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An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.

Program Overview

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.

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%.

How to Apply
Please submit the following information and we will connect you to the lender and process the application for you at no cost:

Paycheck Protection Program (PPP)

Paycheck Protection Program Application

IRS Form - 940 for 2019 (Annual Payroll) If you use PEO, please request the payroll annual statement. *
Maximum upload size: 262.14MB

IRS Form - 941 (Quarterly Payroll) We need all 4 quarters from 2019 *
Maximum upload size: 262.14MB

Driver's License Color Copy (For anyone with more than 20% ownership) *
Maximum upload size: 262.14MB
Voided Check for
the business account. *
Maximum upload size: 262.14MB
IRS Form - W9
(For any 1099 employees)
Maximum upload size: 262.14MB

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