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​ SBA 504 AND SBA 7a LOANS!

In the midst of every crisis, lies great opportunity.

Albert Einstein
SBA Loans are considered one of the gold standards of business financing. NSS Lending partners with one of few companies in the United States that is licensed to make SBA Loans as a Non-Bank Lender.  Non-bank SBA loan solutions can offer a greater degree of discretion and flexibility to companies that do not meet the lending criteria of banks.​
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For Those Businesses That Have Been Negatively Impact by Covid-19

Paycheck Protection Program (PPP)
Economic Injury Disaster Loan (EIDL) Assistance
State Specific Programs
Paycheck Protection Program (PPP)
The best way to access funds from the Paycheck Protection Program (7a) is to contact your commercial bank and apply directly. 
Paycheck Protection Application
This is your typical SBA loan, but tailored specifically to the COVID-19 crisis, which assists small businesses in covering operating expenses. A business can use 7(a) loan proceeds to pay-off a 7(b) Disaster loan; however, any portion of the 7(a) funds that are used to pay-off a 7(b) Disaster loan are not eligible to be forgiven under the 7(a) program.
LOAN OVERVIEW
The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs, costs related to group health care benefits during periods of paid sick, medical or family leave, and insurance premiums. The fund can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.
  • Payroll costs are capped at $100,000 on an annualized basis for each employee
  • A business can apply for a loan of 2.5 average monthly payroll costs up to $10 million
Use the below methodology to calculate the maximum amount you may be able to borrow:
  1. Aggregate payroll costs from the last twelve months for employees whose principal place of residence is the United States
  2. Subtract any compensation paid to an employee in excess of an annual salary of $100,000 and/or any amounts paid to an independent contractor or sole proprietor in excess of $100,000 per year
  3. Calculate average monthly payroll costs (divide the amount from Step 2 by 12)
  4. Multiply the average monthly payroll costs from Step 3 by 2.5
  5. Add the outstanding amount of an Economic Injury Disaster Loan (EIDL) made between January 31, 2020 and April 3, 2020, less the amount of any “advance” under an EIDL COVID-19 loan (because it does not have to be repaid)
Payroll costs are qualified as:
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 coverage, including insurance premiums, an retirement; payment of state and local taxes assessed on compensation of employees; and for an independent contractor or sole proprietor, wage, commissions, income, or net earnings from self-employment or similar compensation.
  • Term: 2 years
  • Interest Rate: 1.0%
  • Loan payments will be deferred for 6 months from the date of disbursement of the loan (with potential for deferment of up to 1 year); however, interest will continue to accrue during that 6 month period
  • No personal guarantee or collateral is required
  • Neither the government nor lenders will charge small businesses any fees
  • An eligible business must apply before June 30, 2020
  • A business is eligible to apply even if the small business is applying to other relief programs
  • No prepayment penalties or fees
  • A business is only eligible to receive one PPP loan, so a business should consider applying for the maximum amount

Eligibility requirements:
  • Small businesses with 500 or fewer employees whose principal place of residence is in the United States
  • The business was in operation on February 15, 2020 and paid employees’ salaries and payroll taxes or paid independent contractors
  • Sole proprietors, independent contractors or eligible self-employed individuals are eligible if they were in operation on February 15, 2020 and must submit documentation to establish such eligibility such as payroll processor records, payroll tax filings, or Form 1099-MISC, or income and expenses from a sole proprietorship or other documents the lender deems sufficient
  • Other businesses may also eligible such as businesses that operate in a certain industry and meet the applicable SBA employee-based size standards for that industries, and:
  • Deemed A small business concern as defined in section 3 of the Small Business Act (15 USC 632), and subject to SBA’s affiliation rules under 13 CFR 121.301(f) unless specifically waived in the Act;
  • A tax-exempt nonprofit organization described in section 501(c)(3) of the Internal Revenue Code (IRC), a tax-exempt veterans organization described in section 501(c)(19) of the IRC, Tribal business concern described in section 31(b)(2)(C) of the Small Business Act, or any other business;
  • Business was in operation on February 15, 2020 and either had employees for whom you paid salaries and payroll taxes or paid independent contractors, as reported on a Form 1099-MISC.

A7(a) loan forgiveness:
The amount of the loan can be forgiven up to the full principal amount of the loan and any accrued interest if the borrower uses al the loan proceeds for forgivable purposes and employees and compensation levels are maintained
The actual amount of loan forgiveness will depend, in part, on the total amount of payroll costs, payments of interest on mortgage obligations incurred before February 15, 2020, rent payments on leases dated before February 15, 2020, and utility payments under service agreements dated before February 15, 2020, over the eight-week period following the date of the loan; however, not more than 25% of the loan forgiveness amount may be attributable to non-payroll costs
Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease
Loan forgiveness may be reduced if:
  • Number of Staff: Your loan forgiveness will be reduced if you decrease your full-time employee headcount
  • Level of Payroll: Your loan forgiveness will also be reduced if you decrease salaries and wages by more than 25% for any employee that made less than $100,000 annualized in 2019
  • Re-Hiring: You have until June 30, 2020 to restore your full-time employment and salary levels for any changes made between February 15, 2020 and April 26, 202
In order to request loan forgiveness:
  • A small business can submit a forgiveness request to its lender that is servicing the loan
  • Request should include documents that verify the number of full-time equivalent employees and pay rates, as well as the payments on eligible mortgage, lease, and utility obligations.
  • Certification that the documents are true and that the business used the forgiveness amount to keep employees and make eligible mortgage interest, rent, and utility payments.
  • The lender must make a decision on the forgiveness within 60 days

Application Process:
  • Starting April 3, 2020, small businesses can start applying with 7(a) approved lenders
  • There is a funding cap, so it is in the small businesses best interest to apply as quickly as possible
  • A small business can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Additional lenders should be available in the near future to assist in making the loans. A small business should consult with its local lender to see whether or not that lender is enrolled in the program.

SBA (7b) Economic Injury Disaster Loan (EIDL)

EIDL | SBA (7b) Application
LOAN OVERVIEW
The 7(b) loans provide up to $2 million in assistance with an interest rate of 3.75% for-profit companies and an interest rate of 2.75% for non-profits. The loan terms range up to 30 years, and there are no upfront fees or early payment penalties.
Loan information:
  • Payments start 12 months after the date of the contract
  • Funds can be used to business expenses such as pay sick leave for employees who are unable to work due to a direct effect of COVID-19, payroll, materials, rent or mortgage payments, repaying outstanding obligations

Eligibility requirements:
  • Loans for any business that is affected by COVID-19, has less than 500 employees and was in operation before February 1, 2020, is eligible to apply.
  • Those interested in applying, must apply before December 31, 2020
  • Emergency Advance up to $10,000

Advance information:
There is no requirement to repay the advance even if your business is denied the 7(b) loan
Funds can be used to pay business expenses such as pay sick leave for employees who are unable to work due to a direct effect of COVID-19, payroll, materials, rent or mortgage payments, repaying outstanding obligations

Eligibility requirements:
  • An eligible small business must apply for the 7(b) loan in order to request the Emergency Advance of up to $10,000
  • Those interested in applying, must apply before December 31, 2020

BUSINESS LINE OF CREDIT

There are alternative lenders available in today's competitive environment that will help you find the right solution for your specific needs.  
Enjoy the comfort of having money available for any business expense. Draw funds with a click of a button. Only pay for what you use.  No fees to open or maintain your line. No prepayment fees, monthly maintenance fees or account closure fees.  Your credit line replenishes as you make repayments.
Did You Know You Can Lease or Finance ANYTHING?
$5,000 – $500,000 loans
2 to 6-year terms
Rates as low as 6%

Equipment Leasing
Leasing typically does not require a down payment. This is especially beneficial for those businesses with little to no available capital. If a down payment is required, it is typically relatively small compared to what a traditional loan down payment would look like.
With a lease, you can finance around 100% of the cost of the item or items plus around 20 – 25% taxes or delivery charges. You can return the item at the end of the lease or you have the option to purchase it for a small amount once the principal of the loan has been paid in full.

Equipment Loans

Each lender will have different terms, but in general, with a loan, you can finance around 80% of the total purchase price of the item. When choosing to buy your equipment and finance through a loan, you own the item from day one. A down payment of around 20% is generally required for most small business equipment loans. The collateral for the loan is the item or items you purchase with the equipment loan.
Section 179 of the IRS tax code
It’s an incentive created by the U.S. government to encourage businesses to buy equipment and invest in themselves. It allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. 
Lease payments appear as an expense deduction on your taxes.​
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