Last updated: 4/22/2020 at 9:15 AM
Mark Capital’s Response
The current COVID-19 pandemic is impacting all of us, and we at Mark Capital will do our best to help our customers through this difficult time. Mark Capital is continuing to operate with our full staff working from their homes. You can reach us during normal business hours at 206-453-1867. If you have a loan with us and you will have difficulty making payments due to the pandemic, please give us a call so we can put together a relief plan.
SBA Paycheck Protection Program (PPP)
Update 4/22/2020: Due to extreme demand, many banks have stopped accepting PPP applications until they are able to work through the pile of applications already received. If you are unable to apply with your bank, we recommend you look into the following highly-automated solutions available online:
Note: we are not affiliated with either of the above entities, nor can we vouch for any service level. We have only heard that these companies are geared up to handle high demand in an automated fashion not available with most traditional banks. Also, we urge you to first contact your bank(s) prior to considering an alternative channel such as the online options listed above.
The $2.2 Trillion stimulus bill provides a great relief option for our customers in the form of a Paycheck Protection Program (PPP) loan. These 2-year SBA loans will provide up to 2.5 months worth of payroll to enable you to keep your employees paid over the next couple of months. In addition to payroll, funds from these loans may also be used to to pay for rent, utilities, and interest on debt. These loans are unsecured and do not require a personal guaranty. You can learn more about the PPP at:
Some details of PPP loans:
- You do not have to have employees to qualify
- Unsecured and no personal guaranty required
- Can be forgiven starting in June with proper evidence proceeds were used for payroll and other allowed expenses
- Interest rate is 1% over a 2-year term. No payments for the first 6 months
- Max loan is 2.5 X average monthly payroll costs calculated over past 12 months (or since Jan 2020 for new businesses). There are some caveats.
Unlike the Disaster Relief Loans, you must apply for a PPP loan with an SBA approved lender (most banks).
We will update this page when more information is available. For the latest official information on government resources, please visit SBA.gov.