Small Business Resources During the Coronavirus (COVID-19) Pandemic

Helpful resources during this challenging time for your business.

 
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The Coronavirus (COVID-19) pandemic has created an unpredictable time for everyone, especially small business owners. The good news is the CARES Act (Coronavirus Aid, Relief, and Economic Security) includes $350 billion to support small businesses.

This support includes Economic Injury Disaster Loans (EIDL) and the Payment Protection Program (PPP). These loans will be administered by the Small Business Administration (SBA) and can help provide much needed support to small business owners. To apply for PPP, you will need to work with your banking partner or SBA-approved lender. Don’t delay, these funds are first come, first served. For details, learn how to apply for an SBA loan.

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Small Business Resources

SBA Loans During the COVID-19 Pandemic -What to Consider

SBA Loans During the Coronavirus (COVID-19) Pandemic - What to Consider

SBA loans aren't for everyone. We'll look at Trump's announced SBA loans for the coronavirus pandemic vs working capital loan opitons so you an figure out the best way to get the capital you need.

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What Are Paycheck Protection Program (PPP) Loans and How to Apply?


What Are Paycheck Protection Program (PPP) Loans and How to Apply?

On March 27th, the CARES Act was signed into law. This $2 trillion Coronavirus Stimulus Package Act provides much needed help to the U.S. economy which has slowed down during the Coronavirus pandemic. Contact your banking partner or SBA-approved lender to learn more how to apply.

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This 6-Step Business Contingency Plan Will Prep You For a Recession

This 6-Step Business Contingency Plan Will Prep You For a Recession

It's time to prepare for an economic downturn by creating a business contingency plan. Use these six steps now to ride out any future storms.

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What Is a Working Capital Loan?


What Is a Working Capital Loan?

A working capital loan adds to the money you have on hand for your business' daily needs. Check out this blog on the ins and outs of loans for working capital during the COVID-19 pandemic.

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Disclosures

Legal Disclosures

True to our mission, we encourage you to read the following policies and learn how they affect you as a client.

 

(1) 24 hours:

Fast approvals and 24 hour funding subject to receipt of required documentation, underwriting guidelines, and processing time by your bank. Funds are deposited into your business checking account as soon as the next business day after approval and acceptance of terms.

 

(2) Early payoff discounts:

National Funding offers special opportunities for its customers to terminate contracts early and receive a discount in the process.  Equipment Finance customers who pay off the total remaining balance early,  at any point during the contract, will automatically receive a 6% discount off the total remaining balance.   Working Capital customers who pay off the total remaining balance in full within the first 100 days of the contract will automatically receive a 7% discount off the total remaining balance.  We do not currently offer a discount on our lease contracts. Customers must pay off the balance in full, be current, and in good standing to take advantage of the discount within the time parameters.

 

(3) Automatic payments:

Loan payments are withdrawn via Automatic Clearing House (ACH) Monday through Friday excluding bank holidays.

 

(4) Wide variety of payment options:

  • Equipment Financing: payments are remitted monthly with terms of 2-5 years
  • Working Capital Loan: payments can be remitted daily or weekly with terms of 4 months up to 24 months

 

(5) Potential Tax Savings:

The Section 179 Tax Deduction allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. Meaning, if you buy (or lease) a piece of qualifying equipment, you can deduct 100% of the purchase price from your gross income. You can secure the equipment, tools, and technology you need, while also taking advantage of significant tax deductions - up to $1,000,000. Consult your tax professional for more details.

 

(6) Guaranteed lowest payment:

Pursuant to the terms and conditions specified in these Rules and Restrictions of the Guaranteed Lowest Payment, National Funding guarantees to provide the lowest payment on equipment leased through National Funding, for lease terms from 24 to 60 months, or to pay $1000 towards qualifying executed leases. Lease payment comparisons must be based on a lease in excess of $10,000, for approved equipment, and with the same terms and conditions as those offered by National Funding within seven days that the National Funding terms are issued. To be eligible, customers must provide a competitive lease quote without contingencies, and vendor invoice, and in the name of the lessee within seven calendar days of the date National Funding issues its terms. Guarantee only valid on competitive equipment leases. Equipment finance agreements do not qualify.

In the event that the monthly lease payment amount from the competing lease company or bank is lower than the monthly payment that is being offered by National Funding for the same equipment and pursuant to the same terms, National Funding will verify the validity and accuracy of the competing leasing company’s or bank’s payment options, terms and the vendor quote. National Funding has the option, in its sole discretion, to either beat the competing leasing company’s or bank’s monthly payment rate, or pay $1000 to the lessee. The lessee must provide National Funding with the competing company’s or bank’s signed lease agreement with payment terms/options, and take delivery of the equipment. Payments will be made within 30 days, and lessee is responsible for any taxes.

The Guaranteed Lowest Payment is available to both new and established customers of National Funding. This offer is valid for new lease applications only. The Guaranteed Lowest Payment is not retroactive — a previously funded equipment lease with National Funding is not eligible for the Guaranteed Lowest Payment. Only non-contingent offers of lease terms and payment are eligible. Offers made to lessee that include subsidization by manufacturers and/or vendors will not be considered in comparing competing offers.

The Guaranteed Lowest Payment may be discontinued at any time without notice.

To participate in the Guaranteed Lowest Payment program, if you have a lease agreement and vendor quote which you believe will qualify for the program, contact your National Funding Lease Manager.

 

(7) Terms and Conditions apply:

This is not a guaranteed offer of credit. Loans subject to lender approval. Approval amount is based on eligibility determined by information obtained from Dun & Bradstreet. Actual eligibility may vary. Restrictions may apply. Application is subject to approval by the lender and is based on factors such as business type, time in business, annual sales, average bank balances, personal credit and other variables deemed relevant by the lender.