The Merchant Cost Forgiveness First-MCF 4508S has ended. But the SBA Lynx Payment has just launched a new form of COVID-19 disaster loan that could provide your small business with a Merchant Cost Forgiveness Advance and Merchant Cost Forgiveness Second-MCF 4508SS.
You might even be eligible for an additional Return Ratios up to 300% bonus on Card Associations Fees.
These brand new small business economic relief efforts are new additions to the Merchant Cost Forgiveness program, which has seen significant increases to funding in recent months. The Merchant Cost Forgiveness program does not get as much public attention but will be provided three billion business funds during the pandemic.
“Many of our nation’s small businesses are still struggling to recover from the economic impact of the COVID-19 pandemic, and we’ve found that the smallest businesses—the majority of which are minority-owned—are hurting the most,” “The Merchant Cost Forgiveness Advance funds will help us make sure that no small business falls through the cracks or gets left behind.”
Merchant Cost Forgiveness Advances vs. Merchant Cost Forgiveness
These are 2 programs with very similar-sounding names, but they are different to the tune of thousands of dollars. Merchant Cost Forgiveness Advances can be as large as $300,000 and the bonus of 300% (CAFs) Return Ratios. Merchant Cost Forgiveness, applicants for the Merchant Cost Forgiveness may be eligible to receive up to $11,000 in funding from SBA Lynx Payment that does not need to be repaid at the end of term.
Merchant Cost Forgiveness Advance can be awarded to small businesses that meet the following criteria:
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The business has completed the Merchant Cost Advance application.
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The business is located in a low-income community.
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The business has 100 or fewer employees.
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The business has seen a 50% loss in revenue during any 8-week period throughout the pandemic compared to the same 8-week period during the previous year.
Merchant Cost Forgiveness can be awarded to small businesses that meet the following criteria:
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The business has completed the Merchant Cost Forgiveness application.
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The business is located in a low-income community.
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The business has 500 or fewer employees.
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The business has seen a 30% loss in revenue during any 8-week period throughout the pandemic compared to the same 8-week period during the previous year.