Paycheck Protection Program

Paycheck Protection Program

Kingswood can help you get 2.5x your monthly payroll (up to $10M) as a forgivable loan through our funding partners. Funds are limited so apply today.

What is the Paycheck Protection Program?

The Paycheck Protection Program is a specific type of federally guaranteed loan intended to keep America’s businesses going during the temporary turmoil of the global pandemic. The SBA will empower businesses to borrow money based on the average cost of their monthly payroll. The money can be used for payroll costs, employee benefits, insurance premiums, mortgage interest, rent, utilities and more.
Red umbrella in storm

Paycheck Protection Program Highlights

The PPP can be 100% forgivable

Get 2.5x monthly payroll (10wks), up to $10MM

Use it for payroll & other bills like rent & utilities

Businesses of 500 or fewer staff are eligible

No personal guarantee or collateral needed

How Does the Paycheck Protection Program Work?

STEP 1

APPLY

STEP 2

APPLICATION PROCESSES

  • Your application will be reviewed to determine the maximum amount you are eligible to receive
  • Our goal is to arrive at a decision ASAP, but due to the high volume of applications, expect longer than normal processing times
  • Note: Kingswood can only approve amounts up to $10 million

STEP 3

FUNDS DISBURSED

  • We will reach out to let you know what amount you have been approved for and next steps
  • After closing, you can expect to receive your funds within 10 days
  • Submit your ACH banking information to have the funds deposited directly into your account

Who is Eligible?

  • Business must have been in operation as of February 15th, 2020.
  • Businesses must have paid salaries and payroll taxes or paid independent contractors.
  • Sole-proprietors, independent contractors, and other self-employed individuals are eligible.
  • Businesses with no more than 500 employees.
  • 501(c)(3) nonprofit, a 501(c)(19) veteran’s organization, or Tribal business described in section 31(b)(2)(C) of the Small Business Act with 500 or fewer employees are also eligible.
  • The program waives affiliation rules for businesses in the hospitality and restaurant industries, franchises that are approved on the SBA’s Franchise Directory, and small businesses that receive financing through Small Business Investment Company (SBIC).