For helpful information regarding the impact of COVID-19 on small businesses visit our Resource Center.

WE'RE HERE TO HELP     |     SMALL BUSINESS RELIEF AVAILABLE UNDER THE CARES ACT

Coronavirus Aid, Relief, and Economic Security (CARES) Act

We're All In This Together.

Amur Equipment Finance (AmurEF) is committed to you and the success of your business. While the news is constantly changing, our mission is to use this page to provide you up-to-date information on the resources made available to your business.  We will be updating this page as new information becomes available, please make sure to check back frequently.

What You Need to Know.

On Friday, March 27th, 2020, Congress passed and the President signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act provides more than $2 trillion of emergency economic relief for businesses, individuals, and families affected by the coronavirus pandemic (COVID-19). The full text of the CARES Act can be accessed HERE.

What Is The Paycheck Protection Program?

The Paycheck Protection Program, one of the largest programs created by the CARES Act, specifically authorizes nearly $350 billion in government-guaranteed loans for qualifying small businesses that can, in some cases, be converted to grants (meaning that, if you meet the requirements, you won’t need to pay the loan back).

In brief, the purpose of the Paycheck Protection Program is to provide funding to small businesses to preserve their employees and essential business operations during the economic disruption cause by the COVID-19 pandemic.

Who Is Eligible for A Paycheck Protection Program Loan? 

The Paycheck Protection Program offers loans for small businesses with 500 employees or less, individuals who are self-employed or who operate under a sole proprietorship, 501(c)(3) nonprofit organizations with less than 500 employees, and 501(c)(19) veterans’ organizations.

What Are The Terms Of Paycheck Protection Loans? 

While the Paycheck Protection Program continues to evolve, the current terms of the loans issues the Paycheck Protection Program are:

  • Loan amount equal to the lesser 2.5 month's of qualifying payroll expenses and $10 Million.
  • Interest rate of 1 %
  • Maturity of 2 years
  • First payment deferred for six months
  • 100% guarantee by SBA
  • No collateral required
  • No personal guarantee required

What Can The Loans Be Used For? 

While the Paycheck Protection Program continues to evolve, the current terms of the loans issued the Paycheck Protection Program are:

  • Qualifying employee salaries 
  • Paid sick, medical or family leave.
  • Costs related to group healthcare benefits during periods of leave.
  • Lease rent and/or mortgage payments.
  • Other qualifying existing debt obligations.

How To Apply For A Paycheck Protection Program Loan? 

AmurEF is now approved by the SBA as a Paycheck Protection Program lender. You can apply HERE. Please include the following information:

If you are self-employed

  • Completed and Signed SBA PPP Application Form 2483 which you can download HERE.
  • 2019 IRS Form 1040 Schedule C or Schedule F
  • 2019 IRS Form 1099-MISC detailing nonemployee compensation
  • 2020 invoice, bank statement or book of record establishing you were in operation on 2/15/20
  • If you have employees:  include IRS Form 941 for each quarter of 2019
  • Provide a detailed breakdown of how you calculated your average monthly payroll on your Form 2483 application

If you are a Partnership

  • Completed and Signed SBA PPP Application Form 2483 which you can download HERE.
  • 2019 IRS Form 1065 (including K-1s)
  • IRS Form 941 for each quarter of 2019
  • Payroll documentation establishing employees on 2/15/20
  • 2020 invoice, bank statement or book of record establishing you were in operation on 2/15/20
  • Provide a detailed breakdown of how you calculated your average monthly payroll on your Form 2483 application

If you are an Corporation (S and C Corps)

  • Completed and Signed SBA PPP Application Form 2483 which you can download HERE.
  • IRS Form 941 for each quarter of 2019
  • Payroll documentation establishing employees on 2/15/20
  • Provide a detailed breakdown of how you calculated your average monthly payroll on your Form 2483 application

If you are an LLC

  • Completed and Signed SBA PPP Application Form 2483 which you can download HERE.
  • Follow the instructions that apply to your tax filing situation

For details on how to calculate the PPP loan amount request click HERE

How To Qualify For Loan Forgiveness? 

Visit our Help Center for the Paycheck Protection Program loan forgiveness process HERE.

What Are Economic Injury Disaster Loans (EIDLs)? 

In response to the COVID-19 pandemic, the CARES Act also specifically allots $10 Billion and expands eligibility for Economic Injury Disaster Loans (EIDLs) to provide relief to small businesses from economic injury caused directly by the pandemic.. Small business owners in all U.S. states, Washington D.C., and territories are eligible to apply.

For more information on the Paycheck Protection Program, please visit the SBA's website HERE.

How Does The EIDL Program Work? 

The EIDL program will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds can, in circumstances, be made available within three days of a successful application.

  • EIDLs can be approved by the SBA based solely on an applicant’s credit score.
  • EIDLs that are smaller than $200,000 can be approved without a personal guarantee.
  • Borrowers can receive $10,000 emergency grant cash advance that can be forgiven if spent on paid leave, maintaining payroll, increased costs due to supply chain disruption, mortgage or lease payments or repaying obligations that cannot be met do to revenue loss.

Who Is Eligible For An EIDL? 

Eligibility for EIDLs:

  • Sole proprietorships and independent contractors;
  • Private nonprofits including 501(c)(6)s; and
  • Tribal businesses, cooperatives, and Employee Stock Ownership Plans with less than 500 employees.

What can EIDLs be used for?

  • Fixed debts;
  • Accounts payable; and
  • Employee sick leave.

How To Apply For An EIDL? 

To Apply Now for an EIDL:

For additional information please visit the SBA.gov website.

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