What is the Paycheck Protection Program?
The Paycheck Protection Program (PPP) is a U.S. Small Business Administration (SBA) federal 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 (or rehired) and the money is used for payroll, rent, mortgage interest, or utilities.
Congress has passed a PPP extension and expansion
Congress has extended the deadline to apply to the SBA for a PPP loan guarantee through May 31, 2021. Because it takes about 10 days for a loan to be prepared to submit to SBA, the practical deadline to start the PPP application is about May 21.
Who can apply?
This program is for any small business with less than 300 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organizations, and other organizations affected by COVID-19.
Will I have to pay back this loan?
The loan may be fully forgiven if the funds are used for payroll and benefits costs, interest on mortgages, rent, and utilities and you have not reduced your payroll by more than defined amount. Please see the Forgiveness page for important information on the status of the forgiveness program.
The purpose of this loan/forgiveness is to enable and encourage small businesses to protect their employees. Loan payments will be deferred for sixteen months, and 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. Click on the forgiveness link below for more information.
How do I apply?
Click on the Apply link below to start your application for a first or second round PPP loan.