Fountainhead went above and beyond with providing me swift and accurate service for my loan. My experience with Fountainhead was EXCELLENT! I will highly recommend them to anyone who needs a loan to develop their business. I could not be happier with their work and process.
Is Fountainhead still funding PPP?
According to the SBA, the 30 member team facilitated the 12th most PPP loans in the country. So far in 2021 alone, Fountainhead funded $3.95 billion, after a total of $760 million in 2020, preserving 430,000 American jobs, they estimated. “We did not shy away from the latest round of PPP. Our team performed admirably.
Does Fountainhead still have funds?
According to the SBA, the 30 member team facilitated the 12th most PPP loans in the country. So far in 2021 alone, Fountainhead funded $3.95 billion, after a total of $760 million in 2020, preserving 430,000 American jobs, they estimated.
Is fountainhead a legit lender?
Fountainhead is a nationwide, non-bank commercial lender specializing in SBA 504 and SBA 7(a) loans.
Who is fountainhead lender?
About Fountainhead Fountainhead is a nationwide, nonbank, direct commercial lending firm that specializes in funding commercial real estate projects and providing growth financing for business owners utilizing SBA 7(a), SBA 504, conventional loans, and most recently, Paycheck Protection Program (PPP) loans.
Are Approved PPP loans still being funded?
As of 5/31/2021 the SBA has disbursed $800 billion of the $813.5 billion so far appropriated by Congress to this program. As of Round Three, $6 billion, or 2 percent of Round Three PPP funding, remain available to the program.Jun 1, 2021
How long is fountainhead PPP?
The Covered Period is either (1) the 24-week (168-day) period beginning on the PPP loan disbursement date, or (2) if the borrower received its PPP loan before June 5, 2020, the borrower may elect to use an eight-week (56-day) Covered Period.
How long after approval is PPP funded?
10 calendar days
Is fountainhead a legit company?
Fountainhead is a nationwide, nonbank, direct commercial lending firm that specializes in funding commercial real estate projects and providing growth financing for business owners utilizing SBA 7(a), SBA 504, conventional loans, and most recently, Paycheck Protection Program (PPP) loans.
How long is the PPP last?
Currently, PPP is set to last until , or until program funds run out. PPP was extended from the , deadline, but no additional funds were allocated. To give your business the best chance of securing funding, we recommend applying well in advance of the May 31 deadline.Apr 6, 2021
Is Fountainhead SBA approved?
The Fountainhead Team Has Extensive SBA LOAN EXPERIENCE Our team has been involved in financing over $28 billion in total projects including SBA 7(a), SBA 504 and Low-LTV Conventional loans, across all 50 states.
Is fountainhead a SBA lender?
23, 2020 (GLOBE NEWSWIRE) -- Fountainhead, a nationwide, nonbank lender for small-to-mid-sized businesses today announces a major milestone: making the top 100 list for most active Small Business Administration (SBA) lenders in the country. Most recently, Fountainhead was approved to be one of SBA's Preferred Lenders.
How long does it take to get funded by SBA after approval?
With typical lenders, the SBA loan approval time is two to three months. Some lenders will offer funding in as little as 30 days, although these efficient lenders are quite rare. The process requires patience; potential borrowers must go through many steps of paperwork and vetting.
Will there be another PPP loan in 2021?
PPP Application Deadline Extended to May 2021: The U.S. Senate voted to extend the PPP program until the end of May 2021, giving small businesses more time to apply and the government more time to process requests.
What are the SBA COVID-19 Eidl cap?
COVID-19Common questionWhat are the SBA COVID-19 Eidl cap?Key changes announced included: Increased COVID EIDL Cap. The SBA lifted the COVID EIDL cap from $500,000 to $2 million. Loan funds can be used for any normal operating expenses and working capital, including payroll, purchasing equipment, and paying off debt.
What days are PPP loans deposited?
Once your loan is approved by the SBA, we will deposit the funds into your linked bank account within 2 to 10 calendar days. Most borrowers receive their loan proceeds in their linked bank account within 3 business days of SBA approval, but there may be minor delays due to your bank, bank holidays, or the weekend.
How long does lender have to disburse funds?
within 10 calendar days
Will there be another round of PPP in 2021?
The U.S. Small Business Administration (SBA), working with the Treasury Department, will re-open the Paycheck Protection Program the week of , for new borrowers and certain existing borrowers.
Will there be a second PPP round?
Guidance from the Small Business Administration (SBA), the U.S. federal government & banks evolved over time. And a second round of PPP funding round surfaced in early January 2021. PPP Round Two ran out of funding in May 2021.
What is fountainhead PPP?
Paycheck Protection Program (PPP) Loans Small businesses with 300 or fewer employees that have sustained a 25 percent (or more) revenue loss in any quarter of 2020 are eligible to apply for a second draw PPP loan. $284.45B is available for this.
Will I be able to get a second PPP loan?
If you or your business received an initial PPP loan, you may qualify for a second round of funding, provided you meet the following requirements: Have no more than 300 employees. Businesses that have temporarily closed or suspended operations can receive a second-draw loan.
How long does it take for Fountainhead to fund a PPP loan?
Once approved, your loan will be closed and funded within approximately 10 business days.
Will the PPP be extended again?
The Federal Reserve Board on Friday announced it will extend for a final time its Paycheck Protection Program Liquidity Facility, or PPPLF, by an additional month to . The PPPLF extends term credit to financial institutions making PPP loans, accepting the PPP loans as collateral.
How do I contact Fountainhead about my PPP loan?
If you applied for the PPP loan through our Fountainhead portal and it has been one week, please send an email to pppservicing@fountainheadcc.com with the subject line “checking on my PPP loan status”. We will respond to your email as quickly as possible.
How long does it take for Fountainhead to fund a PPP?
The efficient process allowed those in need to apply for critical PPP aid in less than five minutes and receive funding in a matter of days, not weeks.
Who is fountainhead SBF?
Fountainhead SBF is a nonbank, direct commercial lender specializing in SBA and conventional financing for small and midsized businesses.
What is the deadline for second PPP loan forgiveness 2021?