Quick Base Wizard Eases CARES Act Application Process

Apr 15, 2020

Quick Base Wizard Eases CARES Act Application Process

BY Andrew Burton

MSP Best Practices

Quick Base, Vista Equity Partners, and Kirkland & Ellis LLP have teamed up to create the Small Business Loan Accelerator.

This free diagnostic tool helps small businesses quickly evaluate eligibility for financial assistance and generate an application for a Paycheck Protection Program (PPP) loan. To use the tool, users must answer a short series of questions detailing relevant information about their business such as location, industry, number of employees, monthly payroll, etc. This video from Quick Base walks through the simple process:

Paycheck Protection Program loans are an entirely new Small Business Administration (SBA) loan type outlined in the CARES Act. PPP loans provide federally guaranteed loans to employers who maintain their payroll during this health crisis.

The Small Business Loan Accelerator wizard also provides information about other types of SBA assistance. For example, Economic Injury Disaster Loans (EIDL), an existing loan type which was expanded under the CARES ACT.

The information below provides a quick comparison between PPP loans and EIDL:

Paycheck Protection Program:

  • PPP loans are a new loan type defined in the CARES Act.
  • Eligible businesses can borrow as much as 250 percent of their average monthly payroll expenses (up to a total of $10 million) at a 4% fixed rate and a 10-year term.
  • Recipients can request forgiveness for the principal portion of Paycheck Protection Program Loans if funds are used for: payroll costs; mortgage or rent payments, and utilities.
  • Payment is deferred for 6 to 12 months.

Economic Injury Disaster Loans

  • EIDL, an existing loan type, which has been expanded for relief.
  • Eligible businesses can borrow up to $2,000,000 at a 3.75% interest rate with a 30-year term. EIDL now includes an emergency advance of up to $10,000 to small businesses harmed by the global health crisis.
  • The emergency advance portion of the loan will be forgiven if funds are used for: Payroll costs; Mortgage or rent payments; increased supply chain costs, and utilities
  • Payment is deferred for 6 to 12 months.

Check out the Small Business Loan Accelerator here.

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