UPDATE: Last Friday, the Treasury Department and the SBA announced that the SBA would once again resume accepting applications for the PPP loan program on Monday, April 27, 2020 at 10:30 am EST / 7:30 am PST. As a result, you still have time but you must move quickly. Submit your application now using the form below.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
The Paycheck Protection Program will be available through June 30, 2020.
- SBA fees waived
- Up to $10 million-2.5x payroll expenses
- 1% Interest Rate fixed for the life of the loan
- No Collateral Required
- No Personal Guarantee
- Loan Can be Forgiven
- Covered Period: February 15, 2020 to June 30, 2020
Who Can Apply
This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.
Small businesses in the hospitality and food industry with more than one location could also be eligible at the store and location level if the store employs less than 500 workers. This means each store location could be eligible.
How to Apply
You can apply through the form below in partnership with
Lenders have started processing loan applications.
Loan Details and Forgiveness
The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
This loan has a maturity of 2 years and an interest rate of 1%.
To Apply for the Paycheck Protection Program, please complete the following form:
With your completed Application, you will need to submit the following documents:
- A color copy of driver’s license (pdf file works best)– front and back
- The most recent 4 quarters of IRS Form 941
- Your most recent business tax returns
- If 2019 is not available, then a 2019 profit & loss (P&L) statement will be needed
- A year-to-date (YTD) profit and loss statement
- A detailed payroll report for each employee
For Sole Proprietors and 1099 recipients only:
- A copy of a voided Business Check