Live Online Application Now Available for Round B of Paycheck Protection Program (PPP)

Exclusive Technology, Delivered by One of the Leading Lenders by Number of Loans During the Last Round, Offers an Online PPP Application That Can Take Just a Few Minutes to Complete

News provided by

Eastern Union

Jan 19, 2021, 08:59 ET

BROOKLYN, N.Y., Jan. 19, 2021 /PRNewswire/ -- Applications for the second round of federal Paycheck Protection Program (PPP) loans are now live, says Eastern Union, a New York City-based real estate finance company.

Eastern Union is now accepting full applications for PPP loans in conjunction with its lending partner, Cross River Bank, which combines the trust and reliability of a community bank with the cutting-edge innovation of a technology company. During the initial round of the PPP, Cross River Bank was one of the leading lenders in the country.

Ira Zlotowitz is president of Eastern Union, a real estate finance company that is now making live applications available for federal loans under the PPP program for companies that have been impaired by the COVID-19 pandemic.

"We expect demand for PPP loans to be high, so eligible small businesses should act now to get their completed applications in as early as possible," said Ira Zlotowitz, president and co-founder of Eastern Union. "The seamless online application should take just a few minutes to complete if you have all the required documentation prepared ahead of time."

Effective immediately, the full application is available and can be completed online so that applicants can be one step closer to getting much-needed support during these trying times. To start the application and for additional information, visit easternunion.com/ppp

Most businesses and nonprofits are eligible for a PPP loan of up to $2 million, so long as they have 300 employees or less and can show a 25-percent drop in revenue in any quarter of 2020, according to the guidance from the federal Small Business Administration (SBA). Applicants are eligible for a second draw PPP if the first PPP proceeds were used for eligible expenses, plus other conditions.

The entire PPP loan can be eligible for forgiveness if the proceeds are used for designated expenses, while maintaining salaries and headcount for the covered period.

While the new PPP round is still largely designed to cover 2.5 months of average payroll expenses, some qualifying businesses -- such as restaurants, food service companies and hotels -- may receive up to 3.5 months of average payroll expenses.

Pursuant to SBA rules, Eastern Union brokers PPP loan applications at no charge to applicants.

Eastern Union had been successful in brokering thousands of first-round PPP loans. Applications can be completed in just a few minutes, and applicants will receive timely updates that will help ensure that their applications have been properly submitted to the SBA.

Through its partnership with Cross River Bank, Eastern Union will share reimbursement payments with accounting firms, merchant cash advance companies, or other businesses that can tap into a referral network of ten or more PPP applicants. These reimbursements originate from SBA payments made to participating lenders. Potential Eastern Union partners can learn more and sign up at easternunion.com/partner.

About Eastern Union

Founded in 2001, Eastern Union is a leading national commercial mortgage brokerage firm employing more than 125 real estate professionals and closing ani average of $5 billion in transactions annually. Eastern Union leverages its relationships with banks and its marketplace knowledge to secure the best available rates. Active nationwide, Eastern Union is headquartered in New York, with branches along the East Coast.

The firm arranges financing for multi-state, multi-site portfolios and for smaller, single-property transactions. Its Multi-Family Group has reset market pricing by offering a quarter-point fee -- with no back-end fees -- for refinancing properties backed by Fannie Mae or Freddie Mac, transactions known as "agency refinancings." Its capital introductions are handled through Eastern Union's affiliate, Eastern Equity Advisors.

Eastern Union's free eCALC app instantly helps investors value and underwrite deals.

For more information, visit easternunion.com.

Media contact:

Steve Vitoff
Eastern Union
516 652 0785
[email protected]

SOURCE Eastern Union