SBA Paycheck Protection Program (PPP) Loan Information
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. The Small Business Association (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.
Who can participate in the PPP:
Small businesses, sole proprietors, independent contractors, self-employed, non-profit organizations, Veterans organizations, and tribal concerns
What the PPP covers:
Payroll costs, including salaries, wages, commissions, and tips
Employee benefits
Rent
Utilities
Interest payments on mortgages
Underwriting Requirements:
Must be able to prove the borrower was in operation on February 15, 2020.
Verification that borrower had employees that they paid salaries and payroll costs
Verification of dollar amount of average monthly payroll costs
Follows applicable Bank Secrecy Act requirements
Frequently Asked Questions for Lenders and Borrowers (04/29/2020)