The federal Paycheck Protection Program has been re-authorized (PPP 2.0), allowing eligible businesses to receive either a second loan—or a first loan if they didn’t get one initially.
Expansion Capital Group has partnered with Pango Financial for the second round of PPP loans. As a valued ECG client we would like to offer you this service, using the Pango Financial platform.
So if you want to be considered, you’ll need to act quickly. When the funding runs out, no more applications will be accepted.
Good to know
- The race is on – funds could be exhausted in a few short weeks, so don’t wait.
- Funds can be deposited directly to your bank account. You do not need to have an existing bank relationship.
- Apply quickly and securely upload the required documents with ease.
- Up to 100% of the loan can be forgiven, as long as you follow the guidelines of the loan.
- Sole proprietors / Independent contractors /Self-employed individuals
- Qualifying nonprofits: The new bill has expanded eligible businesses to include certain 501(c)(6) nonprofit organizations
- Seasonal employers: Businesses that operate no more than 7 months within a year or earn less than one-third of gross receipts within a 6-month period
- Faith-based organizations with fewer than150 employees
- Housing cooperatives that employ less than 300 people
PPP 2.0 highlights
- Eligibility: Must have fewer than 300 employees and a 25% drop in sales in a quarter in 2020 compared to the same quarter in 2019.
- Maximum loan amounts: 2.5x monthly payroll (3.5x for businesses in SIC Code72 – restaurants, accommodations and others). All PPP-2 loans are capped at $2M.
- Loans under $150k: You may be able to take advantage of an expedited process relying on certifications rather than supporting documents.
Questions? Contact Pango Financial at 1-855-WHY-PANGO!
This is an advertisement for services related to the federal Paycheck Protection Plan.
Pango Financial, LLC (“Pango”) is acting as an Agent of First Bank of the Lake (“Bank”) under agreement to introduce Client(s) to the Paycheck Protection Program (PPP) Loan application. Clients agree and ratify this provision herein described by agreeing to engage Bank in completing their PPP Loan application. This is an invitation to apply, not a guaranteed offer of credit. Pango and ECG make no representation or warranty with regard to a successful loan outcome as it will be determined by Bank, Small Business Administration and the responsiveness of you, the Client, in providing all of the information, attentions and eSignatures required to complete the application process. Neither Pango nor ECG are responsible for the accuracy of any claims or representation made by the Client and/or Bank in completing the PPP application and both will be held harmless by all parties associated with the Pango Agent services being provided.