SBA Paycheck Protection Program Loans

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.

At this time, we are not accepting any new applications. Check here for further updates.


Who Can Apply

The following entities affected by Coronavirus (COVID-19) may be eligible:

  • Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
  • Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
    • 500 employees, or
    • That meets the SBA industry size standard if more than 500
  • Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
  • Sole proprietors, independent contractors, and self-employed persons

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%.

Documents You Will Need to Complete an Application

  • SBA PPP Application Form 2483
  • Articles of Incorporation and By-laws/Operating Agreement
  • 2019 Year-end Profit & Loss Statement
  • 2019 W-3 Summary
  • 2019 Payroll Summary Report showing all employees’ compensation, by employee.  Your payroll provider should be able to furnish this information, or you should be able to print a report from your own accounting software  (i.e. QuickBooks, ADP)
    • IRS Filed Form 941
    • IRS Filed Form 944
    • Independent Contractors must apply on their own for PPP loans and cannot be included. If you are an Independent Contractor applicant, please supply your 1099s.
  • 2020 Payroll Summary Report for Jan 1, 2020 through March 31, 2020, or most recent. Your payroll provider should be able to furnish this information, or you should be able to print a report from your own accounting  software  (i.e. QuickBooks, ADP)
  • Documentation reflecting health insurance premiums paid by the company in 2019
  • Documentation of all retirement plan funding and other employee benefits, if applicable, paid by the company in 2019

Frequently Asked Questions

Read our FAQ Article here.

For ongoing updates from SBA, click here.