Apply for SBA Loans

The U.S. government has approved $670 billion of business loans to help companies affected by COVID-19. Celeri Network is here to help businesses expedite their loan application.

The SBA Paycheck Protection Program

Ultra Low Interest Rates

The Paycheck Protection Program offers 1% APR for the entire life of the loan.

100% Loan Forgiveness

When spending on qualified loan uses like payroll, rent, utilities, and mortgage interest, the loan is forgiven.
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Defer Your Payments

Loan payments are deferred for the first 6 months and up to 12 months for certain borrowers.

Up To 2 Year Terms

A two-year term can help keep your repayment amount low.

100% Loan Forgiveness

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Qualified Loan Uses

By using the loan funds on the line items below, your business will receive a 100% loan forgiveness. At least 75% of loans funds would have to be used for payroll to be eligible for forgiveness.
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Payroll

Payroll expenses to retain existing employees.

Rent

Rent expenses for your office or commercial space.

Utilities

Utility expenses such as electricity, water, and gas.

Mortgage Interest

Interest payments on your commercial mortgage can be forgiven.

Celeri Network Has Been Featured In

We are in trying times and often end up having more questions than answers. The PPP loan program is no different. I have previously worked with a larger bank only to run into delays and dealing with representatives that were ill equipped to give answers to basic questions.

By luck I came to your company website and I immediately reached out. My first contact was with Tim Lan. What a refreshing experience compared to our big banks. Tim responded immediately and was very knowledgeable and most importantly has a genuine desire to help his clients. He quickly sorted through the confusion for me and got our application on the way. While we live socially distant and work remotely I want to make sure to take the time to recognize when I see a person doing a great job for his employer.

Chris Raab

Head of US Services, IDU, Inc.

Frequently Asked Questions (FAQs)

Answers to common questions on the Paycheck Protection Program.
What is Celeri Network?
We are a financial company that uses both technology and innovation to match business owners in need of funds with lenders. The Celeri method is simple, quick and fair.
What is the Paycheck Protection Program?

The Paycheck Protection Program is a recently added SBA loan program. The Paycheck Protection Program offers federally-guaranteed loans to eligible businesses. The loans can be partially or fully forgiven. The Paycheck Protection Program was added to the SBA as part of the CARES Act, which is the US Government’s response to Coronavirus (COVID-19). The CARES Act has designated $349 billion for the program. The Paycheck Protection Program covers operational expenses beginning on February 15, 2020 and ending on June 30, 2020.

Is my small business eligible for the Paycheck Protection Program?

The eligibility criteria for the Paycheck Protection Program is extended to qualified small businesses, non-profit organizations, veterans organization, or tribal businesses. The business should employ less than 500 people.

How can I use the Paycheck Protection Program loan?

The loan may be used for the following uses:

  • Commercial space rents
  • Commercial space utilities
  • Payroll costs
  • Employee commissions
  • Insurance premiums
  • Healthcare benefits during paid sick, family, or medical leave
  • Mortgage interest payments (not prepayment or mortgage principal)
  • Interest on any other debt obligations incurred before the covered period
How does the PPP compare to other SBA programs?
  CARES 7(A) PAYCHECK PROTECTION PROGRAM ECONOMIC INJURY DISASTER LOAN (EIDL) 7(B) STANDARD 7(A)
Eligibility – US based businesses
– Operating on February 15th, 2020
– 500 or less employees, or the employee limit governed by NAICS code
– Can certify economic impact due to Covid-19
– US based businesses – Economic hardship due to Covid-19 can be shown via a decline in revenue – US based businesses (for profit only)
– Minimum personal credit score of 680
– Establishment of business credit
– Minimum of 2 years in business
– Business is profitable
Maximum Amount $10 million $2 million $5 million
Funding Amount Calculation 2.5X your prior average monthly payroll Dependent on loss incurred due to COVID-19 Dependent on application
Maximum Interest 1% 3.75% Prime + 3.7%
Maximum Term No payments due for the first 6 months, term up to 2 years Up to 30 years Up to 25 years
Loan/Principal Forgiveness Yes No No
Can Be Combined With – Standard 7(a) loan (if obtained before 2/15/20)
– EIDL 7(b) loan
– Physical Disaster Loans with a maximum combined amount of $2,000,000
– CARES 7(a) Paycheck Protection Plan
– Standard 7(a) loan
– EIDL 7(b) loan
Cannot be Combined With – Standard 7(a) loan if obtained after 2/15/2020
– New Standard 7(a) loan application
  – An existing CARES 7(a) Paycheck Protection Plan loan
Application Supporting Documents – Payroll documentation showing number of employees and amounts spent over last 12 months
– 3 months of business bank statements
– Transcripts from payroll taxes paid
– Most recent Federal Tax Return
– Year end profit and Loss statement
– A current year to date Profit and Loss statement
– Monthly break down of sales figures
– Business financials relevant to the past 90 days (balance sheet)
– Debt schedule or purchase contract
– Past 2 years of business tax returns
– Past 2 years of personal tax returns
Which businesses are eligible for the PPP?
  • A small business with fewer than 500 employees
  • A small business that otherwise meets the SBA’s size standard
  • A 501(c)(3) with fewer than 500 employees
  • An individual who operates as a sole proprietor
  • An individual who operates as an independent contractor
  • An individual who is self-employed who regularly carries on any
  • trade or business

  • A Tribal business concern that meets the SBA size standard
  • A 501(c)(19) Veterans Organization that meets the SBA size standard
  • In addition, some special rules may make you eligible:

  • If you are in the accommodation and food services sector (NAICS 72),
    the 500-employee rule is applied on a per physical location basis
  • If you are operating as a franchise or receive financial assistance
    from an approved Small Business Investment Company the normal
    affiliation rules do not apply
  • Can I qualify if I don't have employees?
    Yes, it is possible to qualify if you don’t have employees. The CARES Act states: “…individuals who operate under a sole proprietorship or as an independent contractor and eligible self-employed individuals shall be eligible. Applicants who fall in this category will need to provide documentation such as “payroll tax filings reported to the Internal Revenue Service, Forms 1099–MISC, and income and expenses from the sole proprietorship, as determined by the (SBA) Administrator and the (Treasury) Secretary.”
    What's the difference between the PPP and EIDL?
    The CARES Act includes different types of relief programs for small businesses. The Paycheck Protection Program (PPP) is a loan that is calculated as 2.5X your monthly payroll. The PPP can be applied for through our site. The Economic Injury Disaster Loan (EIDL) is separate and must be applied for through the SBA.
    What is the interest rate and fees?
    The interest rate for PPP loans are 1%. Loan fees are waived.
    How do I get loan forgiveness?
    You can request forgiveness of the principal of the loan for the eight week period after you get the loan. Make sure the loan is covering: (1) payroll costs, (2) rent, (3) mortgage interest, (4) utilities.

    75% of the PPP must be used for payroll costs for forgiveness. Loan forgiveness will be reduced if you decrease your full-time employee headcount.

    Note: there are technical calculations for this law and you should seek out your own financial and legal counsel for understanding loan forgiveness and how it applies to your situation.

    Meet Our Team

    Contact us with your questions on the SBA’s Paycheck Protection Program.

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    631-861-4652
    Hours: 9:00 AM – 6:00 PM EST
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    Fill out the online application and we will follow up with you ASAP.