Whether you’re a small business owner with employees, a sole proprietor, self-employed, or an independent contractor, if your business has been affected by COVID-19 you can get a low-interest federal funding that may be 100% forgiven. First Down Funding’s application process makes applying for a PPP funding as quick and simple as possible.
Please note, you can apply for a PPP funding with First Down Funding even if you have PPP applications in process elsewhere. Applying for a PPP funding with us will not impact the status of any prior PPP applications you may have submitted. This program is subject to the availability of funding from the federal government.
Get up to 2.5x your average monthly payroll cost, for a maximum of $2 million.
24 months, though funding are eligible for partial or full forgiveness if your business meets certain criteria.
1% fixed cost of working capital, and no additional fees of any kind, including no origination fees or prepayment penalties.
Funding payments are deferred for the first 6 months, but interest will continue to accrue during this time. After that auto-payments are monthly.
You can be eligible for up to 100% forgiveness if you use the entire funding for allowable costs, at least 75% for payroll costs, and you maintain your number of employees and compensation levels.*
You’ll need your basic business information and documentation of payroll expenses to apply.
Your funding advisor will confirm receipt of your application, send a DocuSign containing a pre-loaded Borrower Application, and let you know if any additional documentation is needed.
Once we receive all your documentation, we’ll calculate your funding amount, finalize your application and submit it.
Please allow at least 5 business days for your application to be fully reviewed. Your funding advisor will reach out as soon as we receive a decision.
Complete the online checkout and funds will be deposited into your bank account within 1-3 business days.
*What is the Funding Forgiveness program, and how does it work?
To be eligible for funding forgiveness, businesses must maintain their number of employees and compensation levels. The amount eligible for forgiveness is equal to the amount spent on permissible uses of funds during the 8-week period beginning on the date of the origination of the funding. However, current guidance is that 75% of the funds must have been used to cover payroll expenses to be eligible for forgiveness. The amount eligible to be forgiven will be reduced if the business does not maintain full-time employee headcount (or does not rehire quickly), or there is a reduction in employee wages of more than 25%.
Does this funding require any collateral or personal guarantees?
These funding are backed by a federal funding guarantee. There is no collateral or personal guarantee required.
What documents do I need to apply?
You will need your basic business information and documentation of payroll expenses to apply.
What counts as payroll costs? I work by myself and pay contractors. Do I still have payroll?
Payroll costs include compensation and employee benefits, such as health insurance, retirement benefits, parental and sick leave, and vacation. If you are a sole proprietor or independent contractor, payroll costs include compensation or net earnings from self-employment. Costs per employee are capped at $100,000 on an annualized basis. For more details on payroll costs, review this excellent guide from the U.S. Chamber of Commerce.
How do I calculate my monthly payroll costs?
For a more detailed overview of how the PPP funding work, and how to calculate ‘included’ and ‘excluded’ payroll costs, check out this excellent guide from the U.S. Chamber of Commerce.
I need funds beyond just covering payroll expenses. Are there other financing options available to me?
Yes. You may be eligible for a funding or grant from your local or state government.