Payment Protection Program- CARES Act

SBA 7(a) Relief Loans -AKA Payroll Protection Program

**ALL INFORMATION IS SUBJECT TO CHANGE**

The Paycheck Protection Program is specifically designed to help small businesses keep their workforce employed. Visit SBA.gov/Coronavirus for more information on the Paycheck Protection Program.

  • The new loan program will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.

Loan Terms & Conditions

  • Eligible businesses: All small businesses, including non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees, or no greater than the number of employees set by the SBA as the size standard for certain industries
  • Maximum loan amount up to $10 million
  • Loan forgiveness if proceeds used for payroll costs and other designated business operating expenses in the 8 weeks following the date of loan origination (due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs)
  • All loans under this program will have the following identical features:
    • Interest rate of 1%
    • Maturity of 2 years
    • First payment deferred for six months
    • 100% guarantee by SBA
    • No collateral
    • No personal guarantees
    • No borrower or lender fees payable to SBA

For a Program overview: CLICK HERE

For the PPP Facts sheet for Borrowers: CLICK HERE

For the Loan Application: CLICK HERE

To learn how to fill out the application: CLICK HERE

Form to help you know how much to apply for as well as what could possibly be forgiven: CLICK HERE

Video to help you determine the amount to apply for: CLICK HERE

How the loan forgiveness program works:  CLICK HERE

Items needed for loan application (all guidance has not been received by SBA)

The following items are required:
1. An SBA Payment Protection Application
2. A copy of the Driver’s License for each signer
3. The last 4 Quarterly 940/941 Payroll reports
4. Should SBA guidance change additional documents may be requested