The Paycheck Protection Program can be used for

for 
Employees
Utilities.
Payroll.
Rent.
Staff.

Congress passed another stimulus package, which includes the next wave of Paycheck Protection Program (PPP) loans.  At Upwise Capital we are eager to participate in PPP Round 3 for 2021 and continue our mission of helping small businesses.  Read below what we know about the new program guidelines for second draw PPP loans and potential changes to loan forgiveness.  Use our expedited application process, by clicking the link below. 

Here’s what we know: 
  • The $900 billion COVID-19 aid bill includes a $284 billion allocation for Initial and “Second Draw” PPP loans.
  • Small businesses that received an Initial PPP loan may qualify for a Second PPP loan (Second Draw).
    • To be eligible to apply for a Second Draw PPP loan, entities must employ 300 or fewer employees and must have used (or will use) the full amount of their first PPP loan prior to applying for a Second Draw.
    • Eligible businesses must also demonstrate at least a 25% reduction in gross receipts in the first, second, third, or fourth quarter of 2020 relative to the same quarter from 2019. 
    • A business that was not in operation on February 15, 2020 is not eligible for an Initial PPP loan or a Second Draw PPP loan.
  • The new PPP legislation includes changes to forgiveness—including a simplified forgiveness process for borrowers with loans under $150,000—and expanded expenses that are eligible for forgiveness.

Start Your Application

The benefit of working with Upwise is instant access to our SBA platform supported by its automated lending platform, secure file technology, and a state-of-the-art SBA referral system

upwise capital coronavirus relief

What is the paycheck protection program?

The Paycheck Protection Program (PPP) is a loan designed to provide direct incentive for small businesses to keep their workers on payroll.  Due to the lesser requirements for PPP loans, more people will qualify for this loan compared to previous SBA loans.

Maximum loan amount

$2 Million

loan term

Up to 5 Years

interest rate

1% Fixed APR - Forgivable if used correctly

GUARANTEE

None Required

    PROS

   CONS

The Paycheck Protection Plan (PPP) will forgive the debt used for payroll costs, mortgage interest, rent and utility payments!

Paycheck Protection Program (PPP)

PPP Round 3 & PPP Second Draw