As small businesses struggle during the coronavirus outbreak, Acronis, in partnership with Lendio, is taking action to give as many businesses as possible access to vital government funding
Acronis, a global leader in cyber protection, is taking action to help service providers, customers, and all U.S. businesses to stay strong and #CyberFit amid the coronavirus outbreak.
With 4 in 10 small businesses reporting drops in revenue during the first week of the official declaration of the COVID-19 pandemic, nearly every industrial sector has been impacted. As a result, the U.S. federal government has passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act that will help support small businesses by making $349 billion in loans available to keep workers employed during the pandemic and economic downturn.
With these government loans now available, Acronis understands applications need to be fast, easy, and completely online. To accelerate this process, a strategic partnership with Lendio is now in place to ensure that as many managed service providers, hosting companies, small to medium businesses, and partners can access this vital funding to survive and grow during these challenging times – whether they are Acronis customers or not.
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Extending the mission of cyber protection
As a cyber protection company, Acronis is dedicated to helping organizations safeguard their data, applications, and systems so they can remain productive and avoid costly downtime. During the COVID-19 outbreak, essential services such as supermarkets, drug stores, medical services, mechanical services, police, and governmental agencies will need cyber protection to be #CyberFit so their IT infrastructure remains protected and operational.
Acronis #CyberFit Financing extends that mission in a time of crisis – providing access to the financial aid small businesses need to weather the economic downturn, and ensuring the managed service providers that support these essential services will be able to continue delivering the cyber protection they need.
“The global coronavirus pandemic has altered daily life for us all, but we must forge ahead to ensure we are doing our part to help. Business continues for many sectors of the economy and – with support from the U.S. federal government and our strategic partnership with Lendio – Acronis can provide streamlined access to vital funding to ensure business continuity for as many U.S. businesses as possible,” said Serguei “SB” Beloussov, Founder and CEO of Acronis.
“It’s vitally important that we get the economic wheels turning and put these federal loans into the hands of all small business owners fast,” said Brock Blake, CEO and founder of Lendio. “Lendio is pleased to be partnering with Acronis to help facilitate funds for its service provider partners and customers in the cybersecurity space, with this offer open to all qualifying U.S businesses. Whether it’s addressing immediate COVID-19-related financial issues or assisting them with longer-term financing solutions down the road, Lendio looks forward to helping these businesses succeed.”
Paycheck Protection Program
Acronis #CyberFit Financing and Lendio will streamline access to the loans available through the U.S.’s CARES Act, specifically the Paycheck Protection Program, which provides federally guaranteed loans to eligible small businesses to help them retain employees throughout and after the coronavirus / COVID-19 pandemic.
Covering payroll and operational expenses such as payroll, mortgage, lease, mortgage interest, utilities, equipment leases, etc. from February 15, 2020 through June 30, 2020, the funding includes loans of two-and-a-half times a borrower’s average total monthly payroll, up to $10 million.
Loan terms can be up to two years, and they have low interest rates of just 1% APR for the entire life of the loan. To help organizations get back up to speed, payments are deferred for the first six months (with some qualifying borrowers getting up to 12 months).
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Perhaps most important, loan forgiveness is possible if the borrower maintains their payroll during the crisis or restores their payroll afterward.
What does a Paycheck Protection Program loan cover?
- Payroll costs and employee commissions or similar compensations
- Insurance premiums and group healthcare benefits during paid sick, family, or medical leave
- Mortgage interest payments (but not prepayment or payment of mortgage principal)
- Commercial space rent and utilities
- Interest on any other debt obligations incurred before the covered period
Who Qualifies?
Any businesses with less than 500 employees can apply. This includes nonprofits, veterans’ organizations, tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors.
Some industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries. The full eligibility requirements are here.
Who is Lendio?
A trusted partner of Acronis, Lendio is the leading marketplace for small business loans in the U.S. Through Lendio’s free service, business owners can fill out one 15-minute loan application and get access to loan options from more than 75 of the nation’s top lenders. Lendio’s loan advisors advocate on a small business owner’s behalf to help them pinpoint the loan that’s right for their business.
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