APlease note: At the moment- Radix is no longer accepting PPP applications. If the government approves a third round of funding- we will be submitting more loans for PPP at that time.
In just the past week, Radix has received hundreds of calls asking what sort of relief is available for small business owners. Now that the CARES Act has become law and the SBA has put together its guidance, we finally know.
The CARES Act is a business lending program funded through preferred SBA lenders designed to allow small businesses and nonprofits affected by the COVID-19 pandemic to easily access capital.
The CARES Act is a business lending program funded through preferred SBA lenders designed to allow small businesses and nonprofits affected by the COVID-19 pandemic to easily access capital.
How Does It Work?
Businesses and non-profits can borrow up to $10,000,000 under the CARES Act to help them get through these difficult times.
Under the CARES Act, businesses are eligible to borrow 2.5x their average monthly payroll, up to $10,000,000. To give a concrete example, if your average payroll is $100,000 per month, you can qualify for a $250,000 loan.
The best part about the CARES Act: if the borrower uses this money for approved purposes – payroll support (including paid sick or medical leave), employee salaries, mortgage payments, insurance premiums and any other debt incurred before 2/15/2020 – the loan is completely forgivable. That’s right; you never have to repay the loan.
The Radix Financial Group can help you apply for financing under the CARES Act to streamline the application process. You can quickly apply to participate in our program using the following form or scroll down for our FAQ.
Under the CARES Act, businesses are eligible to borrow 2.5x their average monthly payroll, up to $10,000,000. To give a concrete example, if your average payroll is $100,000 per month, you can qualify for a $250,000 loan.
The best part about the CARES Act: if the borrower uses this money for approved purposes – payroll support (including paid sick or medical leave), employee salaries, mortgage payments, insurance premiums and any other debt incurred before 2/15/2020 – the loan is completely forgivable. That’s right; you never have to repay the loan.
The Radix Financial Group can help you apply for financing under the CARES Act to streamline the application process. You can quickly apply to participate in our program using the following form or scroll down for our FAQ.
COVID Relief Application
FREQUENTLY ASKED QUESTIONS
What is the Minimum Credit Score?
The SBA has not yet established any minimum credit score guidelines for borrowers under the CARES Act, but we believe borrowers with lower credit scores than usual will be able to qualify.
What is the Interest Rate and Loan Term?
Remember, if you use the money for approved purposes, the loan will be forgiven entirely. But if you put the money to other uses, the interest rate is 1%, fully amortizing over 2 years, with no prepayment penalty and no personal guarantees required. That’s still a great deal!
What are the Fees?
There will not be any lender, broker, or SBA fees. That means this loan program is free to borrowers.
Can I Qualify for this Loan if I also Applied for a Disaster Relief Loan?
Yes! As long as the funds from the EIDL were not used for payroll.
Why Should I Apply With Radix?
Applying for Payroll relief loans can be very frustrating. Many lenders are only working with clients with whom they currently have relationships, and even then, they can picky. Radix is open to helping customers, even if they do not have a current working relationship.
What Should I Do Next?
Complete our application now, and we will reach out to you within 24 hours
Disclaimer: The rules and regulations of this loan program are still not finalized. We have summarized what we know to the best of our abilities, but will update any information as developments require.
Disclaimer: The rules and regulations of this loan program are still not finalized. We have summarized what we know to the best of our abilities, but will update any information as developments require.