We recently had a commercial loan and Paycheck Protection Program (PPP) loan approved for a financial service company in Florida.
The PPP loan established by the CARES ACT is a Small Business Administration (SBA) loan fully guaranteed by the U.S. government that helps small businesses retain their workforce employed during the COVID-19 pandemic. The program can be accessed though local banks and approved lenders in each State and is available to small businesses of less than 500 employees, sole proprietorships, 1099 independent contractors and self-employed persons. The PPP loans are also available to companies where the owners are not-US citizens and owners may hold a visa status that allows them to do business in the US and hire American workers such as EB-5 visa, L1 visa, E2 visa, O1 visa and EB-1.
Other types of loans such as EIDLP loans, standard SBA loans, business line of credit and commercial loans are available for Florida businesses.
Contact us, your experienced Florida business lawyers in Miami for advice regarding financing and commercial loan programs available for your business and to assist you with preparing business loan documentation.
Malescu Law P.A. – Business & Immigration Lawyers