New COVID 19 SBA Information (updated 4/2) 

Small Business Retention Loan & Payroll Protection Grant 
– Sentra Funding can expedite and maximize our client's grant and loan application as well as ensure our clients are not losing valuable time and access to these programs.  Currently, the amount of funding is 2.5x your average monthly payroll and related expenses provided you maintain approximately 90% of your pre-pandemic staffing numbers.   When Sentra Funding applies on a client's behalf we are to go directly through the SBA and immediately move their applications into the process for the EIDL Loan to make sure capital is on the way.  We are recommending all clients proceed with all 3 CARES ACT programs to ensure sufficient capital for the next 4-6 months should the lockdown, shut down and subsequent lag in the economy combine to damage revenues well into the summer.  This loan or grant is to be forgivable should the business retain approximately 90% of its pre-pandemic employment numbers. Application to funding time is estimated to be 7-10 days.


The Economic Injury Disaster Loan Program (EIDL) - This program which recently may have had its cap reduced from 2MM to 1MM is being processed on a first-come, first-serve basis with a strong recommendation that all files are SBA 7a compliant to ensure fast and efficient funding.  The Sentra Funding SBA processing team considers this program a vital component to ensuring business solvency over the next 120 days.  Expected terms are to be 5 or 10-year loans with a 3.75% APR (range estimates have been 0% to 4% during recent conference calls) with no collateral and no personal guarantee (up to $200,000) required and several different payment deferment options of over 90 daysApplication to funding time is estimated to be 14-21 days.


SBA 7A CARES ACT Loan  The 3rd and most important aspect of the stimulus package is the adaptation of the SBA 7A program, clients should apply for both the EIDL and SBA 7a CARES Loan however a business will only be allowed to take one of these.  This loan program will probably end up being the largest amount of funding as it is repayable over a 10-30 year period.  Part of the CARES Act that is the SBA 7a loans to companies to cover payroll and certain expenses (details below). The new SBA 7a Loans benefits still need to be reviewed by the SBA so having an application package and paperwork organized is important to ensure the quickest processing, approval, and funding. This might take additional time, even if though the bill is signed. These loans will be funded through SBA lenders, not directly through the SBA like the EIDL program, and we expect to be able to continue to help our clients through this application.  Expected terms are to be10 to 30 -year loans with a 5-6% APR with no collateral required and several different payment deferment options of over 90 days or more. Application to funding time is estimated to be 6-7 weeks.


We are encouraging our clients to apply for all 3 programs concurrently as we integrating the SBA Relief/Payroll Loans into our normal application process- with expedited review times. Sentra Funding does not charge upfront fees as it is up to us to get your application packet organized and prepared for final approval and funding! 

Sentra Funding is actively taking on new clients and still providing financing for all these products:

AR Factoring and Asset Based Lines of Credit
Unsecured Term Loans (Capped at $40,000)
Inventory Financing
Bridge Loans

For anyone that wishes to apply with Sentra Funding for the SBA 7(a) loans or any of our other programs, please email rob@sentrafunds.com or kim@sentrafunds.com.  While we are unsure if and when this pandemic passes, we will do our best to communicate the updates.  
Please note that due to the fluidity of the situation, our updates are based on our (and our capital providers') interpretation of the upcoming changes and there might be further changes or differences to what we are communicating.  Stay safe and stay healthy!





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5/19/2020 - PPP FUNDING OPTIONS STILL AVAILABLE


PRIORITY FOR ALL BORROWERS SHOULD NOW BE FOCUSED ON SBA 7A, 7A EXPRESS AND 504


4/5/2020 Updates - The CARES ACT (which includes SBA 7(a) relief (PPP) and EIDL) Within the last 72 hours, SBA has updated important facts regarding submission towards the Relief PPP Loan. Paychex Protection Program (PPP) expands allowable uses of 7(a) loans to include payroll support (i.e., employee salaries, wages, commissions, tips, and benefits), mortgage or rent payments, insurance premiums and any other debt obligations.


  • You can get up to a $10,000 grant from the SBA for your small business while you wait for your larger CARES Act Paycheck Protection Program (PPP) Loan or SBA Economic Injury Disaster Loan (EIDL).
  • This grant provides an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). 
  • Recent guidance has said that all applicants for either program can expect a background check to be completed, which means any applicants with a felony, delinquent child support, unfiled tax returns (2018 & older) and tax liens not on a payment plan can expect to be declined or face significant issues securing funding.  
  • Once the client has been approved for some or all of the $10,000 grant, they will be eligible and begin the EIDL process for additional funding.
  • Many of the standard brick and mortar banks are trying not to participate in the program as the return on investment, risk, and lack of clarity on their liability have created extreme caution. Some banks are not accepting applications unless you have had a business loan with them or unless you move all your banking to them immediately.  This will increase the necessity for access to SBA certified lenders that Sentra Fundiing has worked with for the last nine years.
  • Funds from the EIDL loan may now be used for paying off debt; however, do to likely auditing and reporting, we are recommending clients keep a journal for the use of funds for accountability purposes.
  • EIDL funds may be getting released in multiple stages to ensure borrowers are using them as required.
  • PPP - Payroll, Health Insurance, Rent, and Utilities will all be evaluated by the lender for consideration for this funding/grant, so be sure to have your health information, utility bills, and mortgage or rent invoice available (with adjoining bank statement). 
  • The Sentra Funding processing team can handle both your PPP and your EIDL loan applications, or take over if you have already started, to help you expedite what is surely going to be a challenging process.
  • The Economic Injury Disaster Loan Program (EIDL) - All applications will need to be SBA 7a compliant to ensure fast and efficient funding.  
  • The PPP/SBA CARES ACT Loan -  All applications will need to be SBA 7a compliant to ensure fast and efficient funding.  


While many companies can accept your application, not may provide the necessary guidance, packaging and professional servicing that our team at Sentra Funding can provide.  Additional Programs still active and available for essential/active companies:

  1. Unsecured business loans up to $50,000 3-5 year amortization as low as 8.99%
  2. Unsecured Working Capital 9-12 Months, daily or weekly payments
  3. Bridge Loans
  4. Real Estate and Asset-based loans
  5. Factoring


 Please note that due to the ever-changing SBA and Government guidance, we will do our best to keep clients involved. 


COVID - 19 (CORONOVIRUS) INFORMATION/PROGRAMS/GUIDANCE