Please be assured that while the PPP program did run out of funds this past week, we are working to make sure all of our borrowers are first in line when the program is expected to re-launch early next week.
ClubReady now offers quick access to Paycheck Protection Program (PPP) loans. ClubReady’s parent company, Clubessential Holdings, has partnered with Cross River Bank to underwrite loans for our studio customers. With the Cross River Bank automated application and underwriting processes powered by Kabbage, your money could be directly deposited to your account quickly!
Step 1: Apply for an SBA PPP Loan through Cross River Bank once funds are reallocated
Please be assured that while the PPP program did run out of funds recently, once funding is reallocated, our relationship with Cross River Bank will allow for funds to be deposited to your account quickly.
Step 2: Educate Yourself on Payment Relief for Existing SBA Loans.
Existing Small Business Administration Loans may be eligible for six months of relief, whereas the United States Treasury will pay the full principal and interest to the banking institution directly on your behalf. If applicable, contact the loan servicer for your SBA loan and request information related to this relief. Be sure to do this before your next scheduled payment!
Step 3: Watch this Webinar - New Paycheck Protection Program for Studio Owners
Watch a recording of a webinar introducing the ClubReady Paycheck Protection Program hosted by ClubReady president Darol Lain, and CEO of Clubessential Holdings and franchise owner, Randy Eckels. It provides an overview, answers to audience questions, and links to resources.
Quick Answers to Common Questions
|1. What if I’ve already applied for a loan?|
Even if you’ve submitted an application at another bank, if the loan hasn’t been underwritten, you can take advantage of this program.
|2. How is this different from a PPP loan through my local bank?|
Cross River Bank offers a fully integrated online application, underwriting approval and funding process that is 100% electronically enabled. In other words, it’s fast. They can expedite the fund flow from the bank to the franchisee compared to your local community bank, with a better chance of getting approved before the funds are depleted.
|3. When does my application need to be completed?|
The sooner the better. Although the program is open until June 30, 2020, the U.S. Treasury is encouraging you to apply as quickly as possible due to the funding cap and to allow lenders time to process your loan. You will need to complete the Paycheck Protection Program loan application and submit the application with the required documentation to an approved lender that is available to process your application before that date.
|4. Are loan terms the same for everybody?|
Not everyone will have the same loan, but here are the terms in a nutshell:
|5. What can I use PPP loan funds for?|
The primary purpose of PPP loans is to help businesses retain their existing staff. Businesses who use the funds to do this may be eligible for a 100% forgiveness incentive.
The funds can be used for expenses such as:
For a complete list, please go here.
|6. What do I need to have before I begin my application?|
Before beginning your online application we suggest you collect the following information that will be requested during the application process:
About Your Business Owners
About Your Loan
About Your Payroll (for calculation of eligible Monthly Average Payroll)
About Your Expenses – for the 8 Week period following the loan
|7. What happens once my application is submitted?|
Once your application is submitted it will flow into a queue. If anything is missing from your application you will be notified. You can expect funding directly into your account within a few days.
Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy.
Access Coronavirus (COVID-19): Small Business Guidance & Loan Resources here
Access Coronavirus (COVID-19): Funding Relief Options here
Access SBA Franchise Directory here
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