Agents for helping with the application.