Reliant Funding is ready to help Small Businesses with the Government Paycheck Protection Program

What Is the Paycheck Protection Program?

Paycheck Protection Program (PPP) provides federally guaranteed loans to eligible small businesses. The goal of the program is to keep workers employed and help small business owners keep their doors open despite an economic decline due to the COVID-19 crisis. Talk to your Reliant Funding Account Executive to apply with our no fee application.

How Can You Use Your Paycheck Protection Program Loan?

• The loan may be used for:
• Payroll costs and employee commissions or similar compensations
• Insurance premiums and group healthcare benefits during paid sick, family, or medical leave
• Mortgage interest payments (but not prepayment or payment of mortgage principal)
• Commercial space rent and utilities

Who can apply?

Small businesses with 300 or fewer employees whose principal place of residence is in the United States–including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors–are eligible. Businesses must have sustained a 25 percent revenue loss in any quarter of 2020. Some exceptions may apply.

What you need to apply:

Documentation verifying your average monthly payroll costs

• Payroll costs include salary, wages, commissions, or tips (capped at $100,000 on an annualized basis for each employee).
• Employee benefits including costs for vacation, parental, family, medical, or sick leave; an allowance for separation or dismissal.
• Payments required for the provisions of group health care benefits including insurance premiums; and payment of any retirement benefit.
• State and local taxes assessed on compensation.
• For a sole proprietor or independent contractor: wages, commissions, income, or net earnings from self-employment, capped at $100,000 on an annualized basis for each employee.

Updated December 28, 2020.