We can help you apply for the Paycheck Protection Program (PPP)
Paycheck Protection Program Loan Information
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.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
Frequently Asked Questions for Lenders and Borrowers (5/27/2020)
For affiliation rules applicable to the Paycheck Protection Program, click here.
The Interim Final Rule for Applicable Affiliation Rules for the Paycheck Protection Program as posted in the Federal Register.
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 60% 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.
Loans issued prior to June 5 have a maturity of 2 years. Loans issued after June 5 have a maturity of 5 years. All loans have an interest rate of 1%.
If you wish to begin preparing your application, you can download a copy of the PPP borrower application form (revised June 12, 2020) to see the information that will be requested from you when you apply with a lender.
View a list of lenders participating in the Paycheck Protection Program by state.
Loan Forgiveness
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. The loan forgiveness form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:
• Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
• Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the 24-week period after receiving their PPP loan
• Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
• Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30
• Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined
Lender Forms and Guidance
Paycheck Protection Program Interim Final Rules
SBA has issued the following Interim Final Rules related to the Paycheck Protection Program:
- Letter from the Administrator
- Paycheck Protection Program
- Affiliation Rules
- Additional Eligibility Criteria and Requirements for Certain Pledges of Loans for the Paycheck Protection Program
- Promissory Notes, Authorizations, Affiliation, and Eligibility
- Seasonal Employers
- Disbursements
- Requirements – Corporate Groups and Non-Bank and Non-Insured Depository Institution Lenders
- Nondiscrimination and Additional Eligibility Criteria
- Extension of Limited Safe Harbor with Respect to Certification Concerning Need for PPP Loan Request
- Requirements for Loan Increases for Partnerships or Seasonal Employers
- Eligibility of Certain Electric Cooperatives
- Treatment of Entities with Foreign Affiliates
- Second Extension of Limited Safe Harbor with Respect to Certification Concerning Need for PPP Loan and Lender Reporting
- Requirements – Loan Forgiveness
- SBA Loan Review Procedures and Related Borrower and Lender Responsibilities
- Eligibility of Certain Telephone Cooperatives
- Interim Final Rule on Revisions to the First PPP Interim Final Rule
- Note: This IFR is being posted in advance of publication in the Federal Register. The official version will appear in the Federal Register
- Additional Revisions to First PPP Interim Final Rule
- Note: This IFR is being posted in advance of publication in the Federal Register. The official version will appear in the Federal Register
- Interim Final Rule on Revisions to the Third and Sixth Interim Final Rules
- Note: This IFR is being posted in advance of publication in the Federal Register. The official version will appear in the Federal Register
Additional Guidance for Lenders
Lender Notices
SBA Procedural Notice on Participation Sales for Paycheck Protection Program Loans. The purpose of this Notice is to provide guidance to Lenders approved to participate in the Paycheck Protection Program regarding the sale of participating interests in PPP loans.
SBA Procedural Notice on Whole Loan Sales for Paycheck Protection Program Loans. This notice provides guidance on the procedures for completing whole loan sales of PPP loans between participating lenders.
SBA Procedural Notice on Lender Processing Fee Payment and 1502 Reporting Process for the Paycheck Protection Program. The purpose of this Notice is to inform PPP Lenders of the reporting process through which PPP Lenders will report on PPP loans and collect the processing fee on fully disbursed loans which they are eligible to receive.
Lender Forms
- Paycheck Protection Program Loan Forgiveness Application (revised 06-16-2020)
- Paycheck Protection Program EZ Loan Forgiveness Application
- Paycheck Protection Program Lender Application Form (revised June 12, 2020)
- Lender Agreement (Federally Insured Depository Institutions, Federally Insured Credit Unions, Farm Credit System Institutions)
- Lender Agreement (Non-Bank and Non-Insured Depository Institution Lenders)
- SBA Standard Loan Note (Form 147)
SBA and Treasury will consider applications for participation as PPP lenders from community development financial institutions and minority-, women-, veteran-, and military-owned lenders based on factors including those described on SBA Form 3507, including in cases where the lender does not meet all of the requirements listed on that form. Among other criteria, SBA and Treasury will give strong consideration to the types of financial services provided by the lender; the lender’s compliance programs, including related to Bank Secrecy Act; and the number and dollar amount of small business loans originated and serviced by the lender in a 12-month period over the past 36 months.
Lender Submission Information
If you would like to submit loan authorization requests via our the online Paycheck Protection Lender Gateway, click here and follow the steps below:
- Create an account on SBA Connect.
- Request authorization to the Paycheck Protection Lender Gateway by providing your FRS, FDIC, or NCUA number as well as your authorization number.
- Proceed to the Paycheck Protection Program Lender Gateway to begin submitting loan authorization requests.
Lender Assistance
Lenders who need assistance accessing SBA’s E-Tran system may call our Lender Customer Service Line at 1-833-572-0502.
