PPP Loans Made Simple

Through Our Partnership with Prime Commercial Lending and The Loan Source

ARF Financial is committed to helping our merchants maximize the available funding from the PPP loan program. We found out many of our merchants were left behind during the first round of PPP loans because there was just not enough time and/or information available to assist with the application process. We are partnering with Prime Commercial Lending and The Loan Source to help you secure your spot in the queue and get the PPP application process started.

Don’t delay. Create your account today to get in line for the next round of PPP loans. You will only need to provide your Name, Phone Number and Email address to begin. You will be contacted as soon as the application process begins.

Here is some pertinent information regarding the second PPP offering:

• A second loan for small businesses with less than 300 employees with a revenue reduction of at least 25% in the first, second or third quarter of 2020 relative to the same quarter in 2019.

• A maximum second loan amount of $2 million for most businesses at 2.5 times their average monthly payroll costs.

• Although some food service and accommodations businesses could see more, as their maximum equals 3.5 times their monthly payroll costs.

• Creation of a simplified loan forgiveness application form consisting of a one-page certification that requires the small business to list the loan amount, the number of employees retained and the estimated total spent on payroll costs.

• Forgiveness for small businesses if they spend at least 60% of their PPP second draw loan on payroll costs during the covered period.

• Expansion of covered expenses to include software, cloud computing resources and human resources and accounting needs, as well as property damage costs due to public disturbances that were not covered by insurance, supplier costs and the purchase of personal protective equipment.

• Expansion of eligibility to include 501(c)(6) nonprofits, such as local chambers of commerce, as well as destination marketing organizations, housing cooperatives, newspapers, broadcasters and radio stations.

• Repeal of a previous CARES Act provision that required small businesses to deduct any Economic Injury Disaster Loans from PPP loan forgiveness.

• An override of an IRS ruling that barred small businesses from deducting from their taxes expenses paid for with PPP loans.

• Prohibition on publicly-traded companies accessing the PPP. Entities affiliated with the Chinese government are also ineligible.

• The creation of a farmer and rancher calculation for PPP loans, as well as codifying rules for faith-based organizations and churches to maintain their eligibility in the program.

• PPP loan borrowers to choose two covered periods, an eight-week covered period or a 24-week covered period, in which to spend the loan proceeds.

• Voluntary release of demographic information for loans. However the SBA is mandated to include a demographic questionnaire in the loan origination application.

• Clarification that group insurance payments count as payroll costs, including group life, disability, vision and detail insurance.

• Ineligibility for businesses that receive a grant under a separate, $15 billion program for venues.

• A reapplication option for the PPP maximum for any business that returned all or part of their PPP loan so long as they have not received forgiveness yet. And any borrower that would have gotten a larger loan under the new legislation can reapply for the difference.

Terms & Conditions

“Applicant acknowledges that the PPP loan application is being processed by Prime Commercial Lending and The Loan Source, and ARF is acting solely in a referral capacity. No representation is being made by ARF as to the applicant’s qualification for a PPP loan or the availability of the PPP loan program. The Loan Source will provide all customer service and support for this application. It is expected that this next round of PPP funding will be fully allocated within 2 to 3 weeks and approval of an application will require timely delivery of all required documentation to The Loan Source.”