The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated over half a trillion dollars to help small businesses keep workers employed amid the COVID-19 pandemic and economic downturn. There are predominantly two programs as part of the CARES ACT that are being offered by the U.S. Small Business Administration (SBA) in partnership with banks, credit unions and through platforms like FINSYNC.

SBA PPP Program Loans

Loan Program Options

Paycheck Protection Program (PPP)

Economic Injury Disaster Loan (EIDL)

  • US Based Businesses
  • Operating on February 15, 2020
  • Less than 500 employees
  • US Based Businesses 
  • Economic hardship due to COVID-19 can be proven via decline in revenue
  • Payroll
  • Fixed debts
  • Accounts payable 
  • Other expenses that can’t be paid because of disaster’s impact
  • Payroll 
  • Employee salaries
  • Mortgage interest 
  • Rent and utilities 
  • Interest on debt incurred before 2/15/20



  • Up to $2 million
  • 2.5 times your business’ average monthly payroll, up to $10 million in total funding


  • 1.0% fixed annual percentage rate
  • 3.75% annual percentage rate
  • No payments for the first 6 months, and a total of 2-year term
  • Up to 30 years


  • Up to 100% of this loan can be forgiven with the proper supporting documentation of how funds were used post funding


  • 0% of this loan can be forgiven
  • We connect you directly to the SBA to apply for this program as it’s a manually underwritten loan
  • We help streamline your application process, receive funds more quickly and qualify for loan forgiveness


How we Help with the PPP Loan Program

We built a custom application for the PPP Loan to help you apply with your current FI online. If your FI isn’t participating in the PPP Loan, or cannot meet your timely needs, we’ll route you to another FI that can help.

Apply Online

Our system helps you confirm eligibility based on your business and payroll information and supporting documents. We provide access to advisors in case you need help ensuring you are submitting the right supporting documentation.

E-Signed Documents & Digital Uploads

It’s very important that you get the right information to your FI in a timely manner in order to receive funds quickly. We provide a secure portal that expedites the process and helps you sign documents electronically.

Final Approval
& Funding

After submission, your FI will receive an alert with access to a secure portal and tools to quickly review and process your completed application and all supporting documentation for faster approval and funding to you.

Automated Forgiveness
Check & More

After funding, you can continue using FINSYNC for free to track cash flow and loan forgiveness eligibility. You can optionally enable more features, operate more efficiently and track access to additional capital as your business grows.

Resources From Our Blog

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The Paycheck Protection Program (PPP) is a federal loan program, now offering an additional $320 billion of  funding, with up to 100% loan forgiveness for borrowers who maintain their payrolls during the crisis or restore their payrolls afterward.

The SBA is also offering, directly through the SBA, an Economic Injury Disaster Loan (EIDL) to small businesses who are prepared to go through a more extensive underwriting process and repay the loan in full with interest.

Important Detail

You can only have an application in processing by one lender at a time. It’s recommended you apply with your current bank or credit union unless your financial institution (“FI”) isn’t supporting the program - in either event, FINSYNC helps.


PPP Loan Forgiveness

PPP Forgiveness Guide

We've created an easy to read guide on what you need to know, have, and do to maximize how much of your PPP loan will be forgiven. If you need more help, we can connect you to our network of virtual accountants.

Download PPP Forgiveness PDF Guide

PPP Forgiveness Calculator

Your PPP loan is 100% forgivable if you follow SBA forgiveness guidelines. We've created a PPP Loan Forgiveness calculator, so businesses who received a PPP loan can easily track their expenditures of those funds, and ensure maximum forgiveness.

Download PPP Forgiveness Calculator for Microsoft Excel
Download PPP Forgiveness Calculator for Google Sheets

Banks and Credit Unions implement a full PPP Forgiveness solution in minutes