Payroll Protection Program (PPP Loan) through the U.S. Small Business Administration (SBA)
UPDATE: ACC is not accepting PPP Loans applications – deadline to submit was June 26th, 2020 by 3:00 pm.
Download SBA Application at: https://home.treasury.gov/system/files/136/PPP-Borrower-Application-Form-Revised-June-2020.pdf
Arkansas Capital Corporation is no longer taking applications for the SBA PPP loan program. The deadline for a loan to be approved is currently June 30, 2020.
For full details of the PPP program go to https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
Who is eligible: Any small business with 500 or fewer employees. This includes small businesses, S corps, C corps, LLCs, private nonprofits, faith-based organizations, tribal groups and veteran groups. Also, Self-employed individuals wo file an IRS Schedule C with their Form 1040, such as independent contractors and sole proprietors, are also eligible. (Partners who report self-employment income, however, are not eligible as self-employed individuals.) See SBA website for full details.
Loan Forgiveness: Borrowers will have their loan forgiven if they use the money designated expenses. Participants are eligible for loan forgiveness for the amounts spent on authorized expenses over 24 weeks after loan disbursement. Total payments for payroll may be forgivable. Mortgage interest , rent and utilities are also forgivable up to 40% of the PPP loan. To get the entire amount of the loan forgiven (assuming that at least 60% is spent on payroll and the rest on permitted expenses), you must meet two criteria. First, the full-time employee count cannot decline from the average monthly levels during 2019, or March 1, 2019 to June30, 2019.
Second, for loans to become full grants, employers cannot cut salaries or wages. If they do, the forgiven amount will be reduced. Employers who already let workers go (between February 15 and April 26, 2020) have until December 31, 2020 to restaff. See SBA website for full details.
Click on the link to download what ACC will need with your initial application request.
In anticipation of filing a PPP loan application, either through ACC or another participating lender, we encourage you to do the following:
Click on the link to see SBA’s information on eligibility, loan amount calculations, terms, uses, and other important information.
Please keep referring back to this website regularly for any updates.
We look forward to helping eligible businesses work through this crisis.
Arkansas Capital is a community development finance company (CDFI) committed to revitalizing communities in Arkansas and beyond. Along with our affiliates, we offer flexible capital solutions to meet the unique needs of entrepreneurs, small businesses and other commercial projects underserved by traditional lenders. Our innovative financial products encourage startup and small business success throughout the state.
By partnering with banks or using our enhancement tools, Arkansas Capital provides unique loan products that bring small and medium-sized business new opportunities for financial support and future growth. Some of the benefits that our loans provide are more flexible underwriting, guarantees from SBA or USDA, longer amortization periods, lower fees and longer maturities.
The mission of Arkansas Capital’s Arkansas Economic Acceleration Foundation is to nurture people and ideas to generate future entrepreneurs. Our annual business plan competitions are renowned among education and business leaders as one of the most real-world, entrepreneurial learning experiences students can get while in school — as early as the fifth grade and at the collegiate level.
Arkansas Capital serves as the platform from which new opportunities are launched. We often partner with banks to provide long term, true amortizing loans to small and medium-sized businesses, which do not meet the requirements for traditional bank financing.
The Arkansas Economic Acceleration Foundation (AEAF) is a private, non-profit 501(c)(3) dedicated to education initiatives that foster the development of innovation and entrepreneurship within Arkansas. Established in 1999, AEAF continues to strive to generate future Arkansas entrepreneurs.
Our subsidiary, Heartland Renaissance Fund, LLC, (HRF) is one of the largest state-specific community development entities (CDE) and a multi-round recipient of the U.S. Treasury’s New Markets Tax Credit (NMTC) allocation. Since 2003, HRF has received over $200 million in federal allocation.
Pine State Capital, LLC, an affiliate of Arkansas Capital, is the operating entity of the Pine State Regional Center designated by USCIS of the Department of Homeland Security of the United States. We offer opportunities for successful foreign nationals seeking U.S. resident status.
Thanks to Arkansas Capital, we were able to continue the Bruno’s legacy in downtown Little Rock with much success!
A fellow entrepreneur introduced me to Arkansas Capital Corporation. With ACC’s faith in my ability and their financial support, I expanded Rosemont dramatically and added Rosehaven Cottages. Now, my only limits are my own imagination and courage.