The preferred Broker for PPP Financing
Premium Merchant Funding provided over $100,000,000 in PPP financing to over 1000 small businesses during PPP Round 1! Sign up today to receive updates and get your PPP Round 2.
For assistance, please contact your PPP Specialist:
Kovi | 818-962-7722 |
Why many small businesses choose Premium Merchant Funding for their PPP loan
We have experience. We processed over two hundred million dollars in PPP financing to more than 3,000 small businesses across the U.S.
You can apply online-it's fast and transparent
We offer extensive resources and support through our team of expert funding specialists
You'll also want to start collecting some documents for your PPP loan eligibility, including:
Schedule C, Form 940, or Form 941's for each quarter of the year
First Draw Loan Number- if you have received the first draw
UPDATE January 26th , 2021:
The second round of PPP Loans is open and funding!
All updates will be published here.
The program is open for both first-time borrowers and borrowers looking for a second loan.
To be eligible for Round B (if you received a PPP loan in the previous round) you must have 300 or fewer employees, have seen a 25% drop in revenue in any quarter of 2020 relative to the same quarter in 2019, and must have used the full amount of your first PPP loan.
Covered expenses have expanded to include software, cloud computing resources, and human resources.
The SBA clarified the 25% reduction:
A borrower can verify they have experienced a revenue reduction of 25% or greater by showing either of the following:
Gross receipts from one quarter of 2020 and gross receipts from the same quarter of 2019 (example: Q1 2020 and Q1 2019) which show a 25% or greater reduction in revenue
If the borrower was in operation for all four quarters of 2019 and all four quarters of 2020, they can verify the 25% reduction if it experienced a reduction in annual receipts of 25% or greater in 2020 compared to annual receipts from 2020 by submitting copies of its annual tax forms which show the decline in revenue
Please follow the steps below:
Step 1: Review your 941's for 2019 and 2020. Choose the year that has a higher payroll. If you are self-employed or don't have any W2 employees (1099 employees do not count), get your Schedule C from your 2019 Tax Return). Notate the total payroll for the year you will be using.
Step 2: Make a list of any employees that were paid in excess of $100k and notate what they were paid.
Step 3: You will need to confirm that you had a 25% reduction in a quarter of 2020 compared to the same quarter of 2019. Please notate which quarter you are using, and what the gross sales were in the chosen quarter for 2019, and the gross sales of the chosen quarter for 2020. This will be needed on the application.
*Loans over $150k: Documents showing reduction are needed at the time of submission.
**Loans under $150k: Documents showing reduction can be submitted any time until you apply for forgiveness, however, they are needed on the application.
Step 4: If you received a first draw ppp, please locate your round one 10 digit SBA Loan #. This can be found on your first draw loan documents or on your bank's forgiveness portal. In addition, please note the exact funding amount (including cents) you received in the first round.
Please have these documents ready:
Quarterly Financial Statements
Annual Tax Forms for 2019 and 2020
We will be monitoring and updating this site with new information.
eligible for forgiveness
Loans forgiven for eligible payroll, utilities, rent, and mortgage interest. Any amount not forgiven will have a 1% interest rate.
Loans up to $2 million, with the max amount based on average monthly payroll x2.5.
get funds fast
PPP Applications can be processed and funded within 72 hours.