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UPDATE — February 3, 2021

The second round of PPP Loans is open and funding!

  • The program is open for both first-time borrowers and borrowers looking for a second loan.
  • To be eligible for Round B (if you received a PPP loan in the previous round) you must have 300 or fewer employees, have seen a 25% drop in revenue in any quarter of 2020 in accordance with the guidance, and must have used the full amount of your first PPP loan.
  • Covered expenses have been expanded to include software, cloud computing resources, and human resources.

The SBA clarified the 25% reduction

A borrower can verify they have experienced a revenue reduction of 25% or greater by showing either of the following:

  • Gross receipts from one quarter of 2020 and gross receipts from the same quarter of 2019 (example: Q1 2020 and Q1 2019) which show a 25% or greater reduction in revenue.
  • If the borrower was in operation for all four quarters of 2019 and all four quarters of 2020, they can verify the 25% reduction if it experienced a reduction in annual receipts of 25% or greater in 2020 compared to annual receipts from 2020 by submitting copies of its annual tax forms which show the decline in revenue.
  • If the business started between 1/1/2020-2/15/2020, quarterly income statements or bank statements for Q2, Q3, or Q4 compared to Q1.

Please follow the steps below

Step 1

Review your 941's for 2019 and 2020. Choose the year that has a higher payroll. If you are self-employed or don't have any W2 employees (1099 employees do not count), get your Schedule C from your 2019 Tax Return(or a 2020 draft). Notate the total payroll for the year you will be using.

Step 2

Make a list of any employees that were paid in excess of $100k and notate what they were paid.

Step 3

You will need to confirm that you had a 25% reduction in a quarter of 2020 compared to the same quarter of 2019 (for 2nd draw loans only). Please notate which quarter you are using, and what the gross sales were in the chosen quarter for 2019, and the gross sales of the chosen quarter for 2020. This will be needed on the application.

*Loans over $150k: Documents showing reduction are needed at the time of submission.

**Loans under $150k: Documents showing reduction can be submitted any time until you apply for forgiveness, however, they are needed on the application.

Step 4

If you received a first draw ppp, please locate your round one 10 digit SBA Loan #. This can be found on your first draw loan documents or on your bank's forgiveness portal. In addition, please note the exact funding amount (including cents) you received in the first round. Please have these documents ready:
  • Bank Statements
  • Quarterly Financial Statements
  • Annual Tax Forms for 2019 and 2020
  • If applicable, additional documents may be necessary
We will be monitoring and updating this site with new information.
Application form
Eligible for forgiveness

Loans forgiven for eligible payroll, utilities, rent, and mortgage interest. Any amount not forgiven will have a 1% interest rate.*

Payroll based

Loans up to $2 million, with the max amount based on average monthly payroll x2.5.

NAICS 72 can be eligible for average monthly payroll x3.5.

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PPP Disclosure

Premium Merchant Funding (“PMF”) is committed to helping small businesses navigate the new Small Business Administration (SBA) Paycheck Protection Program. The program provides small businesses with funds to pay up to 24 weeks of payroll costs, including benefits. Funds can also be used to pay interest on mortgages, rent and costs for utilities, as more fully explained in SBA materials. This program is provided through our partner Cross River Bank, but it is an SBA program and, accordingly, the requirements and availability of loans under the program are primarily driven by the SBA. Any loan made under the SBA’s Paycheck Protection Program must be submitted to and approved by the SBA. There is limited funding available and so all applications submitted will not be approved and funded by the SBA. PMF is participating in the Paycheck Protection Program to help businesses impacted by the economic impact from COVID 19. However, PMF anticipates high volume and there may be processing delays and system failures along with other issues that interfere PMF taking your application or submission of any application to SBA.  PMF does not represent or guarantee that it will take your application or submit any applications taken before SBA funding is no longer available or at all. By using PMF to seek a Paycheck Protection Program loan, you agree that Guidance Funding  is not responsible or liable to you (i) if your application is not taken by  PMF  or any application is not submitted to the SBA until after SBA stops approving applications, for any reason or (ii) if your inquiry or any application is not processed. You also forever release and waive any claims against PMF concerning failure to obtain a loan. This release and waiver applies to but is not limited to any claims concerning PMF  (i) pace, manner or systems for processing or prioritizing your inquiry or any resulting applications, or (ii) representations by PMF regarding the application process, the Paycheck Protection Program, or availability of funding. This release and waiver supersedes any prior communication, understanding, or agreement on the issues set forth herein. Please be prepared to provide your average monthly payroll as defined by the SBA and upload proof of payroll information, e.g., 2019 W-3, 2019 IRS Quarterly 940, 941 or 944 payroll tax reports, 2019 Personal Tax Returns and Business Tax Returns. As a PMF  client, you can apply using this digital application, only if you meet these criteria: Your business is not a governmental entity. You’re authorized to borrow on behalf of the business. The minimum loan amount is $1,000, and the maximum amount is determined by your average monthly payroll and cannot exceed $2 million. The maximum amount may be reduced based on loans to your affiliated companies. *The loan may be eligible for forgiveness, but only amounts meeting SBA criteria: Forgiveness isn’t automatic. You may request forgiveness of some or all of the principal balance of the loan. Forgiveness is only available if you use the funds for certain purposes and if requested within the timelines established by the SBA. If you request forgiveness, you must provide documentation, and must certify that the loan funds were used for SBA qualifying purposes. The amount forgiven may be subject to certain reductions in certain circumstances; for example, if you have certain reductions in number of employees or employee compensation. The borrower will be responsible under the loan for any amounts not forgiven, and will become payable with monthly payments of principal and interest. The SBA may limit the time frame by which you’ll need to ask for forgiveness.