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  • CARES Act
  • SBA Regular

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The CARES Act have 2 different programs:


1. A business owner can get up to $10,000,000 at 0.05% fixed interest rate for 2 years (PPP)

 Go to your local bank and apply directly with them


2. A business owner can get $10,000 advance from the government - does not have to pay back. (EIDL)



Althas is providing assistance for SBA CARES Act loan - PPP- through our partners. The documentation required to be reviewed and approved for a CARES Act SBA 7(a) relief loan has not yet been formulated by the SBA to the best of our knowledge. As such, and to be as prepared as possible, we are requiring ALL of the documents listed on the “Documents” page of the below “CARES Act Relief Funding Referral Application” be uploaded. Additionally, we may be sending out our additional documentation requests via Formstack for e-completion and e-signature, to all applicants we consider may be eligible for a CARES Act relief loan. 


CLICK HERE To Apply for Cares Act SBA 7(a) Relief Loans (PPP)


Once an application is submitted, you cannot view it, track it, or update it. You will receive automated email updates as your application works its way through our system. We are in the process of working on an updated partner portal where you will be able to monitor all of your referrals, and see just-in-time status updates, but that will not be available for 6 to 8 weeks unfortunately.


Program Update: In view of the unprecedented situation we all find ourselves in resulting from COVID-19, we have made the decision to dedicate 100% of our resources to doing all we can to help small businesses survive. We have committed our team and infrastructure to delivering as much CARES Act, Subprime SBA, and Conventional business financing as possible; and have temporarily suspended our Small Balance Real Estate program until further notice. 


Information CARES ACT SBA 7(a) Relief Funding: Althas will broker loans through their partners, who will be participating in providing this financing as soon as the SBA has provided guidance on how to proceed now that the bill has been signed into law (until that time all applications are in a holding pattern). Please apply using the link above.


We are experiencing very high loan application and communication volume right now, and response times have been delayed, and will continue to be delayed until the SBA provides guidance to SBA lenders and loan providers on how to proceed. To ensure your loan application has the best chance of success, please complete all required fields in detail, and attach all available required documentation to the referral application. Please also include your application # and borrower’s name in the subject line when emailing us with application related questions, but as stated previously there will be no updates until the SBA providers further guidance. Borrowers must promptly provide complete and accurate information / documentation when requested by us. Also, Borrowers must monitor their SPAM folders, and that we may be sending them forms via Formstack for their e-completion and e-signature, and not to delete these emails.


It is important to note that this portion of the CARES Act is NOT the same as the SBA economic injury disaster loan (EIDL) program that is already available on the SBA website at (the SBA provides this directly, not us), nor may it be used for the same purpose. Interested borrowers should evaluate both programs and choose accordingly.


SBA EIDL Program vs. CARES Act SBA 7(a) Relief Loan


Economic Injury Disaster Loan (EIDL) CLICK HERE TO GO TO SBA PORTAL


  • Must apply directly through the SBA - CLICK HERE - (funds delivered by the SBA only, not us) 
  • Loan amounts up to $2,000,000
  • 3.75% interest rate for for-profit businesses
  • 2.75% interest rate for non-profit businesses
  • Loan terms will not exceed 30 years
  • Only available in states with SBA approved declarations of disaster 
  • Through our sources we’ve heard there are currently over 25,000 applications submitted so far, with at least a 3-week approval lag time. It can be assumed that approval times will only increase as more applicants apply
  • If you receive an EIDL, you will not be eligible for the CARES Act SBA 7(a) Relief Loan


CARES Act SBA 7(a) Relief Loans*


*Signed into law on 3/27/2020, lenders are still pending guidance from the SBA on paperwork requirements and protocol for processing and funding. No loan applications can be progressed until this guidance is received.


  • You can apply through Althas partner South End Capital using the link above.
  • Loan amounts up to $10,000,000 (The maximum loan amount is the lesser of $10,000,000 or the product obtained by multiplying average total monthly payments for payroll costs during the 1-year period before the loan is made by 2.5. So if the loan was made on April 1, 2020, and average monthly payroll costs for the period April 1, 2019, to April 1, 2020, were $1,500,000, the maximum loan amount would be $3,750,000. Payroll amounts over $100,000 per person, will be excluded from the calculation).
  • No minimum credit score guidelines
  • Interest rates will not exceed 4% for eligible for-profit and non-profit businesses
  • Loan forgiveness (small businesses that take out these loans can get some or all of their loans forgiven. Generally speaking, as long as employers continue paying employees at normal levels during the eight weeks following the origination of the loan, then the amount they spent on payroll costs (excluding costs for any compensation above $100,000 annually), mortgage interest, rent payments and utility payments can be combined and that portion of the loan will be forgiven. Any loan amounts not forgiven at the end of one year are carried forward as an ongoing loan with terms of a max of 10 years at 4% interest. The 100% loan guarantee remains intact.
  • Fully amortizing loan terms of 10 years
  • Loan proceeds to include payroll support (including paid sick or medical leave), employee salaries, mortgage payments, insurance premiums and any other debt obligations incurred before 2/15/2020
  • SBA guarantee fees and lender fees will be waived
  • No prepay penalty and no personal guarantees
  • The “credit elsewhere” test and collateral requirements would be waived during the covered period (this means that if you can get a loan “credit” through a non-disaster relief program, you can still get a loan under the CARES Act)
  • A borrower with a current EIDL loan can only also receive the CARES Act SBA 7(a) Relief Loan if the EIDL loan is unrelated to COVID-19


Borrower Requirements


There are very few borrower requirements outlined in the bill to obtain a loan under the new program. Those requirements include a good-faith certification that:


  • The loan is needed to continue operations during the COVID-19 emergency;
  • Funds will be used to retain workers and maintain payroll or make mortgage, lease, and utility payments;
  • The applicant does not have any other application pending under this program for the same purpose; and
  • From February 15, 2020 until December 31, 2020, the applicant has not received duplicative amounts under this program.


Which is Better?


Although you must decide which relief program is best for you, we believe that the CARES Act SBA 7(a) Relief Loan is the better option for the following reasons:


  • The SBA EIDL program already has a bottleneck of over 25,000 applications.
  • CARES Act SBA 7(a) Relief Loans are available up to $10,000,000 vs. only $2,000,000 for the EIDL program.
  • With the expertise and experience of seasoned SBA lenders and loan providers involved and helping to shape policy, we anticipate that the CARES Act SBA 7(a) Relief Loan program will be more streamlined than the EIDL program, and funding will be available faster.


At Althas Mortgage, we treat each customer as an individual, not a number. We don't place you into a loan profile formula created by the banking industry. We use common sense and will help you obtain the best loan possible. We represent a wide range of "A" rated lenders with first quality rates to private hardship lenders.


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