Qwil has partnered with Kabbage to connect you with access to the Paycheck Protection Program (PPP) loans to help you cover payroll, rent, utilities and other eligible debt obligations.
Ie would I receive less money if I work through Qwil for my application vs going directly to my bank?
Great question! We are happy to report that Qwil does not receive any of the funds dedicated to helping your business grow.
Under the CARES Act, the Paycheck Protection Program (“PPP”) offered up to $10M in forgivable loans to small businesses. These short-term loans were built to keep employees on the payroll during the COVID-19 crisis.
The PPP loan has a 1.00% fixed interest rate and is due in two years. All payments are deferred for six months, however, interest will continue to accrue over this period. In addition, no personal guarantees or collateral are required.
As long as you use your loans for qualified expenses (see above) over the 8-week period, you can qualify for 100% forgiveness. Your loan forgiveness may be reduced if:
If you restore employees or salary levels before June 30, 2020, you may still qualify for full forgiveness.
1099 independent contractors may file for their own PPP loans, but can not be included in the payroll calculations of compensating companies. They can use the funds for the following purposes: