PPP ROUND 2
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Are You Interested in Applying for a Paycheck Protection Program Loan?
The Federal Government recently allocated additional funding to reopen the US Small Business Administration (SBA) Paycheck Protection Program (PPP). The program will be open for both first-time borrowers and borrowers looking for a second loan. Apply today with one of the top PPP lenders in the nation. We offer a seamless online process with full support to assist you thru the process. Begin by clicking on the link below.
WHY KFIR CAPITAL
FOR YOUR PPP LOAN?
KFIR Capital is proud to have partnered with Cross River Bank ( CRB) to offer PPP. CRB has funded more loans under the federal Paycheck Protection Program than all but three of the country’s biggest lenders. Reaching more than 175,000 businesses and protecting more than 1 million jobs. Applying early increases the chances of an approval.
Additional information about the Paycheck Protection Program is available from the US Department of the Treasury and the US Small Business Administration (SBA).
Please complete the application from your desktop computer using the Google Chrome browser.
The banking information you provide will be where your funds go, so please be sure to provide a business account or your bank may reject it.
When uploading documents, please use the approved formatting (PDF is preferred) and ensure that you upload quality images for faster processing.
Please confirm the routing # you include is the ACH routing number or your bank may reject it
Frequently asked questions
Why choose us for your PPP loan?
KFIR Capital has proudly partnering with Cross River Bank (CRB) to offer PPP. CRB is proud to have served as one of the top 3 PPP lenders in the country with over $4 billion already funded. Reaching more than 175,000 businesses and protecting more than 1 million jobs. With an average loan size below $35,000, CRB supported the most vulnerable small businesses in our communities.
I am a first-time borrower, what types of businesses are eligible?
In addition to the businesses that were eligible in the initial round of PPP (including but not limited to small businesses, nonprofit organizations, veterans organizations, Tribal business concerns, small agricultural cooperatives that meet the SBA size standards, sole proprietors, self-employed individuals or independent contractors), during this round the program includes entities that are 501(c)(6)s, destination marketing organizations (DMOs), housing cooperatives, newspapers, broadcasters, and radio stations. Additionally, for first-time borrowers to qualify for eligibility, the entity may employ no more than 500 employees.
I am a first-time borrower, when did I have to be doing business by to qualify for a loan?
In order to be eligible for a loan, first-time businesses must have been in operation on February 15, 2020.
I am a first-time borrower, what is the maximum amount I may request under PPP?
What expenses are eligible to be included in my PPP application?
In addition to the expenses that were eligible under the previous round (payroll, rent, covered mortgage interest and utilities), both first-time applicants and borrowers applying for a second draw may also use their PPP loan to cover the following expenses: covered operations (software, cloud computing, and other human resources and accounting needs); property damage costs due to public disturbances that occurred during 2020 that are not covered by insurance; covered supplier costs; and covered worker protection expenditures and personal protective equipment (PPE) to help a loan recipient comply with federal, state or local health guidance including requirements issued by the CDC, OSHA, HHS and state or local governments.
What are the loan terms and conditions?
What documents are required to complete the application?
Independent Contractor/Self-Employed/Sole Proprietorship with No Employees
Sole Proprietorship/Self Employed with Employees
Corporations (& LLCs that file as corporations)
Partnerships (& LLCs that file as partnerships
Am I eligible for a PPP loan in this round if I did not receive a previous PPP loan?
I received my first PPP loan through a different lender. Am I still eligible to apply for a second draw through you?
I received a PPP loan in the previous round, what do I need to show to be eligible for a second draw?
Are Seasonal Employers eligible to participate in the PPP program?
How does a seasonal employer calculate the maximum PPP loan amount?
As defined by section 315 of the Economic Aid Act, a borrower is a seasonal employer if it does not operate for more than 7 months in any calendar year or, during the preceding calendar year, it had gross receipts for any 6 months of that year that were not more than 33.33 percent of the gross receipts for the other 6 months of that year. Under section 336 of the Economic Aid Act, a seasonal employer must determine its maximum loan amount for purposes of the PPP by using the employer's average total monthly payments for payroll for any 12-week period selected by the seasonal employer beginning February 15, 2019, and ending February 15, 2020.
Will I be approved for a PPP loan if my business is in bankruptcy?
What is the rule for Faith-Based Organizations?
This rule exempts otherwise qualified faith-based organizations from the SBA's affiliation rules, including those set forth in 13 CFR part 121, where the application of the affiliation rules would substantially burden those organizations' religious exercise. For the reasons described in 85 Fed. Reg. 20817, the SBA's affiliation rules, including those set forth in 13 CFR part 121, do not apply to the relationship of any church, convention or association of churches, or other faith-based organization or entity to any other person, group, organization, or entity that is based on a sincere religious teaching or belief or otherwise constitutes a part of the exercise of religion. This includes any relationship to a parent or subsidiary and other applicable aspects of organizational structure or form. A faith-based organization seeking loans under this program may rely on a reasonable, good faith interpretation in determining whether its relationship to any other person, group, organization, or entity is exempt from the affiliation rules under this provision, and SBA will not assess, and will not require participating lenders to assess, the reasonableness of the faith-based organization's determination.
Are affiliates considered together for purposes of determining eligibility?
In most cases, a borrower will be considered together with its affiliates for purposes of determining eligibility for the PPP. Under SBA rules, entities may be considered affiliates based on factors including but not limited to stock ownership, overlapping management, and identity of interest. See 13 CFR 121.301(f). The affiliation rules under 13 CFR 121.301(f) are waived with respect to eligibility for a Second Draw PPP Loan for: (i) any business concern with not more than 300 employees that, as of the date on which the covered loan is disbursed, is assigned a NAICS code beginning with 72; and (ii) (A) any business concern (including any station which broadcasts pursuant to a license 25 granted by the Federal Communications Commission under title III of the Communications Act of 1934 (47 U.S.C. 301 et seq.) without regard for whether such a station is a concern as defined in 13 C.F.R. § 121.105, or any successor thereto) that employs not more than 300 employees, per physical location of such business concern and is majority owned or controlled by a business concern that is assigned a NAICS code beginning with 511110 or 5151; or (B) any nonprofit organization that is assigned a NAICS code beginning with 5151.
What qualifies as "payroll costs?"
Payroll costs consist of compensation to employees (whose principal place of residence is the United States) in the form of salary, wages, commissions, or similar compensation; cash tips or the equivalent (based on employer records of past tips or, in the absence of such records, a reasonable, good-faith employer estimate of such tips); payment for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payment for the provision of employee benefits consisting of group health care or group life, disability, vision, or dental insurance, including insurance premiums, and retirement; payment of state and local taxes assessed on compensation of employees; and for an independent contractor or sole proprietor, wages, commissions, income, or net earnings from self-employment, or similar compensation
Is there anything that is expressly excluded from the definition of payroll costs?
When will I have to begin paying principal and interest on my PPP loan?
What happens if PPP loan funds are misused?
If you use PPP funds for unauthorized purposes, SBA will direct you to repay those amounts. If you knowingly use the funds for unauthorized purposes, you will be subject to additional liability such as charges for fraud. If one of your shareholders, members, or partners uses PPP funds for unauthorized purposes, SBA will have recourse against the shareholder, member, or partner for the unauthorized use.
Can a borrower take multiple draws from a PPP loan and thereby delay the start of the covered period?
What businesses are NOT eligible to participate in the PPP?
I have a question not listed here. Whom can I contact?
Our Customer Support team is ready to help and can be reached at email@example.com. Please include your business name and EIN with your email inquiry so that we can help you faster, and please do not include any personal identifiable information in your message. Our hours are Monday through Friday from 9am to 5pm PST, and we will get back to you as quickly as possible.
I was approved. When will I receive my closing documents?
It may take up to 10 days for the closing documents to be sent via DocuSign and for funding to be disbursed once you have been notified of SBA approval. The DocuSign email will be sent to the primary email address used during the application process. Please ensure that the email is not in the spam or junk folder. The loan will not be funded until the loan documents are executed.
Will the loan be funded if I do not execute my loan documents?
How long will it take to receive my funding?
Once you have executed the loan documents, it can take up to 10 days to receive your funding.
DON'T LOSE AN OPPORTUNITY TO RECOVER FROM THE DEVASTATING COVID-19 LOSES
Please note the information on this page as well as the required information in the preliminary application are subject to change pursuant to guidance published by the SBA. In addition, approval during a previous round of the Paycheck Protection Program does not guarantee approval during the next round of the Program. Eligibility and availability are determined on a case-by-case basis by Cross River Bank and subject to guidance published by the US Small Business Administration.