About The Program
Prestamos CDFI is accepting the Small Business Administration (SBA) Paycheck Protection Program (PPP) applications nationwide until the program closes; either when funds run out, or, on March 31, 2021. This funding is to incentivize small business owners to keep their staff on the payroll as we all persist through the (Coronavirus) COVID-19 pandemic.
If the PPP funds are used for at least 60% payroll purposes (Wages, Health Benefits, Retirement Benefits, State Unemployment Taxes) along with up to 40% of other eligible expenses (Rent/Lease, Utilities, Fixed Interest, PPE, Cloud Computing, Etc), the PPP may be forgiven up to 100% by The SBA.
Once an application is submitted, it can take 1-2 weeks to be funded into your bank account based on how quickly you complete your application and provide the necessary documents and The SBA approval time.
Complete and submit the contact form below. Once we receive your information, a member of the Prestamos team will contact you with further instructions to guide you through the application process.
For More Specifics on The PPP, please watch our introduction and eligibility video here:
PPP Eligibility
First Time/First Draw Borrowers:
- 500 or fewer employees
- For-Profit and Non-Profi 501(c)(3) Organizations
- 501(c)(6) organizations with 150 or fewer employees (excluding lobbying organizations)
- Self Employed Individuals with Schedule C positive net income on Line 31
Second Time/Second Draw Borrowers:
- Can demonstrate a 25 percent revenue loss during one quarter of 2020 compared to the same quarter of 2019
- 300 or fewer employees
- For-Profit and Non-Profi 501(c)(3) Organizations
- 501(c)(6) organizations with 150 or fewer employees (excluding lobbying organizations)
- Self Employed Individuals with Schedule C positive net income on Line 31
Other Loan Opportunities
Prestamos CDFI has other loan programs available in California to those who may not qualify for a PPP loan or who need access to capital beyond a PPP loan. With loans available from $250,000 up to $1,000,000 we can customize a loan program to meet your needs. We also offer citizenship loans and ITIN commercial loan financing.
