PPP loan

Federal Paycheck 

Protection Program

The CARES Act went into law on  March 27, 2020—and it has major potential for helping the small business community.

Paycheck Protection Program at a glance

We understand how critical the Paycheck Protection Program (PPP) stimulus funding is for many small businesses right now. Here’s a brief overview of the program.

What is the Paycheck Protection Program?

The program is designed to offer loans for small businesses to use on costs such as payroll, employee benefits, rent or mortgage interest, utilities, and more. If certain conditions are met, these loans can be 100% forgiven.

Who qualifies for PPP loans?

Sole proprietors, independent contractors, self-employed individuals, and most small businesses with fewer than 500 employees. Some exceptions apply—see our application guide for details.

What will I need
to apply?

You’ll need the 2019 income and tax documents for your business. Businesses without employees will need to provide their 2019 revenue and expenses. Most employers will need 2019 and 2020 payroll reports, with gross earnings for all of their employees.

Up to 2.5x monthly 
payroll

Get up to 2.5x or 250% of your average monthly payroll expenses (or average monthly income for non-employers)

1% fixed interest rate and 24-month term loan

Fixed interest rate for the entire life of the loan with a 2-year max term of repayment.

100% forgiveness

Full forgiveness if:

-    Entire loan is used toward qualifying costs
-    At least 75% of the loan is used for qualifying payroll costs
-    And you either don’t lay off employees, or if you rehire employees by June 30, 2020

Qualifying businesses

Sole proprietors, independent contractors, self-employed persons, and small businesses with fewer than 500 employees in operation since February 15, 2020

  Stay Informed   

Details around the program are evolving quickly, and we’ll provide you with updates as soon as we have them. We encourage businesses to visit the SBA’s website to learn more about grants and loans available. 
Visit SBA Website
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