Help For Tow Companies

• UPDATE 4/22: Senate approves $484 billion coronavirus relief package, boosting small business loans from CBS News
• UPDATE 4/16: SBA small business funding grinds to a halt as Paycheck Protection Program loans run out. What’s next? from Fortune

We understand the situation everyone is in, and are working hard to assist you in this time of need. Due to several circumstances where the big financial institutions are not taking the PPP applications, we found a way for you to submit an application and be placed in the queue, and it is all online.

Carmen Gustin of 1^st Stop Funding, proud member of the CTTA and WTRAA with a heart for tow truck drivers, is offering a direct link to apply for the SBA’s Paycheck Protection Program so you can be IN LINE FOR FUNDS from the SBA – even if you’re a sole prop or a Schedule C business!

APPLY HERE – PPP – Direct to Lender Application HERE

Before you begin, have the following applicable information available:

• Documentation verifying the average monthly payroll from calendar year 2019 (ex: payroll processing records, payroll tax filings, or Form 1099-MISC, or income and expenses from a sole proprietorship)
• Copies of your IRS Forms 940 and 941s (2019 & 2020)

Once you complete this link, you are IN LINE IN THE QUEUE WITH THE SBA. You will receive a response within approximately 2 business days with next steps.

Your contact when you apply using this link:

Carmen Gustin | 1^st Stop Funding

(602) 434-1289 phone | carmen@1ststopfunding.com email

CTTA wants to be able to provide our Members and the towing community as many resources as possible with the SBA programs that are available for small businesses. Many of our Members have stated they are having delays getting in the required documentation needed through some large banks. As stated on the webinar from last Friday, many large banks were delayed from accepting applications. We have spoken to several of our Members that have been able to get their completed paperwork in with a certain lender, Level Up Funding. They have been successful in assisting with the required paperwork necessary to get into the SBA pipeline. We have included a Borrower Information fact sheet below. There are many lenders you can choose from. We encourage you to read through the facts sheets to better prepare yourself for these government programs. To begin the application process with Level Up Funding, click below. Stay healthy and safe.

START APPLICATION HERE
borrower information fact sheet

NOTES:

• All business owners (even sole props and independent contractors) should be applying for the EIDL (Economic Injury Disaster Loan): http://www.sba.gov/disaster
  • You can receive an up to $10,000 advance grant that does not have to be repaid – this is not a loan, this is a grant to help businesses
  • You do not have to accept the loan if it is offered to you
• EIDL loans are done directly through the SBA website (http://www.sba.gov/disaster)
• The “forgiveness” program (PPP – Paycheck Protection Program) is done through an approved bank (Alerus is an SBA Preferred Lender), and that application process has not been formalized yet
• Businesses are able to take advantage of both programs

There are two program out there for help to business customers.  The SBA Disaster Loan Program that is done directly with SBA, and the Paycheck Protection Program that can be done with U.S. Bank.  You cannot dip into both for the same reason.  You would have to choose one.  Please let me know if you need anything else during these difficult times.  Thank you very much for choosing U.S. Bank for your lending needs.

SBA Disaster Loan Program:

To apply, click here; call toll-free at 1-800-659-2955 (TTY: 1-800-877-8339); or send an email.

Paycheck Protection Program that can be done through U.S. Bank:

This is an unprecedented time and U.S. Bank is actively looking for ways to help our small business customers.

We have been monitoring legislation that includes the Paycheck Protection Program (PPP) backed by the Small Business Administration.  This program may help your business cover payroll and overhead expenses (e.g., benefits, rent mortgage interest and utilities).

To help you get assistance you need, we are looking to implement this program into our business lending solutions.

If you’d like to be notified as soon as the application process is available, please complete the Paycheck Protection Program inquiry form in the link below:

https://apply.usbank.com/applications/business/LeadForm

If you have any questions, please contact Aziz at (925) 324-7673