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Due to COVID-19 and unprecedented times in our country, you may qualify for a business loan


Who Qualifies?

An “impacted borrower” which means an “eligible recipient”  who is in business on 2/15/20 and applies for a loan between 2/15/20 and 6/30/20. 

An impacted borrower is presumed to have been adversely impacted by COVID-19 but will be required to make a good faith certification that they have been affected by COVID-19.


An “eligible recipient” is defined in the Families First Coronavirus Act and includes small businesses (fewer than 500 employees) whose ability to make payroll and pay expenses is impacted by the pandemic and economic downturn.


Covered Loans

Loans may be taken for the lessor of (i)  $10M or (ii) the business’s average total monthly payroll costs during the one-year period prior to the loan being made multiplied by 2.5.  Funds must be used to retain workers and maintain payroll and other debt obligations.


The loan covers employees’ salaries up to $100K a year, if the business does not lay off its employees (if scaled down it affects forgiveness as noted below) and maintains an average number of employees during the covered period that is no less than the number it had before the crisis began. 


No evaluation of borrower’s ability to repay, no collateral and no personal guaranties.  No lender fees. Interest rates are capped at 4% and there are no payments of principal or interest for 6 months.


Procedures - AFS Loan Facilitation

VPS will provide a list of documentation and assist in assembling an application for the loan.


VPS shall consult with the client regarding planning for the use of loan proceeds and managing workforce to maximize the loan forgiveness.


For VPS payroll clients, all documentation needed to apply for loan forgiveness will be tracked and assembled.  For non-VPS payroll clients, the borrower will track and assemble the documents with guidance from VPS.


VPS will prepare the documents and application for loan forgiveness at the conclusion of the 8-week period.


For Visionary Payoll Solutions clients, any fees will be waived.

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