Find PPP Loan Funding for Your Clients, and Make Money at the Same Time
“Overcoming these obstacles gave me the confidence to know that I could face anything and come out on the other side. What I had learned would carry me through other challenges in life and in my business,” Wallace says. “I’ve also had a desire to help others along the way. And I want to share that experience and knowledge with others.”
Payroll Protection Program (PPP) Basics
More than $280 billion has been set aside in the next round of the Payroll Protection Program (PPP). 35 billion has been set aside specifically for first-time borrowers with less than 500 employees to ensure the needs are met of small-businesses applying for the first time. These loans can be completely forgiven just like the original PPP loans. COVID-19 Relief law specifies that expenses covered by the PPP loan will be tax-deductible. PPP loans will be available to first-time qualified borrowers and to businesses that previously received a PPP loan. Loan forgiveness can be applied for here.
Watch Dominick’s video for a great recap on the PPP loan differences:
Wallace Capital Funding’s PPP Loan Referral Program
As a financial expert, your clients have questions about the next round of PPP lending. You may be able to answer those questions, but you might not have access to the loan through traditional banks.
“Due to the speed at which the first round was launched, banks found themselves playing catch up.
Coupled with PPP’s requirement of efficient and separate systems, Round one put an immense strain on banks. Many banks may be unable to provide PPP loans in this next round,” Wallace says.
Over the course of 2020, many changes were made to the PPP loan language. The average business owner may have difficulty in understanding how the loan works, and if they are eligible to receive it. Financial industry experts may be able to answer their client’s questions, but they may not have access to the funding they need.
“We can pay referral fees, unlike banks,” says Wallace.
That’s where Wallace Capital Funding LLC comes in. We partnered with arguably the largest solely focused PPP Loan servicing company in the country to secure your client’s loan, but that’s not all! Wallace has developed a Brand New Referral Program for those of you that working in the industry including:
Accountants and CPA’s
“We have teamed up with a veteran servicer who funded half a billion PPP loans in the first round,” says Wallace. They have over $4.7 billion in PPP loan purchases to-date.
More about the referral program:
This system allows you to create Tier 1 and Tier 2 referral partnerships. This means you can allow individuals under you to refer to PPP Loans, while easily tracking their submissions. “Soon we will have access for accountants to process their client’s application in the portal,” Wallace says.
Apply for loan forgiveness here.